Greenspace
Senior Member
Knack explained how it works. I think if you live in a desirable neighbourhood your house assessment probably went up. So depends who Cartmell is talking to.
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Edmonton Real Estate Market
- Thread starter Daveography
- Start date
thommyjo
Senior Member
Most of his ward saw some of the lowest increases.
TAS
Senior Member
It's just a really misleading statement by Cartmell.
SarcasticMarmot
Active Member
David A
Senior Member
This is so troubling, either he wants to be misleading here for political impact or he really doesn't understand how it works. Either way, its bad.
You would think part of the responsibility of being a councilor is to explain to people in your area how things work, not to create and spread misinformation.
cmd uw
Active Member
The first part of your first sentence sums it up. He's politicking. He knows very well how it all works.
policyenthusiast
Active Member
Canadian Real Estate Sellers Canceled 1 In 5 Listings Last Month: NBF
https://betterdwelling.com/canadian-real-estate-sellers-canceled-1-in-5-listings-last-month-nbf/
policyenthusiast
Active Member
During yesterday's Executive Committee meeting, the Council discussed the feasibility of introducing a vacant land tax. The goal of the tax would be to discourage speculative land holding, allowing for new developments.
They also discussed expanding the Derelict Property subclass city-wide, and to non-commercial properties. Councillor Tang passed a unanimous motion for Admin to prepare a strategy and report on this and establishing clear definitions to seperate "derelict" from "remediated".
Last thing I noted - they discussed the auctioning of the underlying land that Dwayne's Home is currently on. Councillor Stevenson asked what would happen if no one were to bid on the property, and how quickly after auction a new development could begin.
They also discussed expanding the Derelict Property subclass city-wide, and to non-commercial properties. Councillor Tang passed a unanimous motion for Admin to prepare a strategy and report on this and establishing clear definitions to seperate "derelict" from "remediated".
Last thing I noted - they discussed the auctioning of the underlying land that Dwayne's Home is currently on. Councillor Stevenson asked what would happen if no one were to bid on the property, and how quickly after auction a new development could begin.
kcantor
Senior Member
^
A vacant land tax is stupid. How would you differentiate between “speculative land holding” owners and Qualico or Katz Group or Panattoni etc. for whom “raw land” is an integral part of their core business. How would the city treat themselves as a large holder of vacant land waiting for prices to improve?
I think the expansion of the derelict property bylaws would be to add commercial properties as it’s my understanding it already applies to non-commercial (ie residential) properties.
If I’m not mistaken, the city already auctions off tax sale properties and there are provisions in place to achieve “market value” that could be implemented for Dwane’s Home. Most city property is also sold with a time frame for development commencement/completion that allows the city to buy it back if not met. Anne should know those things…
A vacant land tax is stupid. How would you differentiate between “speculative land holding” owners and Qualico or Katz Group or Panattoni etc. for whom “raw land” is an integral part of their core business. How would the city treat themselves as a large holder of vacant land waiting for prices to improve?
I think the expansion of the derelict property bylaws would be to add commercial properties as it’s my understanding it already applies to non-commercial (ie residential) properties.
If I’m not mistaken, the city already auctions off tax sale properties and there are provisions in place to achieve “market value” that could be implemented for Dwane’s Home. Most city property is also sold with a time frame for development commencement/completion that allows the city to buy it back if not met. Anne should know those things…
Barnaby
Active Member
It's the closest thing to a land value tax that the city can get. I'm in favour of LVT, and I'd be thrilled if it were the only provincial and municipal tax.
Regarding the city's property. The city should auction all of their CBD land off to the highest bidder with a caveat that ground must be broken within 2 years. The price paid isn't a concern of mine at all. It could be $5, as long as it's a fair and open auction.
Qualico is doing great things with Stationlands, no doubt. The eyes should be on a company like Aldritt, which is sitting on many properties within a 1-3 minute walk of the Valley Line West LRT. It's in everyone's best interest for these lots to become housing.
Regency is the worst offender. Kitty corner to a brand new LRT in Downtown. Their excuse is the poor commercial market for what we all know should be a residential building.
I want developers to make money developing.
policyenthusiast
Active Member
I can't speak to the first point as it's subjective, but yes, the derelict property tax subclass already applies to some residential properties.
The issue with applying it to commercial properties is that the City has a lot of leeway in defining zoning for residential properties, but significantly less for commercial properties under current legislation. Additionally, zoning subclasses (derelict for example) can be enforced only within certain "pilot areas", which in this case is mature residential, but applying the subclass to commercial properties would require implementation City-wide as soon as it goes into effect. I believe Stevenson described it as "So we can't nibble away at it, it's all or nothing."
policyenthusiast
Active Member
I would hope so, and I would expect to be disappointed. A couple weeks ago the GoC wrapped up consultation on the taxation of vacant lands. Is it federal overreach?
Yeah.
And they aren't even promising the funds collected will be used for development, they just call it "government revenue". I have very strong feelings about the Feds interfering with what is absolutely municipal jurisdiction.
Offworld
Active Member
Along the same line of thinking, what about if the economy goes to sh#t? Are you honestly going to tax someone more to build when the economy says otherwise? Governments, amirite?
policyenthusiast
Active Member
This is already a concern with the derelict property subclass - people said they were worried that it would result in people offloading the properties at a large discount if their financial situation was precarious enough that they couldn't afford demolition/remediation.