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
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