Tag Archives: taxes

Canada, data, economy, opinion

Vancouver leads nation in low income families

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We’re number one when it comes to inequality and percentage of low income families!

The study was released following recent discussion in the Lower Mainland about the under-reporting of income for tax avoidance. There are areas in north-west Richmond that are sharp anomalies, with very low-income levels despite high home values.

But, Yan emphasizes, the study also highlighting pockets of low-income populations throughout Metro Vancouver and, increasingly, the suburbs, where there are higher levels of poverty compared to the rest of Canada.

Others who have looked into the census data agree that both dynamics are at play.

Read the full article here.

BC, Budget, economy, opinion, politics

City proposes 3.4% property tax increase

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You can probably handle paying an extra $49 bucks, but George Affleck points out that over the past 10 years the city budget has grown 30% while population has grown 9%.

The $1.32-billion draft 2017 budget was released late Wednesday afternoon. It includes a 3.4 per cent property tax increase and other increases for utility, recreation and permit fees.

The city says the increases will go towards greater costs for existing services that are in line with inflation and new expenditures in other areas like social housing, security and the arts.

According to the city, the property and utility fee increases will amount to an extra $49 in costs for a median homeowner in Vancouver.

Read the full article over at the CBC.

Open Topic

Friday Free-for-all! August 19th 2016

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It’s that time of the week again, Friday Free-for-all time!

This is our standard end of the week news round-up and open topic discussion thread for the weekend. Here are a few recent links to kick off the chat:

–How to deal with 200+ comments
–Canada a real estate nation waiting to crash
–Industrial market nothing like residential market
–Housing Action for Local Taxpayers
–Auditor warnings on real estate ignored for 20 years
–Subprime lending is booming
–Working for free in Vancouver
–Is real estate market in free fall?
–Agent: best time to buy in 2 years
–Absorption rate at 25%
–Sold as percent of inventory by day
–Vancouver moves ahead with affordable housing
–

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

BC, economy, hype, opinion, politics, prices

Pity the detached home-owner

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There’s a lot of angry young people in Vancouver, people who think they deserve to be able to afford a home in this specific city.  A few of the angrier ones would like to make the issue all about race, but I guess if you’re of a certain kind of mindset EVERYTHING can be about race.

It wasn’t always like this.  Vancouver used to be a nice small town where the average income would be able to to stretch and afford a local detached home.  Wouldn’t it be great to have gotten in at that time?

Maybe not.  After all, It’s not these owners fault that property prices have gone up and up and property taxes have nudged up a bit as well.

Fortunately if you’re in this group the mayor of North Vancouver has got your back.

Mr. Mussatto said this week that he would like the province to look into separating single-family houses from condominiums and multiple-unit dwellings so owners of single-family houses could be charged a lower tax rate.

The mayor argues that while the value of single-family houses has skyrocketed in recent years, the value of condos has remained relatively stable. “If you’re a condo owner, your taxes may indeed be going down this year, because condos didn’t go up much or they didn’t go up at all compared to single-family homes,” he told me in an interview. “The bottom line is that there are some people who are getting hurt pretty significantly and I want to make sure that we’re fair with the tax system so everybody pays their fair share.”

Read the full article over at the Globe and Mail, and then if you’re so inclined go back to your racist rantings. That’s sure to be an effective way to change the way things are and get everybody on your side.

Open Topic

Friday Free-for-all! June 3rd 2016

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Yep, it’s another one.

As we wind down the work week and head into another weekend it’s time for another Friday Free-for-all!

This is our regular end of the week news round up and open topic discussion thread.

Here are a few recent links to kick off the chat:

–Drastic measures to slow market?
–Taxpayers send realtors on trip?
–Dirt earns more than all workers
–Houses hit all time high
–Bubble Timeline
–Replace income tax with property tax
–Scotiabank concern over Vancouver & Toronto
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So what are you seeing out there? Going to any open houses this weekend?  Post your news links, thoughts and anecdotes here and have an excellent weekend!