Interest Rates Low for Q3 in Vancouver, BC
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Vancouver, BC's New Mayor to Tackle Housing Crisis
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(Posted on Nov 10, 2018 at 08:25PM by Danielle Smyth)
Kennedy Stewart, the new mayor of Vancouver, has vowed to tackle the housing crisis immediately. The city’s first independent mayor in over 30 years, he campaigned on a promise of building 85,000 units of non-profit, rental, and market housing over the course of the next ten years. In addition, Stewart has sworn to triple the empty-homes tax and protect as much as one-half of the homes in the city from foreign speculation.Stewart was quoted as saying that he is frustrated by the possibility that a company might “operate a business for 30 years in one location and they rezone your area or a development permit gets approved, the building won’t be built for five years, but your commercial property taxes go through the roof, and because of the triple-net lease, you’re responsible for them.†As such, he is hoping to look at assessments on commercial properties.
All of this is could be good news for investors in the long run, as policies shake out and encourage growth of business in the city. Curious how trends like these might ultimately affect the market in Vancouver, BC? Get in touch with Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to provide additional information.
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