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Pacific Canada  + Canada  + Finance  | 
Mayor Ken Sim has broached the idea of selling city-owned property naming rights.

Vancouver Mayor Broaches Naming Rights Sale

Vancouver Mayor Ken Sim has broached the idea of selling naming rights to city-owned properties.

Such a move could add $50 million to $100 millions to municipal coffers, Sim told a large Greater Vancouver Board of Trade audience during his second-annual state of the city address. The revenue could be used to offset property tax increases, he suggested.

In a question-and-answer session following his speech, Sim said the revenue could actually lead to a future property tax decrease.

Sim’s ABC Party has come under criticism for raising property taxes 7% this year. The commercial property tax increase matches the residential hike.

The mayor’s January 2024 budget task force report has also floated the possibility of property naming rights sales. The report calls on the city to explore more ways to generate additional revenue from civic assets through the sale of naming rights and sponsorships.

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Ken SimCity 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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