Economic Development

Keeping the Yaletown business district on a vibrant, economically prosperous course is the Yaletown BIA’s number one priority. The BIA strives to maximize return on investment for both property owners and businesses through advocacy and participation in successful policy and planning partnerships such as the Fair Tax Coalition and the Metro Core Jobs and Economic Land Use Plan (C.O.R.E.). The Yaletown BIA also works with the City to develop by-laws and policies concerning patio operations, extended business hours, protection of commercial zoning, parking enforcement, illegal dumping policies and dumpster management.

Fair Tax Coalition
The YBIA is an important and vocal member of the Fair Tax Coalition, which represents our members’ property tax concerns to City and Provincial leaders. The YBIA’s participation in the Fair Tax Coalition has created real results for Yaletown BIA members. Consider this:

Impact of the 1% tax shift in 2008

  • Businesses will collectively save over $900,000 per year.
  • Businesses have already saved $2.14 per square foot in 2005 – 2007.
  • Businesses will save $1.05 per square foot in 2008 and beyond.

source: City of Vancouver

Tax Inequity Being Corrected

The Vancouver Fair Tax Coalition (VFTC) is continuing to correct the property tax inequity for business owners in Vancouver. This May, the VFTC is looking forward to Vancouver City Council making the final tax shift. Over the past six years, the VFTC has been active in ensuring commercial property business owners see more equity in property taxes. Since the coalition formed in 2005, more than $136 million in taxes has been shifted.

“There was recognition at City Hall that commercial property taxes were unsustainable and many small employers in Vancouver were being hammered by unfair taxes,” said VFTC co-chair Ed des Roches. “At the same time the tax shift did not dramatically affect residential property owners because tax shifts are spread over a much, much larger number of properties.”

“Our supporters, BIAs, the Vancouver Board of Trade, BOMA, NAOP, private companies and many other organizations realize their support in the VFTC is well placed,” added des Roches.

The VFTC has made Vancouver a better place to live and do business. We believe businesses help define and give character to Vancouver’s neighbourhoods. The VFTC plans to keep working hard on behalf of the business community and the residents of Vancouver to lower commercial property taxes. What’s next for the VFTC? More of the same, that’s for sure! We’ll continue to make sure small businesses are treated fairly.

source: 2011 Vancouver Fair Tax Update

Visit fairtaxcoalition.com » for up to the minute news.

Metro Core Jobs and Economic Land Use Plan (C.O.R.E.)
As part of the Metro Core Jobs and Economic Land Use Plan (C.O.R.E.), The Yaletown BIA worked with the City to influence planning and policy on issues such as zoning, traffic, and overall land use, ensuring Yaletown maintains a healthy occupancy rate. Visit the C.O.R.E. web page to review the research gathered so far.

VEDC Yaletown BizMap

Yaletown Market profile bizmap
The Vancouver Economic Development Council provides a wealth of research on the state of doing business in Yaletown. The VEDC’s BizMap profile of Yaletown is a good place to start.

Download the 2006 Yaletown Market profile for both residential and commercial
Yaletown Residential Profile »Yaletown Commercial Profile »

 

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