High-end house rents in Vancouver plunge up to 20% as inventory spikes: experts
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Re: High-end house rents in Vancouver plunge up to 20% as inventory spikes: experts
#2Does anyone have details on the "speculation" tax? Do any other regions use similar taxes?
Re: High-end house rents in Vancouver plunge up to 20% as inventory spikes: experts
#3I rent in the north shore. I'm glad rents are coming down and I'm glad I didnt buy last year when u was tempted. That said, I dont know anyone that thinks the market is slowing. The overseas money still props things up pretty well.
Re: High-end house rents in Vancouver plunge up to 20% as inventory spikes: experts
#4The Globe and Mail does a constant round up of various real estate sales, and this recently published one was quite interesting:
Empty-homes tax prompts sale of Vancouver condo
https://www.theglobeandmail.com/real-estate/vancouver/articl...
Re: High-end house rents in Vancouver plunge up to 20% as inventory spikes: experts
#5This is great news and may serve as a model for other cities facing similar housing shortages. Was the speculation tax a ballot measure or something passed at the city council level?
Re: High-end house rents in Vancouver plunge up to 20% as inventory spikes: experts
#6This is a garbage article when compared with the headline. The “experts” is two property managers who don’t even agree on what’s happening or why. The 20% figure comes from a quote that sounds like an off-the-too-of-my-head assessment from one of them:
”What we’re seeing is that rental rates have decreased up to 20 per cent from the spring of 2017, and it’s getting even worse.”
They also say they’ve never seen anything like this in their TEN whole years of property management!!
Rents might be dropping by this much, or even more, but this is hardly even evidence of that, let alone data from “experts”.
Better title: “One property manager estimates that some luxury property rents in Vancouver have declined by up to 20% over the past year.”
Re: High-end house rents in Vancouver plunge up to 20% as inventory spikes: experts
#7This is a garbage article when compared with the headline. The “experts” is two property managers who don’t even agree on what’s happening or why. The 20% figure comes from a quote that sounds like an off-the-too-of-my-head assessment from one of them: ”What we’re seeing is that rental rates have decreased up to 20 per cent from the spring of 2017, and it’s getting even worse.” They also say they’ve never seen anythi…
Ten whole years—almost one market cycle...
Re: High-end house rents in Vancouver plunge up to 20% as inventory spikes: experts
#8Does anyone have details on the "speculation" tax? Do any other regions use similar taxes?
Here's the government info: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/spec...
Essentially the tax targets secondary home ownership in certain non-tourism related hot housing markets of the province. A British Columbian that has a cabin in the woods somewhere is not terribly likely to be impacted.
There has been criticism from people saying "but I'm not 'speculating' I have a second home in Vancouver because (whatever reason)", but the tax seems generally popular so far. When so many don't own a single home, and with homelessness such a significant issue in Vancouver, I don't think there's much empathy for people upset that they'll be taxed on their second home.
Re: High-end house rents in Vancouver plunge up to 20% as inventory spikes: experts
#9This is great news and may serve as a model for other cities facing similar housing shortages. Was the speculation tax a ballot measure or something passed at the city council level?
I believe the city has been adding different things for the last couple years trying to open up more rentals. If I recall correctly something like 25% of all condos downtown are unoccupied which is insane. They arent even available to rent, just sitting their empty.
It has had a real effect on employment, especially in tech. A friend of mine at hootsuite laments that sometimes they miss on great hires because even though the salary is competitive, there is literally nowhere within an hour of the office for the candidate to afford to live.
Re: High-end house rents in Vancouver plunge up to 20% as inventory spikes: experts
#10This is great news and may serve as a model for other cities facing similar housing shortages. Was the speculation tax a ballot measure or something passed at the city council level?
The speculation tax was a Provincial level election promise by the NDP. Interestingly since it is a minority government that governs with the support of the BC Green party, the legislation needed to be tweaked slightly to gain Green Party support.
The City of Vancouver implemented an empty homes tax, which has similar impacts on demand, but they had to ask the province for new powers in order to levy that.