Mayor announces panel on housing affordability

Not just any panel.. a “Blue Ribbon” panel to look at the underlying issues of housing affordability in Vancouver. I hope it’s a Pabst Blue Ribbon panel.

Saying that the high cost of housing is threatening to make Vancouver unlivable, Robertson said he wants the panel to come up with short and long-term solutions, including using more of the city’s own lands.

But he also acknowledged that the seemingly intractable issues around why Vancouver’s housing remains among the most expensive in Canada likely means his Vision Vancouver-led council won’t find solutions quickly, even within their three year term of office.

He said the “task force”, which will be named within weeks, will include advocates, architects, developers, building owners, financiers and citizens.

“They’ll identify ways we can increase Vancouver’s supply of affordable homes — both immediately, for the most urgent needs, and for the long term,” he said.

Why would they include advocates and citizens on this panel? Don’t architects, developers, building owners and financiers have all the knowledge this panel needs.

I’m no expert, but I’m guessing the advice will be something like this: Spend lots of money designing and building low income housing on city land, provide incentives to developers and building owners and encourage a system whereby financiers can skim a little more from the average Vancouverite that feels they just must get into the can’t lose housing market.

Likely not to be addressed: anything that discourages people from buying with as little down payment as possible backed up with CMHC insurance that removes risk from the lender.

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Don Lapre
Member
Don Lapre

FIRST!!!!!!!!!!!!!!!!

BLISTINGAGENT
Guest
BLISTINGAGENT

It should be interesting to see what they come up with, though I have seen precious few local "advocates, architects, developers, building owners, financiers and citizens" who have any clue what is going on.

How about the mayor also invites a few of the Americans who correctly called the US bubble to sit on our local panel? Just in case they see anything our local "experts" miss…

Anonymouse
Guest
Anonymouse

Apparently today's Australian rate cut was predicted by 13 of 25 economists surveyed by Bloomberg. So there you have it – the experts have about the same accuracy as a coin toss.

jesse
Member

We'll have to see who's appointed but at least the Mayor acknowledges there are some unanswered questions. Unfortunately the data some are asking for may not be available without some efforts weeding through a morass of data owned by other government bodies (I'm thinking of foreign ownership data).

We'll see, I hope someone like Garossino gets some consideration, she purports to be data focused.

Loser
Guest
Loser

It has nothing to do with housing prices,I think the city will hot up housing issue like smoke and drink or fuel.I don,t know how they run out of budget.All these gang in the said article will make a plan about how to rob the poor and middle class people . Infact most of seller priced their property by keeping developers in mind.There are lots of hfs listed more than 200 k above assessment so the developers can buy to sell in two part,

jesse
Member

@DEFAULT NAMEe: Australia needs that rate cut, it's the only rabbit they have left (except for the millions set loose in the outback LOL).

jesse
Member

@Loser: You could be right, but maybe you could actually write, or speak, at these panels' hearings. You know, try to get involved and all that.

WhatProblem
Guest
WhatProblem

Lots of crappy places for people to live…If Vancouver is too expensive simply move further out along the transit line.No one has a "Right" to live in the City..That's insane.

WhatProblem
Guest
WhatProblem

The Wealthy like Greater Vancouver..I've been all over the World and it's a pretty nice place..even better if you have money.
http://www.eiu.com/public/topical_report.aspx?cam

Anonymous
Guest
Anonymous

"We’ll have to see who’s appointed but at least the Mayor acknowledges there are some unanswered questions."

When Vision talks about housing affordability they are not out to help the average working person. This is about subsidized housing, the druggies and those who don't want to work. Vision could care less about those with jobs who want to buy a place. Not that the Mayor could fix the housing bubble anyway, but at least they could get the discussion going past a few blogs.

rp1
Guest
rp1

Interesting fact from Teranet (housepriceindex.ca). From 2002-present:

Vancouver increased about 143%.

Winnipeg increased about 150%.

Is there a winnipegcondoinfo because that would be amusing.

VMD
Member

November 2011 Richmond SFH and Condo sales dollar volume (in Millions) plummets vs 2009 and 2010

Detached:

Nov 2009 ~ 140M

Nov 2010 ~ 150M

Nov 2011 ~ 100M

Condo:

Nov 2009 ~ 60M

Nov 2010 ~ 50M

Nov 2011 ~ 30M

http://www2.topproducerwebsite.com/users/34449/do

jesse
Member

@DEFAULT NAME: Vision has been deliberately vague with their "affordability" platform. Now we get to see what they meant. It looks like they want to concentrate on stable accommodations for low and middle income households, it's unclear whether they will tackle broader issues in any meaningful way.

CanuckDownUnder
Member
CanuckDownUnder

@jesse:

It looks the banks aren't actually going to pass this cut along to mortgage holders due to rising overseas borrowing costs. None of the big 4 banks have made a move yet although the Bank of Queensland did put their variable rate down 25bp to 7.36%.

But hey, at least the RBA spooked the hell out of everyone heading to the holiday spending season.

Anonymouse
Guest
Anonymouse

@Don Lapre:

And?

patriotz
Member
There are really a number of different issues which are usual are being confused. 1. If part of a metro is seen as desirable by the wealthy, professionals, DINKs, gays, etc. (groups who have a higher than average disposable income) they will bid up the price of shelter beyond what most families can afford. This has been the case for the CoV for at least two generations and it's simply a rational economic outcome and shouldn't be considered a problem. The solution really is to move jobs to the suburbs, something the market seems to be proceeding with already. 2. The Canadian housing bubble which has distorted price/rent in all major Canadian cities and most so in Vancouver. We all know what the fix for this is. 3. Special needs groups who are not well served by the availability of… Read more »
Keeping An Eye On Th
Guest
Keeping An Eye On Th

The burning questions:

Will the blue ribbon panel include Bill Slut and Rennie.

Will it be chaired by Ozzie?

Will there be submissions by Debra Hope?

Will people be allowed to raise chickens and goats in ghettos built on city land?

Boombust
Guest
Boombust

…and, will the esteemed "economists" Michael Campbell (with the intense furrowed brow and pursed lips) and Michael Levy, (imagine trusting HIM to invest your $$$$$$$$$!) be in attendance?

WFT?
Guest
WFT?

@patriotz:

"The solution really is to move jobs to the suburbs, something the market seems to be proceeding with already."

I agree with this 100%. For example, why are so many government offices located downtown? Thousands of federal government employees work downtown. None of them can afford to live in COV on a public service salary. That includes professionals like lawyers.

Isn't office space cheaper in Surrey? And public service workers can actually afford to live there.

Anonymous
Guest
Anonymous

@WhatProblem: ….The Wealthy like Greater Vancouver..I’ve been all over the World and it’s a pretty nice place……

Yes, where else can you golf in the rain in the morning and ski in the rain in the afternoon almost everyday of the year?

Anonymous
Guest
Anonymous

@rp1: ….Winnipeg increased about 150%…..

Clearly, Winnipeg is the Best Place on Earth and everybody wants to live there. They too have HAM – Hot Arctic Money!

pricedoutfornow
Guest
pricedoutfornow

@WFT?:

"None of them can afford to live in COV on a public service salary."

Whaddya mean? My household has a public service worker. We live in the COV. We rent. Doesn't the debate come back to "rent" vs "own" and how people seem to think if you don't "own" you don't "live"? I've seen some quite affordable places for rent in my hood, even some 3 bedroom places (though yes, they are harder to find, but not impossible). We won't be buying that $1 million SFH up the street anytime soon but we manage for now in a 2 bed, 2 bath crappy condo (that I wouldn't buy anyway if it was offered to me at bargain-basement prices).

PennyStock
Guest
PennyStock

"Blue Ribbon panel".

Sounds a lot like "blue plate special". And the Kmart "blue light special".

jesse
Member

@CanuckDownUnder: "It looks the banks aren’t actually going to pass this cut along to mortgage holders "

If Australia's economy starts to falter rates will likely fall enough to have an impact in the mortgage market. Credit spreads are creeping up for sure, one last rabbit is to do what the Irish did and guarantee bank loans. That worked. For a brief period.

Anonymouse
Guest
Anonymouse

@DEFAULT NAME:

"Yes, where else can you golf in the rain in the morning and ski in the rain in the afternoon almost everyday of the year?"

Tired cliche. Haven't seen much rain for the last week, have you? And there's none in the forecast for the coming week either.

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