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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patriotz
Member

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

“Everything else is a gimmick.”

So you think we should get rid of:

– CMHC

– Homeowner's grant and senior's extended HOG

– Senior's and "family" property tax deferral

– RRSP home buyers plan

– Capital gains and imputed rental income exemption for principal residences

– "Minipark" developer tax holiday

OK Susie.

jesse
Member

I find Anton et al's response on "market-based" solutions odd. To add to the list:
– Board of Variance
-Neighbourhood-based planning (what, I can't build what I want?!?)

The funny thing though: say they drank their own kool aid and think that more supply will lead to "affordability". Fine, that is true in extreme but why not say the logical result: more supply will lower house prices? Nary a word, instead the platitude is "affordability".

Can't say lower prices! What else can't they say? That goes for most every other candidate too BTW.

registered
Member
registered

“Market-based solutions… " today is almost universally grift code for shifting government benefits to businesses from individuals. I love the unspoken assumption developers will price new stock below market value because….supply! Developers already benefited immensely from the CMHC's expansion of the buyer pool, I guess it only makes sense they now lobby to squeeze the stone from the supply side. An unintentional benefit is providing insight into who isn't fit for office.

"Won't someone speak for the poor developers of the most expensive market in the nation!"

FFS.

specialfx3000
Member
specialfx3000

Responding to ADRA on yesterday's thread, my post is anything but trashing the Chinese. Instead, my point is that there are many arrogant, corrupt, blah, blah, blah Chinese giving the rest of the honest, tax abiding Chinese-Canadians a bad rap.

The 13 spoiled (not likely Irishmen) speedsters on Hwy 99 was an embarrassment. Corrupt Chinese officials laundering their dirty money in my province pisses me off. Rich Chinese exhibiting NIMBY at UBC and blaming 'ghosts' is pure stupidity and arrogance. Paying people to line up at pre-builds is not honest. The list goes on.

Do other ethnics have this problem? Absolutely. If you're black, brown, red or green, tell us how certain individuals of your ethnicity ruin it for you. Post about it and I'll be sure to vote you up.

Dave
Member

Anton talks about affordability but then endorses a new tax on developments to fund the arts. What a joke. How about fewer taxes on development?

Dave
Member

Oh, and for the record, they figure this tax will make a $100 to $200 million difference. It blows me away that you can endorse affordability by thinking a big tax grab will help.

If you want cheaper housing, the city just needs to give developers free density. It's that simple folks.

Dave
Member

Edit… I think their $100 to $200 million figure includes a land donation. Same difference as a tax. Money is money either way.

uidiot
Guest
uidiot

@specialfx3000:

They are not ruining for their race. It's ignorant people that make generalizations of an entire race because of a few individuals that are ruining it for everyone. It's like judging all white people by observing them in east Hastings. This is racism pure an simple.

I have argued in the past, giving examples of how not all rich people from China are corrupt. My posts were voted down and many people including BPOM clearly states that they believe "All" rich people from China are corrupt. Pure and utter Racsim.

Dave
Member

@uidiot:

I don't think a person can get rich in China without playing the corruption game. It's endemic. Are there exceptions? Obviously. But corruption is the norm rather than the exception. They have a word for honest businessmen there…. poor.

That's also why most millionaires in China want to get the hell out after making it. They know it could all be taken back by the same corrupt system.

whydoItry
Guest
whydoItry
The only way to keep home prices down is to tax away the property rise. Steadily raising garbage, sewer and water taxes to offset the drop in mortgage rates. The bigger tax base will allow the City to have more programs for the poor. If you want to make Vancouver affordable for some, you will have to make it unaffordable for most. I can hear the hate mail coming on this. But, this is what will and has to happen. The only thing wrong with the above is that the money will not be spent on the poor. New construction and increasing density do not bring lower prices. A stimulated economy brings higher prices. And if the government is stimulating the economy through lower interest rates, then it should also be reaping the benefits by increasing taxes. Give with one… Read more »
uidiot
Guest
uidiot
@Dave: You of all people should know of how easy it is to make money from real estate. One of my examples from the past was how upper class people with good jobs could easily become filthy rich in China without any corruption. Prices have gone up 5 to even 10 times in the past 10 years in some areas. Maybe those people just want to leave because they believe it's a better life here. My wife is from China and she would prefer if we loved there. It's easier on the racist ego to say Chinese are only rich from corruption. I'm Chinese, but born here. My Dad came here with a degree from the best University on Thailand, and when he came here with no money, he cleaned dishes to pay for his masters degree so he could… Read more »
Anonymous
Guest
Anonymous
@specialfx3000: "The 13 spoiled (not likely Irishmen) speedsters on Hwy 99 was an embarrassment." Yes and the Bacon brothers gang is an embarasment to those of us white guys born and raised here. Does it make us all bad? "Corrupt Chinese officials laundering their dirty money in my province pisses me off." Do you know what laundering money means? It means you pay taxes on the money. But I thought Chinese didn't pay taxes? "Rich Chinese exhibiting NIMBY at UBC and blaming ‘ghosts’ is pure stupidity and arrogance." Maybe in poor taste, but they learned this NIMBY thing from all the other white people on the westside. Do you wonder why there is little development on the westside? It started long before HAM. "Paying people to line up at pre-builds is not honest. The list goes on." The people paying… Read more »
whydoItry
Guest
whydoItry

It is better for the Mainland Chinese to get their money out of China and loose half of it in a foreign country's real estate market. Than leave it in China and have ALL of it taken away. The money was made by Chinese officials giving a wink and a nod to questionable business practices. And yes, the money is "dirty". But Canada loves dirty money and Vancouver is China's dirty little whore.

Anonymous
Guest
Anonymous

@patriotz:

"So you think we should get rid of:

– CMHC

– Homeowner’s grant and senior’s extended HOG

– Senior’s and “family” property tax deferral

– RRSP home buyers plan

– Capital gains and imputed rental income exemption for principal residences

– “Minipark” developer tax holiday"

Actually yes.

Anonymous
Guest
Anonymous

@whydoItry:

"And yes, the money is “dirty”"

Can someone please post some evidence the Chinese immigrants money is "dirty". The ONLY place I have heard this is here. Sounds like sour grapes to me.

Dave
Member
@uidiot: I think it is dangerous to say it is easy to make money on real estate. Any idiot can make money when the tide is rising. A lot of developers had their asses saved by rising prices and high demand during this past boom. Just watch a lot of developers run into trouble over the next 5 years because they don't really know the market. Trust me on this. I find it strange that you call yourself Chinese. I call myself Canadian, despite my father being an immigrant. The story of immigrants doing well in Canadian through hard work goes back for over a century. The latest group from China aren't the first and they won't be the last. I support immigration and I think the Chinese immigrants have brought a lot of good things to Vancouver. I completely… Read more »
nolan
Guest
nolan

@Dave: "I don’t think a person can get rich in China without playing the corruption game. "

why not? if you bought 3-4 apartments 10 years ago in Beijing and sold it today you would be millioner. You are propagandized white racist moron Dave.

Anonymous
Guest
Anonymous

@Dave:

"I don’t think a person can get rich in China without playing the corruption game."

It works the same way here. Since the topic of the day is the election it is a perfect example. Who is funding the campaigns? It is largely the developers and unions. What is the difference? You pay the political party now and they give you favors at the expense of tax payers (and others who didn't pay). Just because it is legal here does not make it any better.

VMD
Member

[update from Waikiki beach: Freedom 80?]

-granted, this is a US survey but I think Canadians aren't far behind.

"Survey: Many workers expect to stay on the job until 80 to save enough to retire comfortably

25 per cent of the respondents said they'll need to work until at least age 80 because they will not have enough money to retire comfortably.

Even those who plan on retiring expect they may continue working in some capacity and for various reasons:

— about 75 per cent said they expect to work in their retirement years;

— about 39 per cent said they will need to work to afford things they want or to maintain their lifestyle; and

— another 35 per cent say they'll work because they want to."

zing
Guest
zing

@Dave: "But, our system is based upon the rule of law and people who break the law are dealt with accordingly."

You mean like banks feeding millions with subprime loans? Anybody went to prison for that?

zing
Guest
zing

@VMD: "[update from Waikiki beach: Freedom 80?]"

LOL.

we in north america are heading straight to the 3rd world. Got a make more kids cause they are the only source pension that I will have.

Best place on meth
Member
Active Member
Best place on meth

@Dave:

>>>I do have a problem with the Chinese government and the corrupt system.<<<

This has been my point all along, the thugs who run the country both in government and business, the same thugs Canada embraces with open arms under the Criminal Investor program.

Some people here prefer to make this a racial issue when it's really about corrupt communists getting rich at the expense of their own people.

patriotz
Member

@uidiot:

"The filth written here trying to degrade Chinese peope is nothing but racism."

Nobody's trying to degrade the Chinese people.

What we are saying that the "People's" Republic of China is an inherently corrupt state because it was founded by a mass murderer (who was a follower of another mass murderer) who systematically eliminated traditional Chinese values during his years in power. When his successors abandoned Marxist ideology, the only motivators left in civic life were the quest for money and power.

You can see much the same thing in the former USSR. It's got nothing to do with race or ethnicity.

registered
Member
registered

6 Dave Says: "If you want cheaper housing, the city just needs to give developers free density. It’s that simple folks."

I'll grant that reasoning is simple. You're really suggesting developers getting this break wll undercut current market prices with their new product? They'll take that loss out of what, civic commitment? Actually, 'committed' isn't a bad word for your logic.

space889
Member
space889
@specialfx3000: Oh but re-read BPOM's posts. Do these spoiled brats means that the entire country of China and every single citizen in that country is a dirtbag scumbag? He's basically go about blasting anything and everything that's China related as if that country is the worst country/place on Earth and doesn't deserve even being treated like humans until they start abiding by Western/US/BPOM ideals/believes and obey their every command. I'm Chinese too and I don't like these spoil brats anymore than you do. Frankly 99% of Chinese people here or in China don't like them and couldn't care less if these aholes got crushed in a car accident and die a slow painful death. However that's very different from what BPOM is ranting about which to me boils down China should go back to being a dirty poor peasant country… Read more »
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