{"id":714,"date":"2020-03-09T23:16:36","date_gmt":"2020-03-09T23:16:36","guid":{"rendered":"https:\/\/www.realestateleads.ca\/blog\/?p=714"},"modified":"2023-09-26T20:34:11","modified_gmt":"2023-09-26T20:34:11","slug":"major-property-tax-increases-cool-investor-enthusiasm-in-vancouvers-resurgent-market","status":"publish","type":"post","link":"https:\/\/www.realestateleads.ca\/blog\/major-property-tax-increases-cool-investor-enthusiasm-in-vancouvers-resurgent-market\/","title":{"rendered":"Major Property Tax Increases Cool Investor Enthusiasm in Vancouver\u2019s Resurgent Market"},"content":{"rendered":"
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It certainly doesn\u2019t take a rocket scientist \u2013 or a realtor \u2013 to understand why the housing markets of Vancouver and Toronto make the most sense for investors with pockets deep enough to actually be ABLE to invest in properties there. The basics of supply and demand in both locations and the fact that demand will always outstrip supply means a very likely increase in the return on that investment. If you\u2019re a realtor working in these major metro areas then you\u2019ll almost certainly be working with investor buyers at least somewhat regularly. If you\u2019re a new realtor then you should be quite enthused if the opportunity to work with one such buyer, and in much the same way you\u2019d be to be putting a family into a much-needed home that suits them well. Here at Real Estate Leads, our online real estate lead generation system is designed more to generate leads made up of clients who are looking to buy homes to live in, along with others selling homes and indifferent to whether that home will be a principal residence or a rental. As a new realtor, you\u2019ll be in a position to benefit greatly from using it.<\/p>\r\n\r\n\r\n\r\n

One of the things that\u2019s been very front and center in the news in Vancouver these days is the sharp rise in property taxes approved by city council recently. On the first day of this new decade, the City of Vancouver implemented a shockingly large 7 percent increase to local property taxes, which works out to about nearly double the 10-year average. This tax hike was and continuous to be contentious, and the primary reason that it goes far beyond the rate of inflation.<\/p>\r\n\r\n\r\n\r\n

When you consider that the original suggest rise was 8.2%, it definitely makes you go \u2018wow\u2019 and wonder what the logic is in doing this to a city where families are stretched so thin financially as it is. However, we must remember that the NDP is currently in power and this discretion-less spending has always been a party of that party and the way they conduct themselves.<\/p>\r\n\r\n\r\n\r\n

Tough on Existing and Would-Be Investors<\/strong><\/h3>\r\n\r\n\r\n\r\n

Real estate investors in Vancouver have already been bearing the brunt of the Province\u2019s speculation and empty property taxes put into place over the past two years, and this property tax spike likely isn\u2019t going to sit well with them for that very reason.<\/p>\r\n\r\n\r\n\r\n

In an interview with local media recently, a well established Vancouver realtor stated that while he understands the municipal government needs money, this is one hundred percent working against the interests of affordable housing. There is absolutely a belief among those who work in industries related to the housing market that this dramatic jump in property taxes is another example of government tinkering with Vancouver\u2019s painfully tight housing market to curb demand.<\/p>\r\n\r\n\r\n\r\n

Real estate professionals and economists will agree on one thing \u2013 this type of \u2018reactionary\u2019 response is yet another example of Government missing the mark in how to address the housing crisis while still protecting the health and vibrancy of a market that \u2013 like all of them \u2013 function best when left to their own dynamics.<\/p>\r\n\r\n\r\n\r\n

Discouraging Investment <\/strong><\/h3>\r\n\r\n\r\n\r\n

There\u2019s no getting around the fact that higher taxes will certainly discourage investment into the city, but realtors can still assure investors they may be working with that if they choose to purchase in Vancouver they will still make long-game profits, but perhaps not on the monthly cash-flow basis that they were expecting.<\/p>\r\n\r\n\r\n\r\n

The bigger picture reality in all of this is also one you\u2019ll be hard pressed to find a single realtor or economist ready to disagree with; when you have a situation of dramatically restricted supply, and the process of releasing more supply is highly politicized, and you then ADD ever increasing demand in the form of a growing economy and a growing population because of immigration, what do you think is going to happen? That\u2019s right – prices are going to go up. By increasing property taxes, there\u2019s no way you\u2019re going to get around this and where it gets people the most is with those who are renting homes.<\/p>\r\n\r\n\r\n\r\n

It is absurd to think a property owner is going to have those increased property taxes coming out of their bottom line. It is going to be absorbed by the renter, and this further diminishes that person\u2019s ability to save up for a down payment to actually enter the housing market in the future.<\/p>\r\n\r\n\r\n\r\n

Sign up with Real Estate Leads here<\/a> and receive a monthly quota of qualified, online-generated buyer and \/ or seller leads that are delivered to you \u2013 and ONLY you \u2013 as the ONLY realtor serving a particular region of any city or town in Canada. Once you\u2019ve claimed that region (act fast \u2013 they are going all the time!) then you\u2019ll be the only realtor to receive leads for it for as long as you continue your membership with Real Estate Leads It\u2019s an excellent way to really power up for you client prospecting efforts and enjoy a bit of the power of the Internet in getting better results from them.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

  It certainly doesn\u2019t take a rocket scientist \u2013 or a realtor \u2013 to understand why the housing markets of Vancouver and Toronto make the most sense for investors with pockets deep enough to actually be ABLE to invest in properties there. The basics of supply and demand in both locations and the fact that […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-714","post","type-post","status-publish","format-standard","hentry","category-general-topics"],"yoast_head":"\nMajor Property Tax Increases Cool Investor Enthusiasm in Vancouver\u2019s Resurgent Market - Real Estate Leads Blog<\/title>\n<meta name=\"description\" content=\"Major Property Tax Increases Cool Investor Enthusiasm in Vancouver\u2019s Resurgent Market - Real Estate Leads Blog\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.realestateleads.ca\/blog\/major-property-tax-increases-cool-investor-enthusiasm-in-vancouvers-resurgent-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Major Property Tax Increases Cool Investor Enthusiasm in Vancouver\u2019s Resurgent Market - 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