Well, this was completely unexpected. Just like the country and the province, lower mainland cities are looking at deficits and budget shortfalls. It’s a total shocker, just like recent problems with the Canadian economy. Vancouver is looking at ways to save money and hasn’t ruled out raising property tax rates.
So what do you think it will be – service cuts, property tax increases or both?
During the boom we had plenty of money coming in to city coffers thanks to all the new construction. Unfortunately we were building condos, which pay lower taxes and use more city services than commercial property. Businesses have been complaining for years about the disproportionate tax load they bear, does anyone think residential property tax will not be going up in the next couple of years?