{"id":10012,"date":"2018-08-10T08:08:11","date_gmt":"2018-08-10T15:08:11","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10012"},"modified":"2018-08-08T16:08:17","modified_gmt":"2018-08-08T23:08:17","slug":"vancouvers-homes-are-costly-to-buy-but-cheap-to-own","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/08\/vancouvers-homes-are-costly-to-buy-but-cheap-to-own\/","title":{"rendered":"Vancouver’s Homes are Costly to Buy but Cheap to Own"},"content":{"rendered":"

The city\u2019s 0.25% property tax rate is low not only for Canada, but also when stacked up against what homeowners pay in the US.<\/p>\n

Got a million dollars to plow into real estate? Vancouver\u2019s a great place to park it, thanks to a property-tax rate that\u2019s the lowest in both Canada and the US.<\/p>\n

The owner of a $1 million home in the Pacific Coast city will pay just $2,468 a year in property tax, compared with $6,355 in Toronto or more than $10,000 in Ottawa, according to a new study by real estate website Zoocasa that looked at rates in 25 major Canadian markets.<\/p>\n

Vancouver\u2019s 0.25% rate is still the lowest even when stacked up against what homeowners pay south of the Canadian border. Honolulu, at 0.31%, had the cheapest rate among the 100 US cities surveyed by the Lincoln Institute of Land Policy. So on purely a property-tax basis, the annual cost of owning a home in Vancouver is roughly half that of Toronto (with a 0.64% rate), a third that of Seattle (0.84%), and almost a fifth that of San Francisco (1.16%).<\/p>\n

\u201cIf I was somebody who wanted to park cash somewhere and just wanted low carrying costs, Vancouver has historically been a great place,\u201d said Thomas Davidoff, a housing economist at the University of British Columbia\u2019s Sauder School of Business. \u201cWe are a ridiculous outlier. We\u2019re off-the-charts low.\u201d<\/p>\n

The trade-off? Houses are more expensive to buy.<\/p>\n

The city\u2019s light property-tax burden has been a significant incentive for speculative investment, especially in high-end homes, according to Rhys Kesselman, an economist and public-policy expert at Simon Fraser University in Vancouver. In turn, \u201cit\u2019s likely one factor in driving the stratospheric prices,\u201d he said.<\/p>\n

Speculative cash, some of it from abroad, has helped make Vancouver one of most expensive housing markets on the planet, with prices doubling over the past decade. That\u2019s put homes out of reach of much of the local population, whose wages haven\u2019t kept pace.<\/p>\n

In general, Canada has been welcoming to real estate investors. Unlike many countries, it doesn\u2019t tax capital gains from sales of a principal residence or charge penalties for short-term flips. However, efforts are under way to curb speculation, including a new surtax in British Columbia that essentially raises the effective tax rate on homes valued at $3 million or more.<\/p>\n

Vancouver’s Homes May Be Costly to Buy, But They’re Cheap to Own<\/a> by Natalie Obiko Pearson | Financial Post<\/p>\n","protected":false},"excerpt":{"rendered":"

The city\u2019s 0.25% property tax rate is low not only for Canada, but also when stacked up against what homeowners pay in the US. Got a million dollars to plow … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-10012","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nVancouver's Homes are Costly to Buy but Cheap to Own • Rory C Real Estate | Oakwyn Realty<\/title>\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.roryc.ca\/blog\/2018\/08\/vancouvers-homes-are-costly-to-buy-but-cheap-to-own\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver's Homes are Costly to Buy but Cheap to Own • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The city\u2019s 0.25% property tax rate is low not only for Canada, but also when stacked up against what homeowners pay in the US. 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