I heard it's gon be $6/hr at the parking meters ): time to take the transit ugh
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I have no problem with quality. I worry more about the materials used. Melamine in foods, lead paint in products, chemicals, etc.

It goes to VANOC for running the Games.

Nice pic! Got anymore?

2.2% is within reason for inflation.

property taxes need to increase cause property values haven't increased, thus taxes collected haven't increased with inflation.

Vancouver property tax is ~0.65%, compare that to Toronto 1.2% and Ottawa 1.4% or Montreal 1.6% (all figures estimates from memory) and Vancouver property taxes are more than affordable.

and the 2010 fanatics just keep praising the olympics

2.2% is only half of it. There's another 2ish % that's being "transferred" from another charge.

"We're not going to raise property taxes like the NPA."

You're raising way more than what they proposed, Mayor GREG (apparently he hates being called "Greg" :p), and at least they do sh!t with the money. Happy Planet my fat Asian rear.

Living in Vancouver is like playing a game of monopoly where all the "chance" cards are against you.
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No kidding. I'm still stuck with a stupid dog and one red house.

^ at least you have the set of land to afford the red house haha

thx you vancouver, please just pull the trigger and end my enslaving low waging life.

yeah, but property tax is based on property value, and property value is over inflated in vancouver.

but i agree that the slight raise is within reason, as it matches inflation.

property value has balooned compared to the past decade. if it was a gradual increase, then i dont think it would have been such a hot topic. property value doubling if not tripling within a decade is a tad much dont you think? its great if what u do is flip the property though...

Why exactly is property value so over inflated in Vancouver?

my theory is based on the simple supply and demand.

like at an auction, the winner is the highest bidder. Vancouver overall really does have a housing issue. for the population we have, the level of housing is far below what we need. this coupled with the immigration boom, fueled by the idea that everyone needs to own their own property and increase equity, means that ppl are willing to bid higher prices or at least closer prices to the asking price.

demand is high, supply is at a steady growth, thus following the 2 lines, ppl can dictate a higher asking price.


say you had the last chocolate chip cooking in all of vancouver, you throw it out there for $5 bucks for that cookie, what you feel, and assess is the value for that one cookie. but there are 20 ppl out there that want that chocolate chip cookie. chances are, the first bid for that cookie will be close to if not on par for ur asking price. the next person see's it as, hey, 5% more than the previos bidder isnt soooooo bad, i can spare that, i really want that chocolate chip cookie. so on and so forth, u now got a chocolate chip cookie, that was originally asked for $5 bucks, going for $5.50, bids stop coming in, and u decide upon to take that persons offer.

now another chocolate chip cookie suddenly becomes available! that owner sees that you got 50 cents above ur asking price, so they figure hey, why not push it for $5.25 to start... so on and so forth. those original 19 ppl that wanted that chocolate chip cookie, now have an option, and human behaviour dictates that they may be more willing to pay that slightly higher price, because they really want it.

are we hungry yet? hahahaha

then there are other factors like, inflating the value to cater to a higher clientel, stuff like that. marketing a brand, or a location to a higher clientel so that it seems more desirable for ppl to obtain.

Economics 101 all over again............

if profs used cookie stories, I may have stayed awake during classes.

what was it that they used again?

waggles and gigets or something? hahaha

im pretty sure im over simplifying things. but comes down to what the "market can bare" and if u have a bunch of ppl willing to bare upward changes to the price, then whats stopping ppl for asking for higher prices or even realtors from displaying higher prices.

I pay $3K in taxes on my $220K (assessed value, real value is ~$300K) townhouse in metro Ottawa (equivalent of living in Killarny)
To pay $3K in property taxes here I'd have to own a $500K property, which is about the price of a townhouse in Killarny.

If Vancouver property values weren't over-inflated, property tax would be a steal. This is the problem with house values that in 2009 have only just gotten back to the 2008 peak, thus no gain, so taxes have to go up instead.

With the way property values are assessed there is a 3 year delay in assessing property values, so look for bigger tax increases in 2 years.

Property values have gone up > 100% since 2002 in some areas of Vancouver, 60-80% in most areas.

This is terrible for the economy. Eventually the lure of the mountains/ocean and Asian/Indian immigration cannot compete with such high costs of living. I think after the Olympics we'll see people leave Vancouver. Some of the young (25-35yos) people I've met moved here from eastern Canada cause of the hot job market and Olympics, yet aren't going to settle here due to high costs of living as they've realized it just costs too much. Once they start families, they'll retreat back across the country.

It happened before, people left BC cause it was uncompetitive to live here in the 90s. The lure of the mountains/oceans does not trump all as many would believe.

no kidding, though im young, make decent, but nothing to be wow'd about, my cost of living compared to income, means that its nearly impossible to own a home, a large home, compared to when my parents bought their home, and the income they earn'd and their cost of living at the time.

im stuck to condos.

inflating vancouver's property values so that property tax amount could be at a level that the vancouver gov't could use is no excuse for gov't revenue generating.

thats funny how your assest value is lower than the real value. the opposite is true in vancouver's market.

" City councillors also decided to go ahead with a new parking bylaw that will extend city parking meter hours until 10 p.m. and bring rates at some meters to six dollars an hour. The fare hike is kicking in because the city is expected to lose about $1.8 million due to parking restrictions during the Olympics. "

So the fare hike is to offset the loss of revenue during Olympics. But I'm willing to bet that it will be here to stick around.

Does Vancouver let veterans park for free?

^
no.

I wonder if people will start having trouble payng huge property taxes. I mean the tax is base on house value. Say someone who bought their house 30 yrs ago. Now they're retired but that house price keeps climbing. Each year, they have to pay more & more on property tax. It'll eventually eat into their retirement savings & they'll have no choice but to sell the house.

Add on top Translink got the city to approve PST increase on parking services to 21%! wtf.

We bash China for being communists. But some aspects of our "democracy" are not that far from communisum

I think the proper term is "dictatorship" :haha: