This year too, Vancouver made it to the top on the list of high housing prices. In 2016, the average cost of a home in Canada climbed the peak in Metro Vancouver, at $864,556.

1. 06 Dec Vancouver Real Estate Market Update – December 2016
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Vancouver’s High Housing Prices
This yeartoo,Vancouvermadeit to thetop on thelist ofhigh housing prices.In 2016,theaveragecost ofa homein Canada climbed
thepeakin Metro Vancouver,at $864,556.This means that Canadian families who want to buy a homein that radius must earn
nearly $140,000 peryear.
According to thelatest census,themedian household incomein Canada is $78,870.Thosefamilies who areobtaining themedian
incomecan havethewherewithal fora housepriced between $460,000 and $490,000 – faintly exceeding bisection ofthecost of
theaveragehousing pricein Metro Vancouver.
Overview ofaveragehousing pricein each majorcity in across Canada.Source: CTVNews
Empty-Homes Tax – A Ray of Hope to Cool Off Housing Market
Afterpublicconsultation,MayorGregorRobertson had revealed a proposalfor aone percent tax on empty homes.Now,the
proposal is approved by thecity council,and thus,it has becomethefirst ofits kind in thecountry.
All non-principal houses and unoccupied residential land that areempty fortheperiod offull six months oftheyearwill beliableto
pay onepercent empty homes tax.All homeowners in thecity will haveto self-declareifa property is thetypical placethey call
home,eligibleforimmunity orvacant.
Robertson said,“I just want to bereally clear: Almost all Vancouverites will not pay theempty homes tax.This is only going to apply
to thosewith second orthird homes that aresitting empty most oftheyear.
Undergoing renovations,condos and townhouses that haverestrictions on rentals,and homes whoseowners arein medical or
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2. Undergoing renovations,condos and townhouses that haverestrictions on rentals,and homes whoseowners arein medical or
supportivecarewill beexempted from thetax.
Such a tax on empty homes can address thespinoffeffects ofa red hot housing market.
Solution to the Rental Housing Crisis
Vancouveris hopeful that empty homes tax will boost thecity’s scanty supply ofrental stock.Presently,therental vacancy rateis
0.6 percent – ensuing in someofthemaximum rents in Canada.City data puts forward that morethan 10,800 homes are
unoccupied and another10,000 areleft vacant foran extended span oftime.
Robertson quoted,“Vancouveris in a rental-housing crisis.” “Thecity won’t sit on thesidelines whileover20,000 empty and under-
occupied properties hold backhomes from renters struggling to find an affordableand secureplaceto live,” heexclaimed further.
Thecity is oftheview that therental vacancy ratewould upsurgeto 3.5 percent with an upturn of2,000 rental properties.
Theempty homes tax will comeinto effect at thebeginning of2017.It will bebased on theassessed valueoftheproperty.This
means – theperson owning a $1-million homewould pay an extra $10,000 a yearin taxes.
Vancouver Homes Selling For Less than Purchase Price
Often,Vancouverreal estateis acclaimed forexceptional returns.However,recently,this blooming road tooka new turn when
three single family detached homes bought were listed for less than the owners paid for them.At times,benchmarkprices slump
dueto thedistribution ofprices,but this isn’t thesituation heresincethesehomes werepurchased just 8 months before,that
owners areselling at a subordinateprice.
Surely,theinflated housing market ofVancouverisn’t crashing but isn’t exactly thebooming market oftheprevious years.Does
this mean that in Vancouverreal estatemarket,affordability is setting in?Fingers crossed!With British Columbia’s new 15%
property transfer surtax on foreign nationals and foreign-controlled corporations,thehousesales havebecomesluggish,and
that,in turn,will hopefully lead to moderating prices.
November2016RealEstate
MayorRobertson: if5% ofempty homes taxed,that will generate$2-million foraffordablehousing initiatives #VanRe
pic.twitter.com/NWWLdebCmL
— Martin MacMahon (@martinmacmahon) September 14, 2016
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