this post was submitted on 13 May 2024
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[–] [email protected] 1 points 11 months ago (2 children)
[–] [email protected] 15 points 11 months ago* (last edited 11 months ago) (2 children)

Are you suggesting the reason house prices are high is because they are all empty and no one is selling them for the high prices?

[–] [email protected] 5 points 11 months ago

There are certainly overpriced vacant homes in the more expensive metropolitan areas (coughcondoscoughTorontocough), but I doubt there are enough of them to make a visible dent in the housing issue.

[–] [email protected] 1 points 11 months ago (1 children)

Empty houses in the Metro Vancouver area have certinaly been an issue [source]. The B.C. Speculation and Vacancy Tax was implemented to discourage this behaviour [source]. Theoretically, it should also capture the negative impact that vacant housing has on society and the economy.

[–] [email protected] 2 points 11 months ago (1 children)

Has implementing the speculation tax lowered house prices in B.C.?

[–] [email protected] 1 points 11 months ago (1 children)

I would guess that it is extremely difficult to quantify how much of an effect the tax has had on the housing market. Anything beyond a guess, however, would be outside of my qualifications — I would defer to those who have looked into this more appropriately. After a very quick, and cursory websearch, I found a paper that stated the following:

From the empirical analysis of overall market, we cannot detect the significant effect of Speculation and Vacancy Tax on the price of housing property in Vancouver after the implementation. Only the parameters of GDP of real estate growth and unemployment rate are reexamined to be statistically significant. We could observe the decrease of housing price in Vancouver from the price chart after the tax policy entered into force. The decrease is also reflected by the negative coefficient of City*Time although it is not significant. [...] Focusing on a specific region’s housing price, we still cannot detect that British Columbia’s Speculation and Vacancy Tax has significantly impact on the housing price of Vancouver West compared to Toronto Central. All the other factors mentioned by other researches are not statistically significant neither. [source (archive)]

[–] [email protected] 1 points 11 months ago (1 children)

So what were we talking about before you started trying to derail this conversation with endless questions?

[–] [email protected] 2 points 11 months ago (1 children)

So what were we talking about before you started trying to derail this conversation with endless questions?

Is that rhetorical? I don't understand the purpose of your seemingly condescending question.

[–] [email protected] 1 points 11 months ago (1 children)

Why do you constantly ask questions without adding anything to the conversation?

[–] [email protected] 2 points 11 months ago (1 children)

Why do you constantly ask questions without adding anything to the conversation?

That's a loaded question; I disagree with the premise — I feel that I have provided useful information and context. You, however, have not provided anything but seemingly non-constructive and condescending content for your past 3 comments [1][2][3] in this thread.

[–] [email protected] 1 points 11 months ago

What premise do you disagree with?

None of these replies are meant to be condescending, you’re correct when you say tone is hard to read through text.

[–] [email protected] 2 points 11 months ago (1 children)

Is empty housing a prevelant problem across Canada? I was under the impression that it was really only a problem in Metro Vancouver. Furthermore, B.C. has a vacancy tax [source], which should capture the negative societal and economic impact generated by empty housing .

[–] [email protected] 2 points 11 months ago

People, don't downvote someone for asking a valid question