The One Million Dollar Line

Over at Bing Thom architects there’s an interesting post looking at the line that divides the city when it comes to single family homes over the $1 million mark.

One thing they point out, more than half of Vancouvers land mass is zoned for ‘single family homes’ (which currently actually can mean ‘3 family homes when you count suites and laneway homes).

As a legacy of planning from the 1920s, these areas have some of the most abundant levels of family supportive infrastructure in the entire city. For example, 90 (80 percent) out of the 113 Vancouver public schools are in these areas. From elementary and secondary schools to parks to playgrounds to community centers, there is a considerable amount of public investment found in these sections of Vancouver. This rich infrastructure has helped generations of Vancouverites raise children and set roots in the City. At the same time, this infrastructure was developed when the average household income in the City of Vancouver could readily afford to live in these areas. For the sake of reference, the average household income in the City of Vancouver is about $68,000 a year with a median income of $47,000 according to the 2006 census (latest numbers available) or $78,000 and $54,000 respectively in 2013 dollars. What is the future of these pieces of infrastructure (and neighbourhoods) in an era when the majority of the single family homes in the City of Vancouver are now worth over $1 million?

We recently discussed the $519k line, which is where the lower end of SFH prices are currently. It will be interesting to watch the movement of this million dollar line in the future as well.

As GreaterfoolVancouver points out, CMHC will no longer insure property over the $1 million line, so it looks like Quebec street is the border line for 20% down payments.

What’s your prediction for the 2014 edition of this map – more red or more blue?

Sort by:   newest | oldest | most voted
Bo Xilai
Guest
Bo Xilai

Quelle Surpise!

———————–

Vancouver airport tops country in seizures of undeclared cash
The leading country of origin is China, from where billions of dollars flee annually

http://www.vancouversun.com/news/Vancouver+airport+tops+country+seizures+undeclared+cash/8043419/story.html

Short'em High
Guest
Short'em High

Vancouver airport tops country in seizures of undeclared cash.

BUT NOT FORFEITURES!

“A penalty between $250 and $2,500 is typically issued for failure to report and the money seized is returned to the passenger”.

Similar to getting pulled over in Richmond driving without plates or license? Just a cost of doing business. How many money shipments get through without being detected at all?

This is an outrage. The law should be changed to forfeiture instead of a few percent fine. The assumption should be intent to launder proceeds of crime unless proven otherwise. No legitimate civilian transfers money in a suitcase across international boundaries!

Bo Xilai
Guest
Bo Xilai

China’s Real Estate Bubble on 60 Minutes.

I was surpised by the candor of China’s biggest property developer… Wang Shi, CEO of Vanke told 60 Minutes, it’s a massive bubble.

When this blows up, it’s going to be an Imperial Crusterfruck!

http://www.cbsnews.com/video/watch/?id=50142079n

Anonymous
Guest
Anonymous

Incredible amounts of cash coming in. Not reflected in the stats…This is why things don’t make sense to bears. Stats don’t mean anything.

Short'em High
Guest
Short'em High
My earlier comment is exactly on topic and here’s why. It is childsplay to cross the “One Million Dollar Line” featured on this chat when one has the benefit of criminal conspirators with defacto personal access to the monetary printing press of a nation state. CBSA employees should be briefed on the fact that it is illegal by domestic law for Chinese nationals to export more than $50,000 equivalent per year, let alone for each arrival flight to Vancouver Airport, YVR. It should be simple enough to tag arrival passport numbers with imported currency amounts per year and confiscate outright any cash shipments by air carrier cargo. What a colossal failure by the dunderhead blowhards at the Ministry of Finance and RCMP anti-money laundering! And, if BC needs money, there is significant precendent to confiscate these funds instead of letting… Read more »
rp1
Guest
rp1

“A penalty between $250 and $2,500 is typically issued for failure to report and the money seized is returned to the passenger”

WTF?! Can you imagine if the Americans did that? How fucking stupid are we?

patriotz
Member

” The law should be changed to forfeiture instead of a few percent fine. ”

The law already allows for outright seizure of any contraband. The current policy with regard to undeclared cash is just that, an administrative policy that the cabinet (i.e. Harper) can change at any time.

http://www.cbsa-asfc.gc.ca/media/prosecutions-poursuites/pros-eng.html

VMD
Member
G&M: Flaherty warns banks over igniting a mortgage war Mar 04 2013 ““My expectation is that banks will engage in prudent lending – not the type of ‘race to the bottom’ practices that led to a mortgage crisis in the United States,” Mr. Flaherty said in a statement to the Globe on Sunday” “Mr. Flaherty noted Sunday that he has taken action “to make sure the housing market remains sound.”” – I for one will be happy to see Flaherty upping min. Down Payment requirement this year, though the odds of that is probably quite low as he did say in mid 2012 that he was “done with mortgage rule changes”. Who knows, he can always change his mind… – Don’t forget OSFI will be releasing its new mortgage-insurer rules in “early 2013”, which is any time now. It is… Read more »
patriotz
Member

““My expectation is that banks will engage in prudent lending – not the type of ‘race to the bottom’ practices that led to a mortgage crisis in the United States,”

Well then I guess the government should stop guaranteeing that the banks get their money back.

Right Jim?

Naked Official #9000
Guest
Naked Official #9000

i see loyal cadre Naked Official #8888’s son has been carrying on the good fight!

http://seattletimes.com/html/localnews/2020474352_chinesebailxml.html

Naked Official #9000
Guest
Naked Official #9000

http://twitter.com/relevantorgans

keeping you harmonized!

MM
Guest
MM

If one were to read the report without knowing anything about Vancouver, it would look like a society very much divided along class lines, with one half serving the other half, etc, and “the staff” living in the basement and coach house.

And there’s a strong political statement between the lines: Vancouver is failing the children of the poor.

I’d also expect they have some ideas about why kind of housing should be built given the constraints of 3 dwellings per lot, and a minimum price of 1 Milion per lot, ie purpose built and designed for 3 families rather than the usual retrofitted mess inside a McMansion.

rails
Guest
rails
patriotz
Member

“Vancouver is failing the children of the poor.”

I think the whole country is failing the children of the poor in a lot of respects, but I don’t think CoV is failing them in any particular way.

What are they not getting that they would get if they lived in, say, Whalley? They get to go to the same schools and use the same community centres as the children of the better off.

Anonymous
Guest
Anonymous

“The law already allows for outright seizure of any contraband.”

Since they are not seizing the money the CBS obviously does not think the money is contraband (illegal). The law states you must declare cash over $10000 but you can legally bring what ever amount you like into Canada therefore the money is not considered contraband. It would be like you crossing the the border with 40 oz of liquor you can legally bring across but not declaring it. No big deal in the eyes of the CBS.

Anonymous
Guest
Anonymous

“Vancouver is failing the children of the poor.”

Why are people poor? Wouldn’t addressing that be the better answer than to ask the COV to take care of their kids.

Patiently Waiting
Member
Patiently Waiting

In Vancouver, having children makes you poor. An established couple with an average income has a pretty nice lifestyle. Add even one child, and they are plunged into financial mess and a state of crisis trying to find proper childcare.

Micasa
Guest
Micasa

For those who have seen the CBS documentary on housing bubble in China, please do not forget Chia is run by a pragmatic dictatorship. Rules and laws are dynamic.

There is talk on the street on allowing foreigners with special visas to stay longer in China (from Africa/Mid-east).

China has grown into the second largest economy from nowhere, in 30 years, due to savvy rulers – the savviness is still there and they know how to play the game.

Skook
Member
Skook

Unbelievable – I just received my first RE spam email. It arrived via my oldest ‘yahoo.ca’ email address that has been getting spammed a lot lately. I suspect someone I know in Ontario has had their computer hacked and their email addresses “borrowed.” The subject line of this spam email was …

“Waterloo Condos Sage 5 with GUARANTEED PAID RENT from $199,900 Pre-Construction.”

To be safe, I did not download the email’s images; however, I could read the text and there was a big bold phone number out of Toronto. As well, it gave the name, company and the address of the broker supposedly sending the email.

Well, this is interesting.

Anonymous
Guest
Anonymous

The law states you must declare cash over $10000 but you can legally bring what ever amount you like into Canada therefore the money is not considered contraband. It would be like you crossing the the border with 40 oz of liquor you can legally bring across but not declaring it. No big deal in the eyes of the CBS.

Not true. I used to work for customs several years ago. Whenever we found undeclared alcohol or firearms they were confiscated without exception and not returned, PLUS a fine was levied. In my opinion the same should be done with undeclared cash – all of it.

JR
Guest
JR

What percentage of BC and Canada’s GDP is exports to China?

Democrass
Guest
Democrass

Canadian Home Prices overvalued by 20%: Fitch
http://www.theglobeandmail.com/report-on-business/economy/housing/canadian-home-prices-overinflated-by-20-per-cent-fitch/article9257855/

That’s the Canadian average. Overvaluation in Vancouver would likely bet at around 50% if Canada as a whole is 20% overvalued.

Mick Murphy
Guest
Mick Murphy
Short'em High
Guest
Short'em High

@Anon#20 says: …undeclared firearms were confiscated without exception and the same should be done with undeclared cash – all of it.

Exactly. CBSA would confiscate a rocket propelled grenade or a portable surface to air missile, but the equivalent amount of untraceable cash that would put the same piece of military gear from the black market onto the street in Canada is allowed to pass with a small fine!

This is the definition of insanity. Untraceable cash is the ultimate weapon! It can be transformed into anything. The fact that large amounts are routinely undeclared (probably undetected) and allowed to pass with a small fine should be extremely disturbing to every Canadian.

Vote Down The Facts
Guest
Vote Down The Facts

On “Border Security” they showed this guy at YVR with over $30K in cash which he’d not declared, and they were threatening to confiscate all of it.

wpDiscuz