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Pacific Canada  + Canada + Cross Border News  + Apartments  | 
Canadian industrial investors are starting to return large amounts of space to the market.

Vancouver CRE Owners Get 7.5% Increase

Vancouver city council has approved a 7.5% commercial property tax increase.

The increase for commercial real estate owners matches the residential property tax hike but is down 3.2% from the 2023 rise. In 2024, the commercial tax bill will rise $472 for a median property assessed at $1.2 million, according to city figures.

“I think we’re all pleased to see this number driven down by over3% this year, and we’re going to continue to work hard in reducing property tax increases further in the upcoming years,” Mayor Ken Sim said as budget deliberations concluded, Vancouver is Awesome reported.

B.C. commercial property assessments are climbing while deal pace is slowing, says a recent Altus report. The report was authored by Sandi Prendergast, the firm’s senior research director.


Inside The Story

Sandi PrendergastCity of Vancouver

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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