BC Premier has a message for first time buyers

A recent petition seems to have gotten enough attention to get the Premier to comment on the issue of limits to foreign buyers of BC real estate.  This article say’s she’s sitting on the fence, but her quote seems to pretty clearly have a message for struggling first time buyers in BC:

“By trying to move foreign buyers out of the market, housing prices overall will drop. That’s good for first time home buyers, but not for anybody who’s depending on the equity in their home to maybe get a loan or use that to finance some other projects.”

Which category do you think holds about 70% of the voting population?

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kabloona
Member
kabloona

Wow…..Crispy really gave that one away, didn’t she? What if the Home-Loaners can’t get to that sweet, sweet HELOC money…whatever would we do… how would we survive??? How….????

😉

I’m shocked…..

😀

elvince
Guest
elvince

You can’t just split the vote homeowner against renters. It’s actually anyone who wants to buy more house that should want prices to come down.

A condo owner (let’s say 350k$) who want to buy a 1M dollar house would be very happy to see all RE prices split in half.

Net sellers of houses, not so much though. So CC is actually courting the votes of old people who want to downsize.

UBC in crisis mode
Guest
UBC in crisis mode

Letter to MLA may not help if my neighbors all like their high-valued houses (average $4 millions?).

vangrl
Member
vangrl

#2

The effect would be felt highest from the Top, a perfect scenario really, for locals anyway

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

the one thing we know for sure is that vancouverites will do anything to get ahead, including turning their city into a chinese satellite city. we all know that’s true, we see it every day in the people around us.

which is why i suggest people learn mandarin.

elvince
Guest
elvince

I wonder how many people who vociferated against Quebec’s Bill 101 in the 80’s would now like something similar in Vancouver nowaday.

Would be nice if any newspaper made a survey with a question along the lines of “Would you support a law requiring buisnesses to have their signs predominantely in english in the province of BC?”

We know BBB would be against it, but I’m honestly puzzled as how many people would support that.

Open Letter to Christy Clark
Guest
Open Letter to Christy Clark
Reposted from earlier thread: An open letter to Christy Clark from the bloggers at VancouverCondoInfo Your sycophantic pandering to the moneyed classes betrays a wilful neglect of the very people who voted you into power. Yor blasé neglect of local constituents and their desires for affordable, local communities belies all your empty promises about putting British Columbians first. Your actions reveal that British Columbians are actually last on your list of priorities, as you move forward to eviscerate their very way of life. As you desperately try to open more conduits for the ever-growing pile of dirty money seeking to find a home on our fair shores, you wish you could reinterpret our national motto “From sea to sea” as a handbook for foreign investment in this once-great country. Your myopic and solipsistic policies have doomed future generations of British… Read more »
franko
Member
Active Member
franko

Coincidence?
During my half hour of channel flicking today between Bloomberg and BNN, all the talk was about a looming global bond market crash. Heard someone mention that we have run out of false alarms like the taper tantrum, and that European banks are shifting away from those negative rates. I guess nobody bothered to tell Poloz…again.

I don’t expect rates to go nuts any time soon but the uptrend looks inevitable, merely because rates can’t go any lower.

Should be fun to watch the consequences.

vangrl
Member
vangrl

#7

She has a facebook page, post it!

patriotz
Member

@2: “A condo owner (let’s say 350k$) who want to buy a 1M dollar house would be very happy to see all RE prices split in half.”

Not if the price decline leaves them with zero or negative equity.

How many condo owners do you think would be in that situation, given most condo prices haven’t moved appreciably since 2008?

pricedoutfornow
Guest
pricedoutfornow
I say….oh well. I think this debt party will end at some point. I know too many people who have participated in this debt party the crash is inevitable. So many people are maxed out, saving zero, it’s so sad. Even people in other parts of the province are screwed, they have too much debt. One guy (who has three houses he bought with 5% down each), told me that he expects properties in the Okanagan to be worth millions within the next ten-twenty years (just like Vancouver! he said). He’s 35 and expects to be able to retire at age 50 by selling all of his property. Though his properties have barely appreciated since he bought them (all within past 5 years). He used to have some decent investments making reasonable dividends, but as he admitted to me, he’s… Read more »
awful-premier
Guest
awful-premier

How did we end up with such a stupid Premier? It really is shameful that she is basically saying screw first time buyers.

Big money 10 : People of BC 0

We need to keep pushing the on line petition.

Lets get it to 20,000, 30,000 and then let the heat cook her pea brain a little.

Softy
Guest
Softy

Most voters are home owners. They will defeat any a party that fails to pump real estate prices. The score is more like:

In matters like this you have to be on the side of the majority or live in bitter frustration.

Softy
Guest
Softy

So, go buy in East Van. It’s the Brooklyn of Vancouver.

vangrl
Member
vangrl
a realtor commenting on that Christy Clark article “It is a well known fact that foreign investment especially for China, contributes, greatly to our inflated values here. Christy Clark is falling short for those wishing to have an affordable lifestyle in Vancouver. New condo construction is a one time contribution to the economy if those who purchase do not move in. Coal harbour is 20% occupied and business hoping to cater to locals have failed dramatically. At what point does our premier stand up for her citizens and quit chasing the almighty foreign dollar? We are told to expect another 1 million folks over the next 20 years, well how about saying no? The demand for infrastructure is already costing in the billions and do we need more rationing of water and diminshing farmland to accommodate all the newcomers. Economic… Read more »
Royce McCutcheon
Member
Royce McCutcheon

“…but not for anybody who’s depending on the equity in their home to maybe get a loan or use that to finance some other projects.”

Be honest: “other projects” = retirement.

I’m not even inclined to identify foreign money as the primary driver here, but this is some serious crazy mouth coming out of our Premier.

“**** you, young people with skills we’ll need in the future. **** you straight to hell. Or at least the city limits. There is no tomorrow!”

DaMann
Member
DaMann

Wow, what agent was that? I like that person. Really would not have expected to hear that from an agent. Guess I have got jaded towards RE agents ( except Paul ).

vangrl
Member
vangrl
East Van
Guest
East Van
It’s not just about 1st time home buyers right now. What about future home buyers like our kids? We bought our east Van old beater 20 years ago and yes, it is paid off. I want prices to deflate because I want my kids, if they choose, to be able to afford to live in the same city in which they were raised. I want them to be able to go to a good local university like I did, not one that caters to rich international students with Maseratis. As much as I love my kids, I don’t want them living in my basement when they are in their mid 20s because the rental vacancy rate is 0% and the “shoebox in the sky” is $1,000,000. This city keeps building and building more condominiums but the prices of new units… Read more »
Softy
Guest
Softy

“What about future home buyers like our kids? We bought our east Van old beater 20 years ago and yes, it is paid off. I want prices to deflate because I want my kids, if they choose, to be able to afford to live in the same city in which they were raised.”

Intergenerational wealth transfer. You can do what all parents do these days, use the equity in your house to help your kids buy. The kids of homeowners will also become home owners.

vangrl
Member
vangrl

#19

you’re not alone, I’ve seen lots of comments from long term local house owners, that state they’d be totally o.k seeing this market get back to more normal conditions.

If they’re not planning on selling anytime soon, then why would they want higher property taxes and to have to get a HELOC to help their kids buy into an overpriced market.

Kim
Guest
Kim

My Mom purchased her oldtimer house in Dunbar for $110,000 in 1980.

Now it is worth $2.4 million.

Thank goodness Christy Clark is protecting her equity, heaven forbid that it go down even a little. Who cares if all her children and grandchildren move far away and her formerly friendly neighbourhood is full of empty monster houses and devoid of community spirit?

Equity must be protected at all costs.

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

listening to CKNW, they talked about foreign ownership.

cbc radio isn’t touching the subject as far as i can tell. i think they have a segment about etiquette and manners coming up.

vangrl
Member
vangrl

Bull, I’m never clear who’s side you’re on, but you do make me laugh

paulb
Member
Active Member

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