Angry tweets won’t bring prices down.

Well! They could have told us this earlier and saved us a lot of time… Turns out desperate tweets won’t solve our housing cost problems.

Sociologist Nathan Lauster calls the current clash the “intergenerational drama of urban house ownership as a life goal.”

“It produces this sensation for a lot of people like you’re trying to make a home on quicksand,” says Lauster, who is part of UBC’s urban studies department.

“So you’re trying to do everything that you think is right, everything that your parents have done, and it’s still not going to be enough.”

But home ownership hasn’t always been the ultimate goal for a family. In Germany, for instance, renting is the norm.

And in Vancouver, in recent years, it seems people don’t just want a home, they want a perfect home, tearing down old stock to build new mansions, ripping rather than renovating.

“There are a lot of different ways to live. But a lot of policy and a lot of our intergenerational culture has encouraged only one way, and that’s the single family house,” says Lauster.

‘Dr. Zen’ in the comments section of that article has one possible fix:

Solution… leave Vancouver. You will not regret it.

Read the full article here.

 

Sort by:   newest | oldest | most voted
trackback

[…] correction risk low -Raise taxes? -Everyone wants to live in… LA? -Poloz: no risk of bubble -Developer is corruption suspect? -What if you could only get 5 mortgages? -Yellens’ zombie economy […]

hahaha
Guest
hahaha

@58 ,

aren’t your blood boiling of jealousy knowing this couple has so many properties and you are renting !!!

realist
Member
realist

@ 58 southseacompany

That’s an informative article on how negative interest rates in Europe affect the Canadian mortgage market – thanks!

southseacompany
Member
southseacompany
55 & 56. I agree. But, it’s not all about the BoC. Negative bond yields in Europe are driving 5 year rates down all over. “Move over Stephen Poloz, here’s the real reason mortgage rates are so low in Canada” http://business.financialpost.com/personal-finance/mortgages-real-estate/move-over-stephen-poloz-heres-the-real-reason-mortgage-rates-are-so-low-in-canada “Yields on about $8.8 billion of Canadian mortgage bonds denominated in euros and francs are being pushed below zero as European Central Bank asset purchases help to drive down borrowing costs worldwide.” “Canadian banks use the European market to fund their mortgage lending because it is home to the largest and oldest market for a certain kind of mortgage backed security called covered bonds, first developed in Prussia during the 18th century.” ““You’ve got foreign money coming into Canada, and helping to keep yields lower than probably they should be,” he said by phone from Montreal. “Part of the… Read more »
would-be buyer
Guest
would-be buyer

Anecdote: I just learned today that my assistant owns 6 investment properties with her husband ($150K family income at most). I was aghast. I am officially waiting for the crash.

realist
Member
realist

Bo Xilai #55

Right you are. And we have not yet plumbed the depths of Poloz.

Bo Xilai
Member
Bo Xilai

southseacompany #49

David Dodge was the best BOC Governor we had since Coyne… Crow was pretty good too. I thought Carney “The Monetary Carnival” was bad but Poloz is the worst.

Tiger
Guest
Tiger

This was a drug-induced orgy’: Calgary couple says Airbnb renters trashed their home

http://calgaryherald.com/news/local-news/this-was-a-drug-induced-orgy-calgary-couple-says-airbnb-renters-trashed-their-home

southseacompany
Member
southseacompany
CBC News: “Is U.S. Fed chair Janet Yellen creating a zombie economy?” “Low rates and low taxes are supposed to fight deflation. What if they’re doing the opposite?” http://www.cbc.ca/news/business/is-u-s-fed-chair-janet-yellen-creating-a-zombie-economy-1.3050229?cmp=googleeditorspick&google_editors_picks=true “A new theory says that instead of stimulating the economy and getting the world back on track, bargain basement interest rates and handouts to investors in the form of lower taxes may be causing the opposite effect, creating a worldwide plague of walking undead companies.” “”Weak companies and wobbly banks clung to each other in mutual defiance of reality,” reported The Economist. “Over time, this led to the emergence of so-called ‘zombies’ — companies that are competitively dead, but, sustained by their banks, continue to walk the Earth and give healthier firms nightmares.”” “And yet despite low oil prices, those same oil companies continue to produce huge amounts, far more than… Read more »
Corrupt in Canada
Guest
Corrupt in Canada

This whole bubble is a weird social experiment.

There are overwhelming evidence of a bubble, news reports after reports about over valuation, high debt levels etc.

Yet when you ask the general public if they still believe real estate is a good investment now, 9/10 will still say yes.

There are too many levers still to pull to keep this thing going, banks will do anything and everything to keep borrowing happening.

What we need is the psychological switch for people to say no real estate in Canada is a bad investment for anything meaningful to change.

southseacompany
Member
southseacompany

“Debt has surged among Canadian families — but so has net worth”, Global News

http://globalnews.ca/news/1969305/debt-has-surged-among-canadian-families-but-so-has-net-worth/

“Experts caution asset values – like those tied to real estate – are often subject to market fluctuations, and could eventually come down. Debt burdens however aren’t as easily moved, with borrowers still on the hook for bank loans and other debts even if the assets they were used to purchase decline in value.”

southseacompany
Member
southseacompany

“Federal Reserve keeps interest rates at record low”, BBC News

http://www.bbc.com/news/business-32524475

“The US Federal Reserve has kept its target interest rate at a record low at the end of a two-day policy meeting in Washington, DC.”

“The US central bank has indicated it will raise rates soon, as long as the US economy continued to grow. But the timing of the increase remains uncertain.”

“The sluggish growth figures suggest that that rate rise will not occur at the central bank’s June meeting. Many analysts are now eyeing September instead.”

southseacompany
Member
southseacompany

David Dodge back in 2006;

“David Dodge criticizes CMHC for ‘unhelpful’ actions” CBC News, Oct 30, 2006

http://www.cbc.ca/news/business/david-dodge-criticizes-cmhc-for-unhelpful-actions-1.616263

“Bank of Canada Governor David Dodge angrily criticized the Canada Mortgage and Housing Corp. forbringing out new products that he felt would increase inflationary pressures, a just-released letter shows.”

“””I read with interest and dismay your press release of June 28 which indicated that CMHC would offer mortgage insurance for interest-only loans and for amortizations of up to 35 years,” “‘

“”Particularly disturbing to me is the rationale you gave that ‘these innovative solutions will allow more Canadians to buy homes and to do so sooner.'””

“Dodge said the new lending policieswere likely to drive up house prices, making themless affordable. He called CMHC’s actions “very unhelpful.””

southseacompany
Member
southseacompany
Remember David Dodge? He was BoC governor 01-08. Back in 06 he criticized the CMHC for bringing in 35 yr loans saying it was unhelpful and inflationary. In Bloomberg Business news today; “Dodge Says Canada Needs Higher Interest Rates” http://www.bloomberg.com/news/articles/2015-04-29/dodge-says-canada-needs-higher-interest-rates “Former Bank of Canada Governor David Dodge said provincial and federal governments should run budget deficits to fund infrastructure projects, which would lift the economy and take pressure off the central bank to keep interest rates low.” “Low interest rates aimed at boosting private investment are also leading to undesirable gains in consumer spending and housing, he said.” ““We have got the balance of policy wrong, given where we know we are going,” Dodge said. “You want as a government, to do what you can to actually encourage, support the public infrastructure investment to build that capital, and you want… Read more »
Corrupt in Canada
Guest
Corrupt in Canada

Dam BPOM is right.

Keep rehashing the same arguments on both sides. Meanwhile this place keeps getting further and further out of reach to everyone here.

Wearehere
Guest
Wearehere

“So if some clever renters on this board have tips about making accommodation less insane in this (unhappy) city, please share…”

lets try this for a start
1) BAN FOREIGN OWNERSHIP PERIOD – like Switzerland
2) DOUBLE TAXES ON EMPTY HOMES> REGARDLESS OF WHO OWNS IT.

“Canada’s National Security Advisor Still Suspects Canadian Politicians Are Under Foreign Influence”

No kidding!
Our ex_foreign minister runs… not walks…but runs out of office straight into Li-Kai Ching’s employ.

STINKS!!

w
Guest
w

patriotz doesn’t want to talk about Michael Mo Yeung Ching AKA Ching Mo Yeung because he is a friends of the federal Liberals. If he was a Harper stooge patriotz would be all over it.

Corrupt in Canada
Guest
Corrupt in Canada

“As for the person paying $2100 renting next to Oppenheimer park, I don’t get it. Do they have crappy credit or something? That’s a ridiculous rip off.”

They didnt take it, it was way overpriced. The point was that people are asking for that kind of rent, not anti-rent rant. But people like to vote based on prejudice and not comment content.

paulb
Member

New Listings 248
Price Changes 96
Sold Listings 266
TI:13518

http://www.paulboenisch.com

VMD
Member
Update: Chinese graft fugitive Cheng Muyang, now a Canada property mogul, seeks refugee status Asylum claimant ‘Ching Mo Yeung’ has hired the same renowned lawyer as smuggler Lai Changxing Chinese corruption fugitive Cheng Muyang – who has been identified as Vancouver property developer Michael Ching Mo Yeung – is seeking refugee status in Canada as he seeks to evade mainland authorities. Federal Court documents show that rejected refugee claimant Ching Mo Yeung has hired renowned human rights lawyer David Matas, who also represented smuggler Lai Changxing. Michael Ching uses “Mo Yeung” as his Chinese given name, according to documents related to land redevelopment in British Columbia and is the president and founder of Mo Yeung International Enterprise Ltd, a major Vancouver real estate firm. “Ching Mo Yeung” is the Cantonese variant of “Cheng Muyang”, the name under which he is… Read more »
tedeatside
Guest
tedeatside

god, I’m such a depressed loser. Sorry everyone.

hahaha
Guest
hahaha

yeah, listen to the Dr. pack and leave! let make space for people who actually want to live here.
Do what patriot did – moved to ottawa, and has been regretting since. otherwise, he would post here 24/7.

Best place on meth
Member
Best place on meth

@Bull! Bull! Bull!

“We have an indication that there’s some political figures who have developed quite an attachment to foreign countries,” Fadden said in a 2010 interview with the CBC.

“There are several municipal politicians in British Columbia and in at least two provinces there are ministers of the Crown who we think are under at least the general influence of a foreign government,” he said in the interview. He went on to say that “one, possibly a couple” foreign governments were grooming students to become political leaders in Canada and, “before you know it, the country is providing them with money, there’s some sort of covert guidance.”

Fadden strongly suggested during his CBC interview that the main culprit was China.”

Well, we already know Mayor Wanting is a Manchurian Candidate.

His love of locust-land is unmistakable.

DaMann
Member
DaMann

the last place I rented before my current one was “no dogs” I met the landlord, he liked us, I then mentioned the dog. At first he said no way but I worked on him and he eventually agreed. The dog has since passed on and I have to say I will never own another dog in Vancouver ever again. It’s virtually impossible to find a place to live. You end up living in places you don’t want to because of the dog. A million times easier to rent with no pets.

As for the person paying $2100 renting next to Oppenheimer park, I don’t get it. Do they have crappy credit or something? That’s a ridiculous rip off.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

Canada’s National Security Advisor Still Suspects Canadian Politicians Are Under Foreign Influence

https://news.vice.com/article/canadas-national-security-advisor-still-suspects-canadian-politicians-are-under-foreign-influence