TGIF: Vancouver’s Thriving Green Sector and Your Update On The Foreign Buyer Tax

Did you know that Vancouver is leading the world pack when it comes to constructing tall wood buildings? Good for our green sector and great for our timber manufacturers.

The 18 storey Brock Commons Tower at UBC was the tallest wood building in the world when it was completed in 2017. Now visualize a 30-40 wood tower on west Broadway – location of the planned SkyTrain extension from Cambie & Broadway to UBC. If approved, this mixed-use proposal would forward Vancouver’s already progressive green standards by another decade! The tower would use BC manufactured & processed mass timber as well as engineered wood. While still reducing greenhouse gas emissions, the building will will be designed for maximum fire and structural safety.

And we just happen to have the timber manufacturing experts in Penticton – ‘Structurlam Products Ltd’ , part of the Adera Group since 2008! Adera builds exclusively with wood and has been turning to engineered structural woods, for their sustainability and construction benefits. Laminated timbers are set in floors and elevator shafts, leading to Adera’s claim that they are as quiet as, if not quieter, than concrete homes built to code.

On April 16, Vancouver released a “climate emergency response” proposal calling for new buildings to reduce carbon emissions by 40% from 2018 levels by 2030 and “remove regulatory barriers to mass timber construction”. Good to know that our construction industry is ahead of both the curve and the code! (Thanks to ‘Western Investor’ for these details).

If you are asking yourself how effective the Government’s foreign buyers tax has been, the answer is “very”. The BC data is now in – this year between March and May there were 261 sales to foreign purchasers as opposed to 1,974 sales during the same time period in 2016. Montreal is now feeling the benefit from our tax as the buyers are flocking there where there is no foreign buyers tax. It is an ill wind which blows noone any good!

The media has informed, debated and rehashed our record low sales for June. If all this leaves you wondering about how these statistics affect any of your real estate plans, please ask us. We are happy to chat real estate any time and promise to keep you covered, no matter the climate.

We remain your partners – Generations Real Estate Partners:- Michelle, Scott, Sheila, Ray and Shane.