estimated hard costs and contingency, land costs, and For a new condo unit in Vancouver, the value of the taxes government taxes and fees nearly exceed the total and fees paid by the builder as part of the development market value revenue for the project. [...] In 2018, UDI conducted a similar analysis, where it In the City of Vancouver, there are additional taxes was identified that the purchaser of a new condo unit and fees on new housing development such as the in Vancouver could be paying up to 26% of the cost of recently increased Empty Homes Tax (EHT) and the their unit in taxes and fees. [...] Applying the the supply of rental housing, the exemptions allowed in the SVT legislation to the AST way in which the GST is applied is and EHT would improve the complicated application counter-productive to that goal. [...] In the Vancouver CMA, 37.9% of households rent, and the portion is even higher in the City of Vancouver, where renter Reduce the Impact of Layered households make up 54.5% of the city. [...] If the costs exceed the the application of the PTT to the average unit in amount that can be supported by the market, it will the Vancouver condo example, but not necessarily result in projects being deferred or changed, further in Saanich or Kelowna.
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- Canada
