You cannot just blame the Province on this - the City, who controls zoning, is responsible too.  They are the ones that allow the conversion of commercial or industrial zoning to residential. If zoning for 25 floors of condos on top of retail was not allowed, then the land would not be valued as highly.

Perhaps a solution would be to tax on actual usage and existing building value until the property sells, or develops.  If the owner receives considerably more than the lower assessed value on the property, then there is retroactive taxation assessed only to the beneficial owner.

Vancouver is not the only city in metro Vancouver suffering from this. Rising property value and taxes in Steveston are placing a hardship on small business.  And again, this is because of City of Richmond zoning that views most of the commercial buildings as  retail with condos on top.  Again, hard to blame just the Province when the City sets zoning.