(Joint with Nathan Lauster and cross-posted at HomeFreeSociology) TL;DR We now have three years of Speculation and Vacancy Tax data for BC, demonstrating generally less than one percent of properties pay the tax in most municipalities. We play around with the data we scraped from files released by the BC government to show: how the federal CHSP program systematically overstates “foreign ownership” how source of revenue estimates shift depending upon definitions and tax rates how properties are moving into rentals and what else we can glean from exemptions and revenue data.
(Joint with Nathan Lauster and cross-posted at HomeFreeSociology) New parking proposal just dropped! As Vancouver City Council once again discusses parking it seems like a good time to give a brief overview of the trade-offs involved, with special focus on the progressivity of parking permit fees. Vancouver proposed to introduce a city-wide parking permit program, requiring residents to buy a $45/year parking permit to park their vehicles on city streets (reduced to $5 for people with low incomes), or pay a $3 overnight visitor parking fee.
(Joint with Nathan Lauster and cross-posted at HomeFreeSociology) TLDR: Combining our two major sources of data on the “foreignness” of property owners suggests at least half of those owning property in high demand parts of BC but living outside of Canada are Canadian citizens or permanent residents. How Foreign Are You? BC housing discussions have often focused on various aspects of “foreignness” – foreign buyers, foreign owners, non-resident owners, foreign capital, home owners with non-anglicized last names, out of province buyers, buyers on 10-year entry program, foreign landlords – the list goes on in bewildering variety, and each category comes with it’s own range of interpretations and definitions.
We have previously look at T1FF tax data which is an extremely rich annual administrative data source. The cansim tables have a range of variables to inform about incomes of individuals, families (sliced by number of children, including zero children), low income statistics, and just statistics about the number of taxfilers and dependants by age. It’s available on cansim for Canada overall, the provinces and CMAs/CAs. That’s great, but sometimes it’s nice to have finer geographic detail.
(Joint with Nathan Lauster and cross-posted at HomeFreeSociology) Property Tax Snacks Residential Property Taxes have been rising in Vancouver. As always, we’re seeing a lot of sturm and drang about the rise. But we think it’s ultimately a good thing. Why? Here’s three perspectives. From a fiscal perspective, property taxes pool our resources to enable our government to pursue projects and provide for the common good. They’re a big component of how we take care of each other and set priorities.