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.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
San Francisco's School District Spent $105M To Build Affordable Housing for Teachers — And That's Just the Beginning
SFUSD joins a growing list of school districts using their land holdings to address housing affordability challenges faced by their own employees.
The Tiny, Adorable $7,000 Car Turning Japan Onto EVs
The single seat Mibot charges from a regular plug as quickly as an iPad, and is about half the price of an average EV.
As Trump Phases Out FEMA, Is It Time to Flee the Floodplains?
With less federal funding available for disaster relief efforts, the need to relocate at-risk communities is more urgent than ever.
With Protected Lanes, 460% More People Commute by Bike
For those needing more ammo, more data proving what we already knew is here.
In More Metros Than You’d Think, Suburbs are Now More Expensive Than the City
If you're moving to the burbs to save on square footage, data shows you should think again.
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.
Smith Gee Studio
City of Charlotte
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
US High Speed Rail Association
City of Camden Redevelopment Agency
Municipality of Princeton (NJ)