TGIF: Talking Metro Vancouver Property Taxes and Land Assembly

TGIF: Talking Metro Vancouver Property Taxes and Land Assembly

Friday, August 24, 2018

If you are asking yourself why so many foreign investors park their money in Vancouver real estate when it is so expensive, the answer could lie in our low, low property taxes!

The real estate website ‘Zoocasa’ recently investigated property taxes in 25 major Canadian markets – the owner of a $1-million home in Vancouver will pay approx. $2,468 while in Toronto, the property tax would be $6,355 and in Ottawa – $10,000. Of course the comparatively light property tax burden has undoubtedly been a factor in attracting long term investors – purchase price may be high, but carrying costs comparatively low. While we may lament other aspects of our market, let’s be thankful for the property taxes. Never thought I’d hear myself say that!One of our other first world problems is land assembly – happening all over our cities on the corridor adjacent to SkyTrain. We have pockets all over the TriCities, Burnaby, Port Moody, Coquitlam, and New Westminster where small land assemblies are being put together (or not) and our people in those locations are nervous. They should be because 2 + 2 does not always make more than four! We are conditioned to believe that buyers will do anything to put together an assembly, but the times they are achanging! Developers and builders are spooked by land costs and building costs. If you are in a quagmire of negotiation, which is beginning to make no sense, it probably doesn’t.

Time for the cavalry – that’s us! In a world without crystal balls, the only way you can protect yourself is to buy and sell in the same market. So… the top of mind thought when negotiating in a land assembly scene is to know what it is going to cost you to relocate. Either it is worth it to you, or it isn’t. This is the point at which, even if it goes against the grain, you have to consider your own circumstances, needs and the goal – where you want / are prepared to go to make this happen. Some circumstances would just not warrant risk taking or reaching agreement with certain parties.Sometimes an offer to buy you, home owner, out in favour of a land assembly can be a very large blessing – other times, a curse. This is our cue – we consult with you in such a dilemma, check out the possibilities and alternatives and formulate the best strategy designed to get you what you want. This is what we signed on for – so take us up on it if you are in the midst of strangers making offers direct to you for your property.We are here to keep you covered whatever the circumstances, so give us the challenge. In a changing market, we realtors who have been there before are your resource – SkyTrain might be a new reason, but land assemblies have been with us at different times and our chief concern as ever is looking after our own clients.

A major “thank you” goes out to all of the front-line workers and emergency responders involved in fighting this season’s BC wildfires – we are deeply indebted to your dedication to our safety and for your service. Please stay safe out there.

Wishing you a safe and happy close to your summer.
Have any questions? We’ve always got you covered.

From the Generations Real Estate Partners,
Michelle, Scott, Sheila, Ray and Shane.

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