I heard on CBC today that residential property taxes in Vancouver are going to increase by 8% plus, while business property taxes will have a lesser increase than they expected.
I have always thought that res. prop. taxes were a "good deal" here, in comparison with other jurisdictions in which I have lived. It's a closing of the barn door after the horse has fled though. Vancouver has lost a lot of businesses through the onerous burden of those taxes. I can't help but wonder though, if it is just a légère de main to cover some of the Olympics costs. There is already a rumbling of discontent with the Olympics scam, and it is not confined to "left-wing nutters". It strangely comes just a couple of days after announcement of huge cost over-runs in the new convention centre construction. It seems to me that I heard that they had doubled? (I can't say for sure, because I am in and out of earshot of the radio all day)
Oh well, it's worth it. Vancouver is...the....best....place..........in the world. Maybe just a little bit more expensive.
And then this eye opener on taxes from the Astute Fraser Institute (well, once in a while) - link
The Canadian Consumer Tax Index tracks the total tax bill of(emboldening mine)
the average Canadian family from 1961 to 2006
• The total tax bill for the average Canadian family, including
all types of taxes, has increased by 1,590 percent since 1961
• In 1961, the average family had an income of $5,000 and paid
a total tax bill of $1,675 (33.5 percent). In 2006, the average
Canadian family earned an income of $63,001 and paid total
taxes equalling $28,311 (44.9 percent)
• Taxes have grown much more rapidly than any other single
expenditure for the average Canadian family. In contrast to
the jump in taxes, expenditures on shelter increased by 1,019
percent, food by 487 percent, and clothing by 447 percent
from 1961 to 2006
• The average Canadian family now spends more of its income
on taxes than it does on the basic necessities such as food,
shelter, and clothing. In 1961 the average family had to use
56.5 percent of its income on basic necessities (food, shelter and clothing), while only 33.5 percent of the family’s income went to taxes. In 2006, the proportion of income consumed by taxes had increased (44.9 percent), while the fraction of income spent on shelter, food, and clothing (35.6 percent) had dropped dramatically
Add to all that the cost of real estate, and something's gonna happen.
I liked the title of this book, and the picture on the cover. I have not read it, but I thought it illustrative of living in Vancouver today.