Councilors urge stop to residential tax shift

The city of Vancouver has a policy of shifting the property tax burden from businesses (who pay the majority currently) to residences. Not every one is happy with that policy:

David Cadman and Ellen Woodsworth, both members of the Coalition of Progressive Electors, said they oppose a program by the city of annually transfering one per cent of the tax rate from commercial classes to residential classes.

That policy was brought in two years ago following the recommedations of the Property Tax Policy Review Commission, which said the city is best served by having property taxes made up 52 per cent by residents and 48 per cent by businesses. The review came after businesses complained they made up a disproportionate share of the tax base, up to 60 per cent.

This year city staff have recommended continuing the gradual one per cent shift from the business sector, which translates into a two per cent increase for homeowners. But as the city struggles to find ways to close the $20.6 million gap in the 2011 budget – equivalent to a 3.6 per cent increase across the board – both Woodsworth and Cadman say the business tax transfer should stop.

You can read the full article in the Vancouver Sun but the whole argument is silly. Faced with a $20.6 million budget shortfall there is one obvious course of action for the city to take: cut taxes and increase spending. Once the world finds out about Vancouver they’ll be here with buckets of money to solve any financial woe’s we find ourselves in.

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fixie guy
fixie guy
9 years ago

Best place on meth Says: Pre-sale buyers now using a 1968 law to get out of their purchases have developers crying in their cranteenies.

Good. Developers used 'twist and turns' in contracts to sell one presale and deliver something completely different throughout the boom, now they're seeing risk come back to them. Real Capitalism can be a bitch.

fixie guy
fixie guy
9 years ago

Debt Republic Says: This is not the EU where your economies have gone to hell in a hand basket because of your engrained sense of entitlement to retire at 55 with full pensions….

Google: how does it work?

http://en.wikipedia.org/wiki/Retirement

When did VCI become the home of Tea Party North wonks? The more interesting question to me is why some are so adamant to take it up the ass from their employers they'ld actually lie about basic and easily confirmed facts?

realpaul
realpaul
9 years ago

Taking the position that one can only be a renter or an owner and 'never the twain shall meet' is simplistic…at best. I am an owner but I would not buy any real estate at this juncture for any reason. None of the criteria for investment exists in the market today…zero. I suppose it's wrong to say that I'm actually one of the few people here that actually gets to say, "In my professional opinion anyone buying real estate at this stage of the cycle is a complete and utter moron" and be able to speak with a history in the business, the experiance of many decades, training and education. There is, was and will be a time to buy real estate….that is not now or even soon. It is obvious that the pendulum has swung to favour the renter.… Read more »

Anonymous
Anonymous
9 years ago

6.43 MOI still indicates a fairly balanced market. No up, no down. Snooze button, activated.

superduperbulltime
superduperbulltime
9 years ago

@Best place on meth: Newsflash for bear. Everyone who owns looks down on you forenting loser. No one say so but it's truth. Even mom think you loser.

superduperbulltime
superduperbulltime
9 years ago

@Prca: That was not my mom it was gay brother. He like to dress up like girl. Anyway he told me your dad was good.

Anonymous
Anonymous
9 years ago

@Best place on meth:

"Are there actually people in existence in this town who look down on renters?"

Almost certainly, but they're probably not as common as some would like to think.

I think renting in Vancouver is pretty good – the overall quality of housing is very high, and the BC Tenancy Act is extremely favourable towards renters. Only 2 weeks security deposit? I've lived other places where 6 weeks was the norm. And you were lucky to ever have it returned by the landlord.

Anonymous
Anonymous
9 years ago

@VHB:

"MoI at this sales pace 6.43"

That would be a significant drop from last month, no?

Curious
Curious
9 years ago

OK, so tell me. The sell-to-list is improving in October. Does that mean that prices are dropping or does it mean that buyers are coming back into the market?

Also, I realize that there is a certain amount of gamesmanship involved in listing a house so that it seems fresh. Does this mean that an equilibrium sell to list is well below 1.0x? Does anyone know what a neutral sell/list figure is?

Rent is too Damn Hig
9 years ago

We are starting a local branch of our party, but are calling it Condo Prices are too Damn High Party.

Jimmy is coming to Vancouver to speak next week.

http://www.youtube.com/watch?v=x4o-TeMHys0&fe

Basi - Virk
Basi - Virk
9 years ago

Most Wesr Van residents are renters.

Jimmy Pattison's rent cheque bounced.

if this is wrong, i
if this is wrong, i
9 years ago

"Are there actually people in existence in this town who look down on renters?"

Does a bear shit in the woods?

vreaa
9 years ago

Spot The Speculator #21

Toronto: Couple in 50's;

$500,000 home; $650,000 in three rental housing properties.

http://wp.me/pcq1o-1rU

Anonymous
Anonymous
9 years ago

#69 Debt lover,

You got it all backwards. Ironic that you are post #69.

I fine it fascinating that you bulls have moved from wrong to shameless idiots. The debt that our society has taken on over the past few decades is a drug that is ruining us in ways we have not even begun to understand.

You are no better than a drug dealer. Pushing crack in the form of Real Estate debt. I can't wait for the end of your kind.

Basi - Virk
Basi - Virk
9 years ago

80 logic Says:

October 20th, 2010 at 7:50 pm

@Best place on meth:

Good Costner movie?

No. Such. Thing.

========================

You forgot Waterworld

Basi - Virk
Basi - Virk
9 years ago

Hookers are renters

By the hour mind you.

VHB
VHB
9 years ago

October Projections for month totals

Days elapsed so far 13

Days remaining 7

Average Sales this month 120

Average Listings this month 204

Projected sell/list 58.7%

SALES

Projected month end total 2394 +/- 109

95% Conf Interval lower bound 2285

95% Conf Interval upper bound 2503

NEW LISTINGS

Projected month end total 4078 +/- 145

95% Conf Interval lower bound 3933

95% Conf Interval upper bound 4223

MONTHS OF INVENTORY

Inventory as of September 30th 15401

MoI at this sales pace 6.43

Note: This is a simple linear projection of month end totals.

This provides the answer to the question

"What will month end totals be, if things continue

on the same pace we've seen so far this month?"

logic
logic
9 years ago

@Capitulation: Could the recent high sell lists and the stubborn prices be caused by capitulating bears? Many who have waited through 10 years of manic boom times,

10 years?

logic
logic
9 years ago

@Best place on meth:

Good Costner movie?

No. Such. Thing.

Best place on meth
Best place on meth
9 years ago

@Capitulation:

Capitulation of the bears?

Doubt it. Would make a good Kevin Costner movie though.

4SlicesofCheese
4SlicesofCheese
9 years ago

The present level of household debt is “excessive,” the report said. Economic fundamentals justify a debt-to-income ratio close to 140%.

Wait so 146 is excessive but 140 is economic fundamental?

Is that right?

Anonymous
Anonymous
9 years ago

"I suspect many bears are saying “F*** it! I don’t care any more, I’m just going to buy. At least then the mental turmoil is over.”

I doubt it.

ReadyToPop
ReadyToPop
9 years ago

Household debt in Canada has become “excessive” and could swell further into record territory as interest rates remain abnormally low for an extended period, warned Toronto-Dominion Bank in a report released Wednesday.

<a href="http://www.financialpost.com/news/Canadians+debt+trap+deepens/3701928/story.html&quot; rel="nofollow">Canadians' debt trap deepens

Capitulation
Capitulation
9 years ago

Could the recent high sell lists and the stubborn prices be caused by capitulating bears? Many who have waited through 10 years of manic boom times, are finally giving up. The average price has been over one million for over a year and there is no drop on the horizon.

I suspect many bears are saying "F*** it! I don't care any more, I'm just going to buy. At least then the mental turmoil is over."

If that is the case, capitulation of the bears is always the mark of a market top.

Best place on meth
Best place on meth
9 years ago

@Debt Lover:

>>>Morally, the normative order is such that you are cast as “losers” and “undesirables” by potential mates, family, friends, and strangers, and you get the poor look when you acknowledge your renting status…<<<

Are there actually people in existence in this town who look down on renters?

That's so douchy, thank god I've never met one.

I wouldn't give the time of day to such a person, let alone associate with them. Even if it was a family member.