This free summit will feature top experts in Canadian real estate who will share their knowledge on a broad range of topics. It will be presented on Sat. Jun. 18th from 12pm-3pm.
West Vancouver is considered by multiple observers as one of Canada’s highest priced neighborhoods, but it is also currently one of the emptiest.
A plague of unoccupied luxury homes, all of which are valued anywhere between $6 million and $8 million, is emblematic of the area’s lack of resident presence. According to the 2016 Census, the rate of unoccupied homes in West Vancouver is at 9.2%, the highest in all of Metro Vancouver.
Speculation pumped up home prices in West Vancouver by 37% between 2015 and 2016, but a report by StarMetro Vancouver has described the area’s present population as nothing but 6-foot-tall weeds.
“In the front yard of one house, a handful of goldfish swim in a pond lined with spiderwebs,” the report went. “In another, blinds, still in boxes, sit in an unfurnished room waiting to be installed on the bare windows. In front of yet another, dead leaves have settled on a bulky parcel resting against the front door.”
Read more: Property management group to capitalize on Toronto, Vancouver rentals
And while Vancouver’s recent implementation of an empty-homes tax is projected to net $30 million in revenue this year, West Vancouver is still sitting on a previously submitted motion to ask the provincial government for the authority to charge different property tax rates for empty or non-principal-residence houses.
Several luxury homes in the municipality had land titles listing mailing addresses across BC, but many others also listed addresses in China, StarMetro Vancouver reported.
Related stories: Don’t be fooled by this year’s luxury housing market Vancouver officials push for vertical expansion to increase liveable space
The Canada Mortgage and Housing Corporation's biannual Housing Supply Report highlighted Calgary as the Canadian city with the highest percentage growth of housing starts in 2021.
Roughly 70 per cent of Toronto is zoned for detached houses only, which restricts the number of units that can be built.
This week, the Bank of Canada announced an increase to their policy interest rate of 50 basis points, amounting to a total of 1.50%. That means interest rates are now six times higher than they were at the start of the year.
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Canadian Real Estate Wealth and Neil Sharma sincerely apologize to Rompsen Investment Corporation and Rompsen Mortgage Limited Partnership.
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