A tax on non-resident property owners is working as it's intended, as a wave of luxury condo units hit the real estate market all over the city of Vancouver.
There's a glut of luxury condos on the market in Vancouver. The wave of luxury housing supply is credited by some market observers to non-resident owners selling pied-a-terres, "because they don’t want to pay vacancy taxes introduced by the city and the province."
"A good example is a 58th-floor condo at Trump Tower that is on the market for $5.88 million. Realtor Wendy Tian said her client is selling because of the vacancy and speculation taxes," reports John Mackie.
Another examples cited by Mackie:
Layla Yang of Dracco Pacific Realty is selling a 43rd–floor condo at Trump Tower for $3.98 million. She also says the vacancy and speculation taxes are spurring people to sell.
In most of the buildings mentioned in the article, units are available for sale at more than twice the typical rate, according to Mackie.
Meanwhile, according to Mackie, prices have dropped downtown, and some of the units are having a hard time selling.
FULL STORY: Vacancy taxes prompt sale of luxury condos in Downtown Vancouver
Vancouver Again Raises its Empty Homes Tax
The Vancouver Empty Homes Tax will soon be three times as high as it was when adopted in 2017.
Vacancy Taxes as a Response to the Housing Crisis
Could vacancy taxes solve multiple housing challenges at once?
Vancouver's Homeowner Vacancy Rate Nearly 5 Percent
Thousands of homes in the city were found to be underused and subject to a vacancy tax.
What ‘The Brutalist’ Teaches Us About Modern Cities
How architecture and urban landscapes reflect the trauma and dysfunction of the post-war experience.
‘Complete Streets’ Webpage Deleted in Federal Purge
Basic resources and information on building bike lanes and sidewalks, formerly housed on the government’s Complete Streets website, are now gone.
Downtown Los Angeles on the Rise: A Promising 2025
Fueled by new developments, cultural investments, and a growing dining scene, downtown Los Angeles is poised for significant growth in 2025, despite challenges from recent wildfires and economic uncertainties.
Supporting Indigenous Land Reclamation Through Design
Harvard students collaborated with the Sac and Fox Nation to develop strategies for reclaiming and co-managing ancestral lands in Illinois, supporting Indigenous sovereignty through design, cultural storytelling, and economic planning.
A Plan to Expand Tree Canopy Across Dayton
Dayton is developing an urban forest master plan, using a $2 million grant to expand its tree canopy, address decades of tree loss, and enhance environmental equity across the city.
Decarbonizing Homes: The Case for Electrifying Residential Heating
A new MIT study finds that transitioning residential heating from natural gas to electric heat pumps can significantly reduce carbon emissions and operational costs.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Economic & Planning Systems, Inc.
UCLA Lewis Center for Regional Policy Studies
Mpact (formerly Rail~Volution)
Chaddick Institute at DePaul University
City of Piedmont, CA
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research