The numbers are in! Our lovely city is once again ranked as the third most unaffordable city in the world to live. This is based on the average cost of housing compared to average household income. We are only behind Hong Kong and Sydney, Australia. That is only housing, what about what it cost to live? Hong Kong has very low income tax rates, no income tax on investments, interests and dividends and no sales tax. Things are generally cheaper. Australia do not add sales tax to purchases and tipping is not required or expected. We, on the other hand pay higher income taxes, a sales tax of over 12% on just about all purchases including eating out. There is also sales tax on rent, parking and even dog-grooming. We are also expected to leave a 15 to 20% tip on restaurant bills on top of the sales tax.
But we are only number three in the world. Let’s go to the City and see how they can help us move up. A quote from an article in the Vancouver Sun on the City’s 2018 budget: ” Here is a rundown of the City’s 2018 taxpayer shakedown: Operational spending will be in excess of $1.4 billion (6.2% more than in 2017), a 4.24% property tax increase (jacked up suddenly at the last minute from 3.9% by some political sleight-of-hand), water fees up 6%, sewer up10.4%, and solid waste up 8.5%. All of these increases exceed the current 2% inflation rate in B.C.
The Financial Sustainability Guiding Principles outlined in the 2018 budget point to the responsible fiscal path our city should be on: “Keeping property taxes and fees affordable, living within our means, keeping debt at a manageable level, and maintaining our assets in an appropriate state of repair” — not to mention keeping property taxes and fees affordable and “in line with inflation.”
No, we want to be the most unaffordable in the world. Let’s go for broke and aim for number one……………….. Oh, we are already broke! Thanks Gregor!
Beau Talks 