Department of Finance currently seeking input as federal election looms
A prominent Vancouver-based developer is sounding the alarm on a vacant land tax under consideration by the Department of Finance, saying such a tax is “illogical” and will not accelerate housing delivery across the country.
The fate of the proposed tax is uncertain given Freeland’s resignation and a pending federal election in 2025, which could see the federal Conservatives form government. The Conservatives are leading the Liberals by 22 points, according to a Dec. 4 Leger poll.Despite those developments, Jarvis told BIV he still intends to keep advocating against the proposed tax, which he said is based on a misconception that developers are speculating and purposely withholding supply.
“Our land debt is based on floating interest rates, which have risen by as much as 400 per cent over the past two years. This has already imposed a significant financial burden on those holding land intended for housing development,” Jarvis wrote to Freeland.“The rezoning and development permit process often takes over five years to navigate,” Jarvis went on to say in the letter.
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