Just Not ready

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5thhorseman
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Re: Just Not ready

Post by 5thhorseman »

Tciso wrote: Sat Jun 20, 2026 10:15 am
5thhorseman wrote: Fri Jun 19, 2026 6:54 pm
Topper wrote: Fri Jun 19, 2026 4:26 pm Carney will buy out unsold Vancouver condos to bale out the developers in a falling market.

No, taxpayers are not getting market value. This is a bale out to keep the developers from losses.
The article I read said they're just reducing development charges (DCCs). Talk of buying unsold condos was hinted at.
Are the charges being reduced, or is one level of government paying the charges of another government?
Charges are being reduced an estimated $40K per unit.

Metro Vancouver also cut DCCs in April by $387 million over the next three years and are looking recover those costs from the federal government.
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Tciso
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Re: Just Not ready

Post by Tciso »

What exactly are development charges? Is it just a tax grab by the cities?

I only ask because I have never encountered them. I bought a lot and build a house, all for $400 in permits.
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2Fingers
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Re: Just Not ready

Post by 2Fingers »

Tciso wrote: Sat Jun 20, 2026 2:35 pm What exactly are development charges? Is it just a tax grab by the cities?

I only ask because I have never encountered them. I bought a lot and build a house, all for $400 in permits.
It is to cover the expense for all the infrastructure that needs to either be a) updated or b) new. It is also used for other amenities such as parks etc.

Most cities have a bylaw on how it can be spent.
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2Fingers
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Re: Just Not ready

Post by 2Fingers »

Also the shortage of revenue from the DCC have to be made up though property tax. This request from other forms of government just puts the burden on residents and businesses.
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Re: Just Not ready

Post by Topper »

Most of the empty units are listed plus $1M, how do they become affordable housing?

Development cost decline is on a ten year time frame.

Would it not be better to cut red tape to create jobs so people can afford homes from what they earn instead of these government run wealth redistribution schemes?

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5thhorseman
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Re: Just Not ready

Post by 5thhorseman »

One-third of the units are over $1M.

As of last month, there were 4,376 completed condos sitting empty in Metro Vancouver.

https://www.cbc.ca/news/canada/british- ... -9.7242851
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