Senakw's first rental housing towers begin to take shape from: The Daily Hive Kenneth Chan | Jul 30 2024, 1:14 pm CLICK BELOW FOR FULL ARTICLE FROM THE DAILY HIVE https://dailyhive.com/vancouver/senakw-squamish-first-nation-vancouver-towers-construction-july-2024?__vfz=medium%3Dsharebar
31-07-2024
New Developments
From UDI How much do taxes and fees affect new housing costs? Tuesday, April 25, 2023 Taxes and fees levied by all levels of government continue to be major cost drivers on new housing development, but how much do these add to the cost of a new home? The Urban Development Institute (UDI) recently released study to answer this question. Taxing Growth: Analysing the Taxes and Fees on New Housing Development reviews each tax and fee that goes into the cost of building new housing in Vancouver, Saanich, and Kelowna. Example: Vancouver condominium Here are the costs that go into a typical wood-frame condominium development in the City of Vancouver. Building assumptions Building valuation and revenue Notes / Per sq. ft. Total market value revenue $59,500,000 $1,400 Buildable sq. ft. 50,000 Hard costs and contingency $30,000,000 $600 Land value $18,750,000 $375 Units 53 Taxes and fees Assuming an average unit value of $1,120,000 and an average unit size of 800 sq. ft. Per sq. ft. charges Building permits $1,376 Developer permit $3,992 Empty homes tax (5%) $60,000 Development Cost Levy (DCL) - Residential $28,368 Property Transfer Tax $13,688 Property tax including additional school tax $11,480 Community Amenity Contribution (CAC) $89,992 Public art $1,584 Per unit charges GST (5%) $56,000 Greater Vancouver sewer (flat rate per unit) $1,988 TransLink DCC (flat rate per unit) $1,554 Property Transfer Tax paid by buyer (if not exempt) $20,400 Subtotal fees for unit buildable $290,422 Total fees for unit saleable $327,565 Total government fees as % of unit value29.25% Note: The Metro Vancouver Water DCC has been given a third reading and is under review by the province. If the Water DCC is included this would increase total fees per unit to $331,826.53 or 29.63% of the total government fees as a % of the unit value. Cost by unit type Cost on typical unitsSizeTaxation $Taxation %Purchase price Bachelor 500 sq. ft. $204,728 29.25% $700,000 One bedroom plus den 700 sq. ft. $286,620 29.25% $980,000 Two bedroom 900 sq. ft. $368,511 29.25% $1,260,000 Family three bedroom 1,200 sq. ft. $491,348 29.25% $1,680,000 Vancouver condo taxation by government LevelTaxation $Taxation % Municipal $218,014.12 66.56% Regional $3,542.00 1.08% Provincial $50,009.41 15.27% Federal $56,001.53 17.10% Total $327,565.53 100% Project viability? "The updated Vancouver condo analysis demonstrates a project that is not viable in today’s environment if the purchase price for a 700 sq. ft. one bedroom unit were set at $980,000." - Excerpt from the UDI report Taxing Growth: Analysing the Taxes and Fees on New Housing Development The estimates for hard costs and contingency, land costs, and government taxes and fees almost exceed the total market value revenue for the project, according to UDI. UDI believes this project faces viability challenges even before factoring in the estimates of soft costs, financing, and the margin for risk. This project would likely not be financeable. UDI UDI represents land developers, property managers, financial lenders, lawyers, engineers, planners, architects, appraisers, real estate professionals and others involved in property development. Read the UDI report, Taxing Growth: Analysing the Taxes and Fees on New Housing Development, (opens 19-page pdf). If you have questions about this report or its content, contact Harriet Permut, director of government relations at [email protected]. Learn about us Contact Us About Us Legal Information Privacy
28-04-2023
New Developments
from: David Taylor's "Vancouvermarket.ca" https://www.vancouvermarket.ca/2019/01/29/unique-17-storey-office-tower-proposed-for-central-heat-site/
03-02-2019
New Developments
The City of Vancouver is taking public input into the proposed use of False Creek Flats, but the survey is only open until tomorrow. The area under discussion will be the new site for St. Paul's Hospital and is bounded by Prior Street, Clark Drive, Great Northern Way and Main Street. This is already home to the new Emily Carr campus. http://vancouver.ca/home-property-development/false-creek-flats.aspx
07-02-2017
New Developments
I love this development by Grosvenor in Edgemont Village in North Vancouver and am so grateful to have sold a great unit to my pals. The excavation is nearing completion and the project is almost sold out. http://www.connaughtliving.com/
05-02-2017
New Developments
Horseshoebay, a new development by Westbank promises to modernize Horseshoe Bay while respecting its inherent beauty and the natural contours of the hillside. The project is being offered first to locals before outlying buyers. It is designed by one of the West Coast's notable architects, Paul Merrick. The property will feature a wonderful boathouse at its waterside entrance. Villas are: oceanfront, bay view, forest or cherry blossom outlooks. There are also ocean "pavillion" villas.
06-01-2017
New Developments