2021 was an interesting year for Canadian, BC and Vancouver’s real estate without a doubt. There are some upcoming changes to the Vancouver real estate scene due to municipal activities that will affect those who own, or looking to own, real estate in Vancouver.
Property Taxes Being Hiked Up 3.5% By The City of Vancouver
A property tax increase of 3.5% has been passed for the new year. The COV blames increased costs of water, waste and other services provided by the regional government for the tax hike. Regardless of reasons, owning a home in Vancouver will cost a bit more in the coming years.
New Skytrain Line Across Vancouver To Bring Increase In Population
The Broadway Skytrain Subway Project, which is an expansion of the already existing Millennium Line, is estimated to provide new jobs and allow an increase in population by 42,000 people. The completion date for this project is set for 2025. 6 new skytrain stations will be added to the millennium line and will most likely drive up the demand for properties near these new stations. The line will run from VCC-Clark, all the way to Arbutus street, passing the Arbutus, South Granville, Cambie & Mount Pleasant neighbourhoods of Vancouver.
Jericho Lands Redevelopment Approved (Vancouver Westside)
Another major improvement in Vancouver includes The Jericho Lands that have been approved for redevelopment. This project aims to turn the 90 acre land into huge multi-purpose complexes. The project aims to build a new inclusive community with a wide range of homes offered.
St. Pauls Hospital Being Built At False Creek Flats (East Vancouver)
St. Paul’s hospital construction is well underway in False Creek Flats where the city is planning a major redevelopment to add many new multi-purpose buildings with high density. Strathcona and Mount Pleasant, as well as Downtown Vancouver (Eastside) are the neighbourhoods that are adjacent to this new & upcoming neighbourhood.
What’s Your Next Real Estate Move?
To get a detailed list of what homeowners can expect in Vancouver in 2022, please contact the Baxter and Welch team now!
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