Vancouver homeowners face tax hikes for 2017

There could be a 3.4 per cent property tax increase on the way for residents in Vancouver.

A draft budget from the city council proposes the hike to cover costs of new rental units, social housing and leisure improvements in the city; a cost which it says “reflects the need for added investment to address the challenges of a growing city.”

There is also a 2 per cent rise in the cost of building permits proposed in the draft budget.

The city proposes to spend $80.1 million on affordable housing including $25.8 million for the Vancouver Affordable Housing Agency projects and $16.3 million on acquiring land for affordable housing.

The extra 3.4 per cent will take property taxes for a median residential unit assessed at $936,000 to $1,483; and for a median single-family home assessed at $1,386,000 to $2,196.

Councillors will vote on the proposed budget next month.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Market update:

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release


Do you invest in commercial properties?