Candidates on Vancouver house prices

One candidate in the upcoming election is focusing on the issue of house prices in Vancouver. Independent Sandy Garossino thinks that Foreign buyers are driving up Vancouver property prices and pushing out young families.

Garossino said that if the average median income in Metro Vancouver is $67,500 and the average price of a house in Vancouver stays at around $800,000, then it’s locals who will be forced out.

Garossino said she knows placing ownership restrictions is not an easy solution and that there are complex and sensitive issues involved. Still, she said, local affordability needs to be addressed.

“This is such a concern to me. Where are families going to raise their children?”

Garossino says other cities facing similar problems have have workable solutions.

“Singapore has zoning requirements that allow certain areas to be freely available to the international investor and other areas are only available to domestic buyers.”

Two Mayoral candidates seem to have noticed that this issue is getting attention and added their own thoughts. Gregor Robertson sort of thinks it might be an issue, but see’s the next couple of years as the time to look at the problem and figure out what to do about it.

Gregor Robertson told CBC News Sunday that the city needs to understand the role foreign ownership is playing before taking any steps to change it.

“I see these next couple years as assessing what the problem is, how significant it is, and what best tools are that might address it,” Robertson said.

Suzanne Anton believes that people shouldn’t have to leave Vancouver to buy a home, but doesn’t think foreign buyers are the problem. Dave Anton says the solution is to cut development costs so that builders can pass on the savings to buyers.

“Market-based solutions to housing supply are the only effective means of creating real affordability,” Anton said.

“Everything else is a gimmick.”

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Anonymous
Anonymous
8 years ago

As pathetic as it might be Anton has the best plan.

Kingston
Kingston
8 years ago

@kansai92: Because they're still giving out credit for people to buy those little hamster cages in the sky.

kansai92
kansai92
8 years ago

Boy is that Anton come up with the best ideas or what.

Does she seriously think a cut in development costs will get passed to the consumer? Hell no. She'd just be lining the coffers of Bosa and Concord Pacific.

How about giving them incentives to build more rental units and more affordable family-friendly units. Why do we need to load up on debt for all that granite and stainless steel?

Why does every condo need to have 8 to ten 450sf units per floor.

Why do they need to have a extensive landscaping, a pool, a movie theatre, a bowling alley, and a poker room?

Why not just basic residential units.

MM
MM
8 years ago

"More supply = lower prices"

The interesting question is what price changes mean for demand:

Higher prices = more demand. Buy now or be priced out forever.

Lower prices = ???

Anonymous
Anonymous
8 years ago

@charlie sheen: …hi bears,

as higher inflation hits us what will that do to RE prices?…

Hi Bull.

Who knows? But, it does make one wonder: what will happen when interest rates rise to counter the rise in inflation. Hmmm. Just what will happen?

PS: How are your fruit picking skills? You might want to brush up.

Anonymous
Anonymous
8 years ago

@chip: ….The estimated total of China’s outbound flows from 2000 to 2008 was a staggering $2.18 trillion.”….

Ahh, enough for a down payment on a west side tear-down.

Anonymous
8 years ago

@patriotz:

lol you got downvoted for basically explaining jared diamond's views.

Anonymous
8 years ago

@Yalie:

racist! xenophobe!

Anonymous
8 years ago

@Best place on meth:

if you play the race card, you'll win

thats whats been learned from their time here. constructive.@chip:

so vancouver's real estate market is worth 2.18 trillion, right?

lots of room to grow

Anonymous
8 years ago

@uidiot:

its not canada selling asbestos to india – its Harper

he's allowed to do whatever he wants

Anonymous
8 years ago
Anonymous
Anonymous
8 years ago

Speaking of genetics the following article could possibly shed more light on some unexpected/strange behavior, habits, customs, beliefs, (yelling, spitting, munching, superstition) that locals have hard time understanding and accepting when it comes to Chinese assimilation to the modern society.

http://news.discovery.com/hist…..ating.html

That is HILARIOUS!

uidiot
uidiot
8 years ago

@charlie sheen:

They'll go down like a hooker on your shlong.

uidiot
uidiot
8 years ago

@Charles:

Nope. Evidence points to mixture with Europeans as well.
http://www.nytimes.com/2010/05/07/science/07neand

charlie sheen
charlie sheen
8 years ago

hi bears,

as higher inflation hits us what will that do to RE prices?

Charles
Charles
8 years ago

@uidiot:

Speaking of genetics the following article could possibly shed more light on some unexpected/strange behavior, habits, customs, beliefs, (yelling, spitting, munching, superstition) that locals have hard time understanding and accepting when it comes to Chinese assimilation to the modern society.
http://news.discovery.com/history/neanderthal-hum

paulb.
paulb.
8 years ago

New Listings 119

Price Changes 70

Sold Listings 125

http://www.laurenandpaul.ca

Anonymouse
Anonymouse
8 years ago

@Potential Buyer:

"The place where it actually seems like it may implode in the next month?"

Garth doesn't seem to think so.

8 years ago

Europe and the supercommittee. House prices just might climb massively in dollar terms, but they might not a year from now be worth nearly as many cans of tomato soup as they are today.

Anonymouse
Anonymouse
8 years ago

@Devore:

Perhaps people looking for 3 bedrooms are after houses rather than apartments? They're not getting included in new constructions because there's no demand?

Potential Buyer
Potential Buyer
8 years ago

Man, is this still a real estate site or just one about China?

Remember Europe guys? The place where it actually seems like it may implode in the next month? The place that may actually affect the economy and real estate prices in the near future? No? Guess I'm freaking out over nothing…

JRoss
JRoss
8 years ago

"…people in China are starting to revered Mao again? Because there were virtual no crimes …"

No crimes???

The Cultural Revolution? The invasion of Tibet?

The author of this did not strike me as particularly nostalgic for Mao.

http://en.wikipedia.org/wiki/Wild_Swans

Devore
Devore
8 years ago

@Dave: Plenty of segregation in Canada already.

Devore
Devore
8 years ago

@Dave: Enabling higher density would shift the supply curve and lower prices. That can be a win-win situation. Developers can make more money and consumers can get cheaper housing. We've been increasing density for years, are you saying supply is too low for the demand? In some cases, I would agree. We have a very high supply of studios and 1 bedroom condos. In your typical new project 2 bedrooms are a small minority of units, and 3+ bedrooms are basically non-existent. Not that it matters, because the average family can't afford them anyways. Is there a high demand for 1 bedroom apartments, or is there a high speculative demand for 1 bedroom apartments? It should cost less per sqft to build a 3 bedroom, than a 1 bedroom. A 3 bedroom does not have 3 times the amenities of… Read more »

Best place on meth
Best place on meth
8 years ago

@space889:

>>>Also why do you think people in China are starting to revered Mao again? Because there were virtual no crimes or corruption back in the early days.<<<

People actually revere a piece of shit dictator who killed 50 million of his own?

Very nice, are you one of those people? Sounds like you are.