Saturday, Feb 01, 2020
Volume 29 Number 5
Phone: 604-502-6100
Fax: 604-501-6111 Email: voicerealtyads@gmail.com
One more blow to cash flow in VancouverHomeNews Investors eye rent-to-own strategies as Canadians look for more ways to home ownership Rent-to-own can be a great option for investors as mortgage rules tighten, the market becoming increasingly complex, and the affordability crisis worsens Investors with their sights set on Vancouver’s recently resurgent market will need to factor a significantly heavier tax burden into their revenue calculations. On January 1, the City of Vancouver implemented a seven percent increase to local property taxes, equivalent to nearly double the 10-year average. Negotiations around the tax hike were contentious, with councillors arguing against an increase that goes far beyond the rate of inflation. Others justified the increase, initially proposed to be 8.2 percent, as a means of “playing catch-up after years of chronic underfunding into core infrastructure”. Real estate investors in Vancouver, already bearing the brunt of the speculation and empty property taxes implemented over the past two years, are sure to see it another way. “I think there’s some frustration because the City government has made housing affordability one of their goals, and this goes against that goal,” says local realtor
Mike Stewart. “I understand the city government needs money, but I think reducing some costs might be a better way to approach things as opposed to increasing costs and increasing taxes.” While the tax increase is one part of the city’s overall budget, such a dramatic spike could be viewed as another example of government tinkering with Vancouver’s painfully tight housing market to curb demand. Such an interpretation ignores the fact that most of the pain will be felt by those who already own property in the city, but after multiple years of multiple taxes, many Vancouverites feel its time for the local government to take their finger off the scales, pick up a pen and start signing a few building permits. “I think it’s time for government to change the approach to housing,” Stewart says. “I think that focusing on market-based solutions and allowing new housing supply to come on stream on a large-scale way will go a long way to reducing housing costs. I think taxing our way to affordability is the wrong way to go.” Stewart feels the higher taxes will “absolutely” discourage investment into the city but adds that investors who choose to purchase in Vancouver will undoubtedly make money, just not on a monthly
cash flow basis. “When you have a situation of dramatically restricted supply, and the process of releasing more supply is highly politi-
cized, and you have always increasing demand in the form of a growing economy and a growing population because of immigration, prices are going to go up.”
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Saturday, Feb. 01, 2020
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NEWCOMERS TO CANADA INFORMATION SEMINAR Planning to buy home next year? Come to our free home buyer weekly session! Sign up to attend free information session at Clear Trust Mortgages Delta Office Weekly.
Every Wednesday between 6:30 to 8:00pm Seating is limited.
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S M 0 O 90 O 9, R 9 D $5 E B 3 OM FR
Traditions Begin at Home Bake cookies together, help with homework, plant your own kitchen garden and watch it grow — create your own traditions at Townsend. Enjoy the convenience of great commuter routes, the YMCA and more than 30 vibrant shops, restaurants and grocery stores all just down the block. The exceptional accessibility means you can spend time on the things that matter.
Three and four bedroom move-in ready and presale townhomes. 15111 Edmund Drive, Surrey Open noon to 5 pm daily (except Fridays) 604.239.3382 | townsend@polyhomes.com