Property Tax Pro Paul Sullivan, 320 Granville Street, Suite 2500, Vancouver, BC (2026)

08/13/2024

While Vancouver may not have Australia's cute koala bears, we do share a similar problem. 𝗚𝗼𝘃𝗲𝗿𝗻𝗺𝗲𝗻𝘁 𝘁𝗮𝘅𝗲𝘀, 𝗳𝗲𝗲𝘀 𝗮𝗻𝗱 𝗰𝗵𝗮𝗿𝗴𝗲𝘀 𝗿𝗲𝗽𝗿𝗲𝘀𝗲𝗻𝘁 𝗮𝗯𝗼𝘂𝘁 𝟭/𝟯 𝗼𝗳 𝘁𝗵𝗲 𝗰𝗼𝘀𝘁 𝘁𝗼 𝗯𝘂𝘆 𝗮 𝗵𝗼𝗺𝗲.

"The state government has pocketed billions of dollars more than expected in property taxes during Queensland's housing crisis.

Industry leaders are now demanding the charges be slashed, revealing it takes homeowners a decade to pay them back." Taxes, fees and charges in Queensland housing is about 32 per cent. (Swipe through the screenshots of their local news story for more details).

Our team at Ryan also recently studied all the government taxes, fees and charges in a condo in Vancouver. A typical one bedroom new wood frame condo in Vancouver has more than $286,000 in government costs or (29.25%) embedded in the purchase price of $980,000. Toronto has a similar issue.

Australian tv report: https://www.youtube.com/watch?app=desktop&v=Itp-ouAxTmE

Ryan's government taxes, fees and charges study:
https://mailchi.mp/ryan.com/are-governments-the-vampires-in-housing-affordability?utm_source=business%20in%20vancouver&utm_campaign=business%20in%20vancouver%3A%20outbound&utm_medium=referral

𝙉𝙚𝙚𝙙 𝙝𝙚𝙡𝙥 𝙖𝙥𝙥𝙚𝙖𝙡𝙞𝙣𝙜 𝙮𝙤𝙪𝙧 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝙤𝙧 𝙥𝙧𝙤𝙥𝙚𝙧𝙩𝙮 𝙩𝙖𝙭𝙚𝙨 𝙤𝙬𝙞𝙣𝙜? 𝙍𝙮𝙖𝙣 𝙞𝙨 𝙖𝙣 𝙖𝙬𝙖𝙧𝙙-𝙬𝙞𝙣𝙣𝙞𝙣𝙜 🏆 𝙜𝙡𝙤𝙗𝙖𝙡 𝙩𝙖𝙭 𝙨𝙚𝙧𝙫𝙞𝙘𝙚𝙨 & 𝙨𝙤𝙛𝙩𝙬𝙖𝙧𝙚 𝙥𝙧𝙤𝙫𝙞𝙙𝙚𝙧.
👉 https://www.ryan.com/about-ryan/leadership/paul-sullivan/

08/08/2024

INDUSTRIAL PROJECTS (LIKE 🏠) WAIT YEARS IN GOVERNMENT APPROVAL LIMBO

A major development, that received preliminary council approval years ago, is still waiting for the provincial government’s go-ahead.

Delta Mayor George Harvie said the city would like to know when provincial approvals would be coming to finalize the (MK Delta Lands development) application, which would create more industrial land in Delta and improve employment opportunities as well as the tax base.

Having received other needed approvals before going to the provincial government six years ago, the plan would also add land to the Burns Bog Conservation area, Harvie noted. 👀

The proposed MK Delta Lands development west of Highway 91, near Nordel Way and the South Fraser Perimeter Road, includes 2.2 million square feet of industrial space.

Council granted conditional approval following a public hearing in the summer of 2016, but final approval was contingent on a number of conditions being met.

The plan includes the transfer of all of MK Delta’s other land holdings, which total 132.7 hectares (328 acres), to the City of Delta for conservation, including land east of Highway 91 where the company had originally sought to build housing.

The company, among other things, also committed $6 million for agricultural drainage and irrigation improvements.

The project received Agricultural Land Commission approval in 2017.

In 2019, Metro Vancouver’s board of directors... approved the application.

A report to the Metro board noted the addition of the MK Delta property to the regional industrial lands inventory would provide an additional 43.8 hectares (108.2 acres) of industrial land “which would be of local and regional benefit from an industrial-activity, goods movement, and employment generating perspective.”

🔗 https://tinyurl.com/2f7pepus

𝙉𝙚𝙚𝙙 𝙝𝙚𝙡𝙥 𝙖𝙥𝙥𝙚𝙖𝙡𝙞𝙣𝙜 𝙮𝙤𝙪𝙧 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝙤𝙧 𝙥𝙧𝙤𝙥𝙚𝙧𝙩𝙮 𝙩𝙖𝙭𝙚𝙨 𝙤𝙬𝙞𝙣𝙜? 𝙍𝙮𝙖𝙣 𝙞𝙨 𝙖𝙣 𝙖𝙬𝙖𝙧𝙙-𝙬𝙞𝙣𝙣𝙞𝙣𝙜 🏆 𝙜𝙡𝙤𝙗𝙖𝙡 𝙩𝙖𝙭 𝙨𝙚𝙧𝙫𝙞𝙘𝙚𝙨 & 𝙨𝙤𝙛𝙩𝙬𝙖𝙧𝙚 𝙥𝙧𝙤𝙫𝙞𝙙𝙚𝙧.
👉 https://www.ryan.com/about-ryan/leadership/paul-sullivan/

ICBA - Independent Contractors and Businesses Association

08/08/2024

COULD UNDERUTILIZED GOVERNMENT (PUBLICLY OWNED) LAND BE USED FOR HOUSING?

In many media interviews, I've suggested we better utilize all the civic, provincial, regional and federally owned land for rental, non-profit and other forms of . Land is one of the biggest cost drivers for .

The Globe & Mail investigated how much FEDERAL land the government actually owns on behalf of the public. Highlights:

🔍 Nearly 2,000 pieces of Crown-owned land listed in the Directory of Federal Real Property (Feb. 2024) were assessed.

Parcels were larger than half an acre in areas with populations over 10,000. This was the minimum land size recommended by urban planners to have adequate scale for . The population threshold captured cities likely struggling with housing issues.

Properties owned by Corrections Canada, Canadian Security Intelligence Service, heritage sites, museums, airports, port and bridge authorities were excluded. As were parks & land used for agricultural, forestry, wildlife, and fisheries purposes.

Using Google Maps & Earth, plus municipal zoning maps, housing suitability meant existing homes – either single family, row housing, walk-ups or apartment towers – had to be roughly within two blocks of the site. And for the parcels with housing potential, they reviewed heights of the tallest adjacent buildings to assess the surrounding densities.

CONCLUSION:
📌 767 federal land parcels near residential areas were deemed suitable for various types of housing.

📌 613 were labeled as “lazy land” – either vacant or occupied by one- to two-storey buildings.

Other development factors such as feasibility, infrastructure improvements, environmental issues & stakeholder engagement were not included.

🔗 Story: https://tinyurl.com/3d99wsuf

Directory of Federal Real Property
https://www.tbs-sct.gc.ca/dfrp-rbif/introduction-eng.aspx

𝙉𝙚𝙚𝙙 𝙝𝙚𝙡𝙥 𝙖𝙥𝙥𝙚𝙖𝙡𝙞𝙣𝙜 𝙮𝙤𝙪𝙧 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝙤𝙧 𝙥𝙧𝙤𝙥𝙚𝙧𝙩𝙮 𝙩𝙖𝙭𝙚𝙨 𝙤𝙬𝙞𝙣𝙜? 𝙍𝙮𝙖𝙣 𝙞𝙨 𝙖𝙣 𝙖𝙬𝙖𝙧𝙙-𝙬𝙞𝙣𝙣𝙞𝙣𝙜 🏆 𝙜𝙡𝙤𝙗𝙖𝙡 𝙩𝙖𝙭 𝙨𝙚𝙧𝙫𝙞𝙘𝙚𝙨 & 𝙨𝙤𝙛𝙩𝙬𝙖𝙧𝙚 𝙥𝙧𝙤𝙫𝙞𝙙𝙚𝙧.
👉 https://www.ryan.com/about-ryan/leadership/paul-sullivan/

08/06/2024

𝙀𝙘𝙤𝙣𝙤𝙢𝙞𝙨𝙩𝙨 𝙬𝙖𝙧𝙣 𝙝𝙤𝙪𝙨𝙞𝙣𝙜 𝙥𝙖𝙘𝙚 𝙘𝙖𝙣’𝙩 𝙨𝙪𝙨𝙩𝙖𝙞𝙣 “𝙪𝙣𝙘𝙝𝙚𝙘𝙠𝙚𝙙” 𝙞𝙢𝙢𝙞𝙜𝙧𝙖𝙩𝙞𝙤𝙣 ⚠️

“The crest of the Millennial cohort is around 33 years old, or right in their household formation and family-building years,” BMO chief economist Douglas Porter told STOREYS in an interview.

“So, with the construction industry already building at full speed to satisfy domestic demand, we clearly don’t have the infrastructure or ability to meet the additional demand created by historic immigration levels. 🏗 That is reflected in a worsened affordability problem.”🏘

Canada’s population burst is almost entirely the result of immigration, which accounted for 97.6% of growth last year.

The last time Canada saw its population grow at this rate was in 1957. “The result is not only still-high resale prices, but surging rents across many markets, including smaller cities with universities,” said Porter. “The catch is that driving down prices will incent less supply; and at the same time, heightened immigration flows designed to ease labour supply pressure immediately add to the housing demand they are trying to meet.”

“The infrastructure in place and the industry’s ability to build clearly can’t support unchecked levels of demand, so the affordability conundrum continues.”

While factors like interest rates and unemployment can sway the housing market in the short term, Porter said that over the long term, “demographic trends have the biggest weight on home prices.”

🔗 https://tinyurl.com/4vhxny3u

Storeys

07/29/2024

𝗡𝗼𝘄 𝘁𝗵𝗶𝘀 𝗶𝘀 𝘄𝗵𝗮𝘁 𝗜'𝘃𝗲 𝗯𝗲𝗲𝗻 𝘁𝗮𝗹𝗸𝗶𝗻𝗴 𝗮𝗯𝗼𝘂𝘁...𝗚𝗼𝗼𝗱 𝗡𝗲𝘄𝘀 𝗙𝗹𝗮𝘀𝗵:🎤🏨 👏 The City of Winnipeg is poised to waive up to $6.75 million worth of building fees over the next three years to stimulate the 🏗construction of more housing 🏘 in downtown Winnipeg.

A new report to city council's property & development committee calls for fees to be waived in recognition of the extra costs for to build new condos or apartments downtown, or renovate existing buildings.

"Although development downtown is desirable, it is also more costly and more difficult than elsewhere in the city," Winnipeg's acting urban development manager, James Veitch, writes in the report.

"This is due to fees associated with the loss of on-street parking due to construction staging, parking fees for tradespeople and other circumstances not experienced elsewhere."

His report recommends council approve up to $2.25 million worth of fee waivers in each of 2025, 2026 and 2027.

Fees that could be reimbursed include those associated with permits, design reviews, heritage permits and the loss of paid parking during construction.

Kurtis Kowalke, the city's principal planner for downtown, said the stimulus for downtown has never been more important.

True North Real Estate and Development, which built 194 residential units at True North Square, also welcomes the incentives, president Jim Ludlow said in a statement.

The city has stimulated downtown residential in the past using a funding mechanism called tax-increment financing, where the city and province provide rebates to developers who generate more tax revenue through the improvement of their properties — or divert this new revenue into downtown amenities such as lighting and streetscaping."

🔗https://t.ly/lKbQM

𝙉𝙚𝙚𝙙 𝙝𝙚𝙡𝙥 𝙖𝙥𝙥𝙚𝙖𝙡𝙞𝙣𝙜 𝙮𝙤𝙪𝙧 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝙤𝙧 𝙥𝙧𝙤𝙥𝙚𝙧𝙩𝙮 𝙩𝙖𝙭𝙚𝙨 𝙤𝙬𝙞𝙣𝙜? 𝙞𝙨 𝙖𝙣 𝙖𝙬𝙖𝙧𝙙-𝙬𝙞𝙣𝙣𝙞𝙣𝙜 🏆 𝙜𝙡𝙤𝙗𝙖𝙡 𝙩𝙖𝙭 𝙨𝙚𝙧𝙫𝙞𝙘𝙚𝙨 & 𝙨𝙤𝙛𝙩𝙬𝙖𝙧𝙚 𝙥𝙧𝙤𝙫𝙞𝙙𝙚𝙧.
👉 https://www.ryan.com/about-ryan/leadership/paul-sullivan/
👉 https://www.ryan.com/canada/

Storeys Bild

07/26/2024

ep𝗗𝗜𝗗 𝗬𝗢𝗨 𝗞𝗡𝗢𝗪 𝗖𝗔𝗡𝗔𝗗𝗔'𝗦 𝗙𝗘𝗗𝗘𝗥𝗔𝗟 𝗛𝗢𝗨𝗦𝗜𝗡𝗚 𝗔𝗚𝗘𝗡𝗖𝗬 (𝗖𝗮𝗻𝗮𝗱𝗮 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗮𝗻𝗱 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗖𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗶𝗼𝗻 - 𝗖𝗠𝗛𝗖) 𝗪𝗔𝗦 𝗥𝗘𝗤𝗨𝗜𝗥𝗘𝗗 𝗧𝗢 𝗦𝗧𝗔𝗥𝗧 𝗣𝗔𝗬𝗜𝗡𝗚 𝗕𝗜𝗟𝗟𝗜𝗢𝗡𝗦 𝗜𝗡 𝗗𝗜𝗩𝗜𝗗𝗘𝗡𝗗𝗦 𝗧𝗢 𝗧𝗛𝗘 𝗙𝗘𝗗𝗘𝗥𝗔𝗟 𝗚𝗢𝗩𝗘𝗥𝗡𝗠𝗘𝗡𝗧 𝗜𝗡 𝟮𝟬𝟭𝟳?

CBC then reported: "The national housing agency said the ($4B) dividend will be paid out in instalments over a period not longer than than the next two years." They're still paying annual dividends of course. Reminds one of how crown insurance corporations (like British Columbia's ICBC) are regularly required to remit funds to government's general revenue at consumer cost.

Those amounts collected by CMHC are mostly paid from homebuilder loan interest costs and mandatory homeowner insurance premiums.

In Canada, homebuyers with less than a 20% down payment require mortgage default insurance, or CMHC insurance, intended to protect lenders if homeowners skip their monthly payments. This, despite the fact Canada's mortgage default rates nationally are well under 1% a year.

The more you borrow from a lender, the higher percentage you'd pay in CMHC insurance premiums, which can add thousands to your annual home ownership expenses.

"Since CMHC started paying dividends in 2017, it has declared and paid $18.9 billion to the Government of Canada."

In recognition of the housing affordability crisis, The Financial Post told us Aug 31, 2023 that "The Canada Mortgage and Housing Corporation says it is temporarily reducing dividend payments to the federal government in order to redirect the funds toward supporting the construction of rental housing."

More recently, "In Q1 2024, our (CMHC) Board of Directors declared a $145 million dividend to our shareholder, the Government of Canada."

https://www.cmhc-schl.gc.ca/media-newsroom/news-releases/2023/cmhc-releases-results-q2-2023

https://www.cmhc-schl.gc.ca/media-newsroom/news-releases/2024/cmhc-releases-results-q1-2024 #:~:text=In%20Q1%202024%2C%20our%20Board,shareholder%2C%20the%20Government%20of%20Canada.

https://www.cmhc-schl.gc.ca/professionals/industry-innovation-and-leadership/industry-expertise/resources-for-mortgage-professionals/mortgage-loan-insurance-and-premiums

https://www.cmhc-schl.gc.ca/professionals/housing-markets-data-and-research/housing-data/data-tables/mortgage-and-debt/mortgage-delinquency-rate-canada-provinces-cmas
BILD GTA

07/23/2024

Cambridge resident John Waylett from the Property Taxpayers Alliance sounds off on property taxes which have "risen on average by twice the rate of inflation over the 15 year period from 2013 through 2027, based on the city's 2024 Budget and the Bank of Canada's projected inflation rates for 2024 - 2027.

This year’s 7% increase will be 2.33 times 2024's projected inflation, which according to StatsCanada will be 3%. The city's increases are substantially outstripping the growth in resident incomes year after year. This is wrong, and it is unsustainable.

There's much talk about an infrastructure funding gap - that it's the result of keeping artificially low. Property taxes weren't kept low, as they were rising at about twice the rate of inflation.

The city has said our infrastructure needs significant investment but has not provided any facts or figures...to indicate the exact state, the expected cost to bring it up to standard, or the recommended annual expenditure to maintain it in good repair.

The city’s annual report, (had) an $85.8M surplus in 2022, bringing the total accumulated surpluses to $896M. The city is holding $362M of our property taxes in investments.

The city's CFO stated (Feb. 8 budget meeting): "a tax levy increase of 5.76% results in an impact of 2.07% to the tax bill for an average household. That means the increase to the city's budget results in an overall increase to the taxes that are paid by an average household that is below the current rate of inflation of 3.4%."

This is absolute nonsense. What's important to look at is the 7% increase in the City's budget & property taxes relative to the City’s 2023 budget & property for the same period. Don't be fooled by wordsmithing.

The city claims that if they cannot raise taxes by double the rate, then they will have to cut services. What costs are going up double the inflation rate?

"Why are Cambridge property taxes rising at twice the rate of inflation year after year while I must live on increases to my income at or below the inflation rate year after year?

ENOUGH is ENOUGH."

https://propertytaxpayer.ca/

𝙉𝙚𝙚𝙙 𝙝𝙚𝙡𝙥 𝙖𝙥𝙥𝙚𝙖𝙡𝙞𝙣𝙜 𝙮𝙤𝙪𝙧 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝙤𝙧 𝙥𝙧𝙤𝙥𝙚𝙧𝙩𝙮 𝙩𝙖𝙭𝙚𝙨 𝙤𝙬𝙞𝙣𝙜? 𝙍𝙮𝙖𝙣 𝙞𝙨 𝙖𝙣 𝙖𝙬𝙖𝙧𝙙-𝙬𝙞𝙣𝙣𝙞𝙣𝙜 🏆 𝙜𝙡𝙤𝙗𝙖𝙡 𝙩𝙖𝙭 𝙨𝙚𝙧𝙫𝙞𝙘𝙚𝙨 & 𝙨𝙤𝙛𝙩𝙬𝙖𝙧𝙚 𝙥𝙧𝙤𝙫𝙞𝙙𝙚𝙧.
👉 https://www.ryan.com/about-ryan/leadership/paul-sullivan/

07/18/2024

Interesting stats on commercial office space vacancy in Vancouver compared to other cities in North America. Excerpts:

"Vancouver has the lowest office vacancy rate among major markets in North America and had the highest asking gross rent in Canada at $55.15 per square foot in the first quarter of this year.

Vancouver’s downtown office vacancy rate decreased by 2% to 14% as of the first quarter of 2024. This is historically high compared to Vancouver’s pre-pandemic downtown vacancy rate of 2.1% in the first quarter of 2020.

Seattle’s vacancy rate increased from 24% to 26.6% in Q1 2024.

“Developers in Canada are much more measured with their willingness to take on risk. In the U.S., there seems to be a greater willingness to take on risk when it comes to construction.

“We generally need a large pre-lease commitment in Vancouver before a landlord is going to develop whereas in the U.S., it’s not quite the same.”

𝐁𝐮𝐭 𝐚𝐧𝐨𝐭𝐡𝐞𝐫 𝐟𝐚𝐜𝐭 𝐭𝐨 𝐜𝐨𝐧𝐬𝐢𝐝𝐞𝐫 𝐛𝐞𝐬𝐢𝐝𝐞𝐬 𝐯𝐚𝐜𝐚𝐧𝐜𝐲 𝐫𝐚𝐭𝐞𝐬 𝐢𝐬 𝐭𝐡𝐞 𝐝𝐞𝐜𝐥𝐢𝐧𝐞 𝐢𝐧 𝐯𝐚𝐥𝐮𝐞 𝐭𝐡𝐚𝐭 𝐰𝐢𝐥𝐥 𝐢𝐦𝐩𝐚𝐜𝐭 𝐩𝐫𝐨𝐩𝐞𝐫𝐭𝐲 𝐭𝐚𝐱 𝐫𝐨𝐥𝐥𝐬, 𝐰𝐡𝐢𝐜𝐡 𝐈 𝐭𝐨𝐮𝐜𝐡𝐞𝐝 𝐨𝐧 𝐢𝐧 𝐚𝐧 𝐞𝐚𝐫𝐥𝐢𝐞𝐫 𝐚𝐫𝐭𝐢𝐜𝐥𝐞 𝐟𝐨𝐫 𝐖𝐞𝐬𝐭𝐞𝐫𝐧 𝐈𝐧𝐯𝐞𝐬𝐭𝐨𝐫 𝐭𝐡𝐢𝐬 𝐲𝐞𝐚𝐫.

"Sullivan’s analyses indicate that...office building values on the 2024 assessment roll are down 25 to 35 per cent. That is a dramatic shift in the value of our most highly valued asset class in the Lower Mainland,” Sullivan said.

Since downtown makes up half the value of the municipal tax roll, and 45% of municipal taxes are borne by commercial properties, the decline in downtown office values will significantly boost non-office, non-residential properties’ share of the municipal tax burden because they account for a greater share of commercial values."

🔗 https://shorturl.at/hPUR2
🔗 https://t.ly/GZATw

𝙉𝙚𝙚𝙙 𝙝𝙚𝙡𝙥 𝙖𝙥𝙥𝙚𝙖𝙡𝙞𝙣𝙜 𝙮𝙤𝙪𝙧 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝙤𝙧 𝙥𝙧𝙤𝙥𝙚𝙧𝙩𝙮 𝙩𝙖𝙭𝙚𝙨 𝙤𝙬𝙞𝙣𝙜? 𝙍𝙮𝙖𝙣 𝙞𝙨 𝙖𝙣 𝙖𝙬𝙖𝙧𝙙-𝙬𝙞𝙣𝙣𝙞𝙣𝙜 🏆 𝙜𝙡𝙤𝙗𝙖𝙡 𝙩𝙖𝙭 𝙨𝙚𝙧𝙫𝙞𝙘𝙚𝙨 & 𝙨𝙤𝙛𝙩𝙬𝙖𝙧𝙚 𝙥𝙧𝙤𝙫𝙞𝙙𝙚𝙧.
👉 https://www.ryan.com/about-ryan/leadership/paul-sullivan/

07/16/2024

𝗔 𝗚𝗢𝗢𝗗 𝗦𝗧𝗔𝗥𝗧. 🏗𝗛𝗢𝗨𝗦𝗜𝗡𝗚 𝗜𝗡𝗖𝗘𝗡𝗧𝗜𝗩𝗘𝗦 𝗖𝗔𝗡 𝗛𝗘𝗟𝗣 𝗕𝗨𝗜𝗟𝗗 🏡. 𝗔 𝗦𝗢𝗟𝗨𝗧𝗜𝗢𝗡 𝗢𝗨𝗥 𝗧𝗘𝗔𝗠 𝗛𝗔𝗦 𝗔𝗗𝗩𝗢𝗖𝗔𝗧𝗘𝗗 𝗙𝗢𝗥 𝗠𝗔𝗡𝗬 𝗬𝗘𝗔𝗥𝗦.🧐👏

"The City of is making a major move to financially incentivize and developers to accelerate their multi-family residential building projects in areas near rapid transit.

A very wide range of building development-related application fees will be slashed by 50% through a new rebate program for fees paid after December 4, 2023.

Through the rebates, the program will reduce application fees for planning (rezoning, development permit, development variance permit), engineering (servicing agreement processing, administration, ESC application), and building (building permit fees).

Such residential buildings must be at least four storeys, feature a floor area ratio density of a floor area that is at least 0.5 times the size of the lot for the building’s residential uses, and have a minimum total residential floor area of 21,528 sq ft (2,000 sq metres). Furthermore, in order to qualify for the rebate, the project must receive the full superstructure permit issuance by August 31, 2026.

This rebate program, called the Rapid Transit Development Incentive, is expected to incentivize about 3,000 homes near frequent public transit services.

Another new separate incentive, called the Non-Market Rental Incentive, targets the acceleration of non-market housing anywhere in Surrey by providing exemptions on municipal development cost charges and community amenity contributions (CACs) or rebates on permit application fees. However, this incentive is only expected to support 300 units of non-market rental housing over three years.

Both incentives combined will catalyze and expedite about 3,300 homes."

🔗 https://shorturl.at/YQ0eG

𝙉𝙚𝙚𝙙 𝙝𝙚𝙡𝙥 𝙖𝙥𝙥𝙚𝙖𝙡𝙞𝙣𝙜 𝙮𝙤𝙪𝙧 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝙤𝙧 𝙥𝙧𝙤𝙥𝙚𝙧𝙩𝙮 𝙩𝙖𝙭𝙚𝙨 𝙤𝙬𝙞𝙣𝙜? Ryan 𝙞𝙨 𝙖𝙣 𝙖𝙬𝙖𝙧𝙙-𝙬𝙞𝙣𝙣𝙞𝙣𝙜 🏆 𝙜𝙡𝙤𝙗𝙖𝙡 𝙩𝙖𝙭 𝙨𝙚𝙧𝙫𝙞𝙘𝙚𝙨 & 𝙨𝙤𝙛𝙩𝙬𝙖𝙧𝙚 𝙥𝙧𝙤𝙫𝙞𝙙𝙚𝙧.

👉 https://www.ryan.com/about-ryan/leadership/paul-sullivan/

07/14/2024

Surrey is seeing explosive growth in both residents and tax hikes. One Surrey mill saw a 𝟮𝟳𝟲.𝟳% 𝗽𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝘁𝗮𝘅 𝗶𝗻𝗰𝗿𝗲𝗮𝘀𝗲 𝗶𝗻 𝗷𝘂𝘀𝘁 𝗳𝗶𝘃𝗲 𝘆𝗲𝗮𝗿𝘀. 😲 Highlights below.🔍

"While Statistics Canada’s 2021 census counted 662,248 residents in Vancouver and 560,320 residents in Surrey, it noted that the size gap between the Lower Mainland’s two most populous cities is closing.

Surrey’s population was up 9.74% from 2016. Vancouver’s population increased by only 4.87% over the same time frame.

Surrey Mayor Brenda Locke "expects that, by 2030, her city will be the most populous in the Lower Mainland. She estimates that about 34,000 new homes are in various stages of development in Surrey, with about 5,200 new homes completed so far this year."

However, the tax burden amongst residential and business properties far from equal. "Surrey Board of Trade (SBOT) CEO Anita Huberman told BIV “It’s always businesses that bear the greatest burden of taxation."

Scarce industrial land means pricier industrial land, and that has the effect of deterring businesses from deciding to locate in B.C.

Industrial landowners in Surrey have seen BC Assessment increase estimated values for their properties. The city increased its property tax rate.

S&R Sawmills principal & president Jeff Dahl told BIV that his 60-year-old family business that employs about 300 people on a 120-acre site on the Fraser River.

“It would be nice if there was a tax break to try to ignite industry,” he said.

The 7.66-acre parcel of land's $37,299,400 assessed value in 2024 is 166 per cent more than its $14,005,800 value in 2019. Add higher property tax rates on that increasingly valuable property and Dahl’s 2024 property tax bill was $652,482.82, according to his records.

That is 276.7% more in property taxes than the $173,230.55 he paid in 2019."
🔗 https://tinyurl.com/325mz47n

𝙉𝙚𝙚𝙙 𝙝𝙚𝙡𝙥 𝙖𝙥𝙥𝙚𝙖𝙡𝙞𝙣𝙜 𝙮𝙤𝙪𝙧 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝙤𝙧 𝙥𝙧𝙤𝙥𝙚𝙧𝙩𝙮 𝙩𝙖𝙭𝙚𝙨 𝙤𝙬𝙞𝙣𝙜? 𝙍𝙮𝙖𝙣 𝙞𝙨 𝙖𝙣 𝙖𝙬𝙖𝙧𝙙-𝙬𝙞𝙣𝙣𝙞𝙣𝙜 🏆 𝙜𝙡𝙤𝙗𝙖𝙡 𝙩𝙖𝙭 𝙨𝙚𝙧𝙫𝙞𝙘𝙚𝙨 & 𝙨𝙤𝙛𝙩𝙬𝙖𝙧𝙚 𝙥𝙧𝙤𝙫𝙞𝙙𝙚𝙧.
👉 https://www.ryan.com/about-ryan/leadership/paul-sullivan/
👉 https://www.ryan.com/canada/

Surrey Board of Trade

07/10/2024

FACT: When governments hike fees on homebuilders, housing gets more expensive.🔍🏗

"On May 1, development charges on Toronto condos increased 20.7% – a move that critics said will only hurt housing affordability. Back in July 2022, the City of Toronto voted to raise development charges by nearly 50% in a phased approach. But what does appear to come as a surprise to many local developers is another fee hike that went into effect on June 6 as a result of Bill 185.

“The development charge rates are adjusted to reflect Provincial changes to the Development Charge Act through Bill 185, Cutting Red Tape to Build More Homes Act, effective June 6, 2024,” reads the City of Toronto website. Development charges pay for infrastructure costs to support the new development, including roads, transit, water, community centres, and police facilites.

Many people were in the dark about these new fees. “I can’t speak for everyone, but I certainly wasn’t aware until a few days later [after June 6], when a cost consultant informed me,” says Matt Young, President and CEO of Republic Developments. “I think much of the industry was caught off guard by it.”

Rates are up 42% from less than a year ago. He outlines how development costs for a one-bedroom condo have gone from $37,081 in August 2023, to $44,774 in May 2024, to $52,676 in June 2024."

Over the last two decades, DCs in the GTA have escalated rapidly, rising between 250 and 900 per cent, which is far in excess of property tax increases."

Storeys:
🔗 https://tinyurl.com/266e33s6

Construction Connect:
🔗 https://tinyurl.com/b363smuy

𝙉𝙚𝙚𝙙 𝙝𝙚𝙡𝙥 𝙬𝙞𝙩𝙝 𝙮𝙤𝙪𝙧 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝙤𝙧 𝙥𝙧𝙤𝙥𝙚𝙧𝙩𝙮 𝙩𝙖𝙭𝙚𝙨 𝙤𝙬𝙞𝙣𝙜? 𝙍𝙮𝙖𝙣 𝙞𝙨 𝙖𝙣 𝙖𝙬𝙖𝙧𝙙-𝙬𝙞𝙣𝙣𝙞𝙣𝙜 🏆 𝙜𝙡𝙤𝙗𝙖𝙡 𝙩𝙖𝙭 𝙨𝙚𝙧𝙫𝙞𝙘𝙚𝙨 𝙖𝙣𝙙 𝙨𝙤𝙛𝙩𝙬𝙖𝙧𝙚 𝙥𝙧𝙤𝙫𝙞𝙙𝙚𝙧.
🔗 https://www.ryan.com/about-ryan/leadership/paul-sullivan/
🔗 https://www.ryan.com/canada/

BILD GTA Bild

07/08/2024

𝗜𝗦 𝗚𝗢𝗩𝗘𝗥𝗡𝗠𝗘𝗡𝗧 𝗜𝗦 𝗠𝗔𝗞𝗜𝗡𝗚 𝗖𝗢𝗡𝗦𝗧𝗥𝗨𝗖𝗧𝗜𝗢𝗡 🏗 𝗠𝗢𝗥𝗘 𝗘𝗫𝗣𝗘𝗡𝗦𝗜𝗩𝗘? 😲

Sharing this commentary by the B.C. regional director of the Progressive Contractors Association of Canada.

"Across demographics and regions, the firm has been measuring how Canadians feel about their governments and the state of the economy through the “Rage Index,” which has reached a new high.

While the Rage Index is the highest in Ontario and Alberta, for the first time in nearly two years of tracking, there was a 16-point spike in B.C., with the majority of British Columbians (54 per cent) feeling negative about their provincial government.

British Columbia is the only province in Canada with labour laws that prevent the vast majority of construction workers from building public infrastructure projects like the Pattullo Bridge Replacement, Trans-Canada Highway widening, the new Cowichan District Hospital and others. The reason is simple: these construction workers aren’t carrying the right union card.

This covert labour law has a ripple effect across the entire B.C. economy. When contractors must be affiliated with minority Building Trades Unions in order to bid on projects, the end result is predictable: there are fewer bids.

Years of research by the independent Cardus think tank confirms that when competition is restricted, taxpayers wind up paying an average of 21 per cent more for public construction projects.

Just look at the cost of the new Cowichan District Hospital, now pegged at $1.4 billion, well beyond the original estimate of $350 million.

In B.C., that translates into billions of millions of dollars in public funding that’s benefitting select unions, rather than going toward new community centres, health care, more affordable housing or offsetting the massive deficit."

🔗 https://tinyurl.com/tzmshmz6

𝙉𝙚𝙚𝙙 𝙝𝙚𝙡𝙥 𝙬𝙞𝙩𝙝 𝙮𝙤𝙪𝙧 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝙤𝙧 𝙥𝙧𝙤𝙥𝙚𝙧𝙩𝙮 𝙩𝙖𝙭𝙚𝙨 𝙤𝙬𝙞𝙣𝙜? 𝙍𝙮𝙖𝙣 𝙞𝙨 𝙖𝙣 𝙖𝙬𝙖𝙧𝙙-𝙬𝙞𝙣𝙣𝙞𝙣𝙜 🏆 𝙜𝙡𝙤𝙗𝙖𝙡 𝙩𝙖𝙭 𝙨𝙚𝙧𝙫𝙞𝙘𝙚𝙨 𝙖𝙣𝙙 𝙨𝙤𝙛𝙩𝙬𝙖𝙧𝙚 𝙥𝙧𝙤𝙫𝙞𝙙𝙚𝙧.
👉 https://www.ryan.com/about-ryan/leadership/paul-sullivan/
👉 https://www.ryan.com/canada/

Progressive Contractors Association of Canada ICBA - Independent Contractors and Businesses Association

Property Tax Pro Paul Sullivan

08/13/2024

08/08/2024

08/08/2024

08/06/2024

07/29/2024

07/26/2024

07/23/2024

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