A tax on non-resident property owners is working as it's intended, as a wave of luxury condo units hit the real estate market all over the city of Vancouver.
There's a glut of luxury condos on the market in Vancouver. The wave of luxury housing supply is credited by some market observers to non-resident owners selling pied-a-terres, "because they don’t want to pay vacancy taxes introduced by the city and the province."
"A good example is a 58th-floor condo at Trump Tower that is on the market for $5.88 million. Realtor Wendy Tian said her client is selling because of the vacancy and speculation taxes," reports John Mackie.
Another examples cited by Mackie:
Layla Yang of Dracco Pacific Realty is selling a 43rd–floor condo at Trump Tower for $3.98 million. She also says the vacancy and speculation taxes are spurring people to sell.
In most of the buildings mentioned in the article, units are available for sale at more than twice the typical rate, according to Mackie.
Meanwhile, according to Mackie, prices have dropped downtown, and some of the units are having a hard time selling.
FULL STORY: Vacancy taxes prompt sale of luxury condos in Downtown Vancouver
Vancouver Again Raises its Empty Homes Tax
The Vancouver Empty Homes Tax will soon be three times as high as it was when adopted in 2017.
Vacancy Taxes as a Response to the Housing Crisis
Could vacancy taxes solve multiple housing challenges at once?
Vancouver's Homeowner Vacancy Rate Nearly 5 Percent
Thousands of homes in the city were found to be underused and subject to a vacancy tax.
Trump Administration Could Effectively End Housing Voucher Program
Federal officials are eyeing major cuts to the Section 8 program that helps millions of low-income households pay rent.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Canada vs. Kamala: Whose Liberal Housing Platform Comes Out on Top?
As Canada votes for a new Prime Minister, what can America learn from the leading liberal candidate of its neighbor to the north?
Washington State’s Parking Reform Law Could Unlock ‘Countless’ Acres for New Housing
A law that limits how much parking cities can require for residential amd commercial developments could lead to a construction boom.
Wildlife Rebounds After the Eaton Fire
Following the devastation of the Eaton Fire, the return of wildlife and the regrowth of native plants are offering powerful signs of resilience and renewal.
LA to Replace Inglewood Light Rail Project With Bus Shuttles
LA Metro says the change is in response to community engagement and that the new design will be ready before the 2028 Olympic Games.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Central Transportation Planning Staff/Boston Region MPO
Heyer Gruel & Associates PA
Institute for Housing and Urban Development Studies (IHS)
City of Grandview
Harvard GSD Executive Education
Regional Transportation Commission of Southern Nevada
Toledo-Lucas County Plan Commissions