The City of Vancouver has released their 2017 operating budget with a whopping $55 million increase from last year’s budget. So, where is all this new money going to be coming from? The city has suggested a possible 3.4% increase in property taxes. Although this number seems exceptionally high, the city claims that they have the lowest property tax increase compared to the rest of the Lower Mainland.
This possible property tax increase comes after a seemingly long line of other policies that have been introduced. We started off with the foreign investors 15% tax, a new stress test for mortgages, and also a vacant housing tax. Will all these policies help the real estate market in Greater Vancouver to reach equilibrium after the spike we have been seeing the past couple of years? Or will it give our market a turn for the worse?
Read more about this here.