Two Metro Vancouver mayors say they are watching closely to see how new housing legislation that requires cities to allow high densification near transit hubs will impact property values and taxes.
Burnaby Mayor Mike Hurley says while it’s too early to tell right now, the city did see property taxes go up for homeowners in the Metrotown area when that area first densified a few years ago.
“Some of those properties went from about $9 million to about $49 million in value, overnight. So, you know, obviously that taxation assessment became a lot different,” he said.
He also says densification and added supply don’t automatically equate to affordability.
“I would be more supportive if I could see a way to affordability through all of this, but I just don’t see where how affordability fits into all the changes the province is making,” Hurley said.
On the other hand, Housing Minister Ravi Kahlon says the province’s research has shown that small-scale upzoning over broad areas has not significantly impacted property taxes.
Meanwhile, Coquitlam Mayor Richard Stewart also says the boundaries for transit hubs have been drawn up arbitrarily — in some cases, an area 800 metres away from a SkyTrain station that is subject to the rules is across the Fraser River from the station or at the bottom of a cliff.
“From one of the Port Moody stations, there’s a cliff to have to go by paragliding or something, by simply drawing the circle you end up with perverse results,” he said.
Stewart says the province should have gotten city councillors in the room and let them work out the best way to implement density guidelines in their communities.