Following a municipal ruling, Cascadia was selected to update the 1988 Real Property Taxation Issues in Greater Vancouver study, focusing specifically on the Home Owner Grant, Provincial School Tax, and Property Transfer Tax.
Cascadia completed the following activities during the engagement:
•Property Tax Overview: Summarized property tax policies within Greater Vancouver and analyzed revenue trends for each component of regional property taxes
•Provincial School Tax Analysis: Reviewed Provincial School Tax across districts in relation to school expenditures, and analyzed revenue trends within Greater Vancouver
•Home Owner Grant Analysis: Analyzed grant levels and eligibility within Greater Vancouver, focusing on how rising values have affected regional distribution
•Property Transfer Tax Analysis: Reviewed how the Property Transfer Tax (PTT) and the additional 15% tax on foreign purchases of residential property has impacted transactions in Greater Vancouver
The final report was used by Metro Vancouver in conjunction with other initiatives to build a funding proposition to address housing affordability in the region. Cascadia was interviewed on CKNW and quoted in several news outlets after the report was released publicly.