Look, Ma, I’m in a mansion: College kids in Vancouver benefit from new tax

High-priced homes are being converted into dorms, spurred by a levy on landlords who leave their residential properties vacant

TRD NATIONAL /
Apr.April 17, 2019 10:30 AM
A mansion in Vancouver (Credit: Getty Images)

A mansion in Vancouver (Credit: Getty Images)

Ultra luxury mansions in Vancouver are being transformed into college dorms, thanks to a new tax that charges landlords who leave their residential properties vacant.

One student, 22-year-old Isaiah Boodhoo, rented a bedroom in a mansion for $825 a month after seeing a listing posted on Facebook, according to Bloomberg. The property was owned by an Afghan musician who rents out the nine-bedroom home to 14 students.

The recent trend has been prompted by new taxes that reportedly add up to as much as 3 percent in annual levies for homeowners who do not live primarily at the homes. The new taxes were introduced following a boom in foreign investment in the city in the years leading up to 2016.

It’s a symptom of a residential market correction currently affecting the Canadian city. The composite home price for Metro Vancouver fell 4.5 percent in January on a year-over-year basis to $780,000. It’s the largest annual drop since May 2013.

A recent report found that about 800 mansions in the city were listed for rent on Craigslist at bargain prices, some for under $1,000 per month per bedroom.

Overall, housing prices are down 8.5 percent from their peak last June, Bloomberg reported. [Bloomberg] — David Jeans 


Related Articles

arrow_forward_ios
From left: Jed Wilder, Bess Freedman, Richard Grossman, Josh Sarnell and Adam Mahfouda (Credit: Emily Assiran) 

Agents to StreetEasy: The fee is too damn high

40 East 72nd Street (Credit: Google Maps)

Nightmare on E. 72nd Street raises question: Are small condos risky?

Jed Garfield of Leslie J. Garfield; Richard Grossman, president of Halstead Real Estate; Sarah Saltzberg, principal broker and CEO of Bohemia Realty Group; Douglas Elliman’s Howard Lorber

NYC brokers slam bias, promise action after Newsday exposé

The bombshell probe also found that minorities had to meet more stringent financial qualifications than white buyers. (Credit: iStock)

LI agents routinely discriminate against minority buyers, undercover probe finds

Zillow CEO Rich Barton (Credit: iStock)

Zillow and Opendoor aren’t making much on home-flipping

This week, the State Department of Taxation and Finance issued a new memo that notably made no mention of condos. (Credit: iStock)

Regulators quietly change stance on condos in LLC law

Realogy CEO Ryan Schneider (Credit: iStock)

Realogy’s plan to stop the iBuyers from gaining a foothold in Chicago

Daily Digest Thursday

Worker killed at Lam Group construction site, Uber signs WTC lease: Daily digest

arrow_forward_ios