Vancouver is one of the wealthiest real estate markets in the world, but too much of that wealth fails to return to the public systems that make the city function.
A Muhammad Ahmad administration will seek the legal authority needed to establish a dedicated luxury infrastructure levy on residential properties assessed above $5 million.
This would not be a general tax increase. It would be a targeted tool focused on luxury real estate, with revenue placed into a protected public fund.
The levy should be designed as a marginal levy. That means it would apply only to the portion of a property's assessed value above $5 million.
This policy will require proper legal authority and likely provincial cooperation. The position is honest: City Hall cannot pretend it already has every tool it needs. A Muhammad Ahmad administration will fight to secure those tools.
Luxury wealth should help rebuild the city that made that wealth possible.
Example
- A home assessed at $4.9 million would not pay the levy.
- A home assessed at $6 million would only pay on the $1 million above the threshold.
- A home assessed at $10 million would pay only on the $5 million above the threshold.
Revenue should be protected for
- 01Civic infrastructure upgrades
- 02School-safety acceleration
- 03Childcare expansion
- 04Intergenerational community hubs
- 05City-owned rental housing
- 06Non-market and below-market housing
- 07Public land development
- 08Neighbourhood resilience projects