• CTF identified at least 107 taxes, fees or levies on new housing in Vancouver
• A $403,809 new condo costs $294,691 before taxes

VANCOUVER, B.C.: Home construction in Vancouver is subject to at least 107 government taxes, fees or levies, driving the cost of a new condo up by at least 37 per cent, according to an analysis done by the Canadian Taxpayers Federation (CTF).

The 37 per cent built-in tax rate means that a $403,809 real-world condo price includes $109,118 in government costs:

• $41,615 to the federal government
• $16,928 to the provincial government
• $50,575 to municipal and regional governments

“Politicians are very good at pointing the housing unaffordability finger at everyone but themselves,” said Jordan Bateman, the CTF’s BC Director. “It’s time they admitted that they have their hand in the housing till too, and that their red tape and taxes are a huge cost driver.”

This tax calculation does not include the impact of the Agricultural Land Reserve on land prices, corporate income taxes, impossible-to-quantify hidden regulatory costs, or the cost to amortize these taxes through a 25-year mortgage, as most buyers do.

“This 37 per cent tax rate is a very conservative estimate,” said Bateman. “Further, the torturously slow processes at city hall constricts supply, making housing even more costly. We need more supply in the market – not more taxes and delays.”

The CTF has launched a petition calling on all levels of government to cut taxes and regulation on new housing in order to add more affordable supply.

“The answer to the Lower Mainland’s affordability troubles is not new taxes, which, as experience has shown, drives up costs,” said Bateman. “It’s time our elected officials and bureaucrats looked in the mirror and examined their role in this crisis.”

For a backgrounder on Vancouver housing taxes, click HERE.

For a list of Vancouver housing taxes, including descriptions and links, click HERE.

For a MLS-style listing graphic of these taxes, click HERE.

To sign the CTF’s petition calling for lower housing taxes, click HERE.

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For more information, contact Jordan Bateman, CTF BC Director, at 604-999-3319 or [email protected].