New empty home tax moves retired Albertans to sell condo

1470 Pennyfarthing Drive, unit 203, Vancouver

Asking price: $1.125-million

Selling price: $1.01-million

Previous selling prices: $848,000 (2008); $675,000 (2006); $432,000 (2004); $320,000 (1992)

Days on market: 7

Taxes: $3,243.30

Maintenance fee: $852.51

Listing agent: Ian Watt, Sutton Group West Coast Realty

The action

The retired Albertan owners sold the unit because of the new empty homes taxes, listing agent Ian Watt says. They had used it for 11 years as a vacation home, but were looking at about $26,000 in extra taxes.

“Albertans are leaving because they can’t afford the empty homes tax. They figure, ‘Why not stay in a hotel?’” Mr. Watt says.

A retired professor from Kitsilano bought the unit, to downsize from his house.

What they got

The False Creek property was built in 1985, so it’s a large two-bedroom at 1,485 square feet. It includes views of Granville Island and downtown. It’s in a well-maintained strata complex on the sea wall, with an indoor pool, library, gym and full-time caretaker. No pets are allowed.

The agent’s take

The unit was barely lived in, so it showed nicely. However, it’s currently a small market for condos more than $1-million, Mr. Watt says.

“It has to be a downsizer, because very few are buying those high-end homes.”

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