Gentrification in reverse

September 28, 2015 admin

Syruptrap.ca shares the sad news that another Luxury condo tower is to be torn down and replaced with a small independent bookstore:

Beloved Pinnacle Towers developer Jerry Gotham lamented the announcement in a Facebook post on Monday.
“Pinnacle Towers has been an integral part of the local community for the last seven years,” wrote Gotham.
“I am sad to announce today that the new owners, book lovers Daphne and George, will tear the building down in order to build a small independent neighbourhood bookstore.”
A frustrated Gotham told press that he wishes there was something he could do to save Pinnacle Towers.
“This 40-storey luxury condo development — the marble baths, the helipad, the green roof — was my life. To see it all come down like this is a damned shame.”
Several members of the community gathered in front of the demolition site on Monday to protest the announcement.
“This tall, expensive glass building is an important part of the cultural fabric of this city,” said Sheila Barthelby, creator of a “Save Pinnacle Towers” petition on Change.org, which as of Monday morning has garnered over 200 signatures.

This seems to happen so often these days. Read the full article here.

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Skook

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Click to flag and open «Comment Reporting» form. You can choose reporting category and send message to website administrator. Admins may or may not choose to remove the comment or block the author. And please don't worry, your report will be anonymous.

Yep, has my support…ya can’t stop progress is all I have to say.

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Bull! Bull! Bull!

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i’d be interested in seeing traffic stats for this website. is it going up or down?

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Website visits

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150 unique visitors per month to this site. Alexa.com

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VanRant

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Denying flood of foreign money makes solving housing crisis even harder

http://www.theglobeandmail.com/life/home-and-garden/real-estate/denying-flood-of-foreign-money-makes-solving-housing-crisis-even-harder/article26549530/

I guess Garth, cristy, Harpo & Robertson does not read the Globe… or they do not know how to read.

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Yunak

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…independent bookstore???

WTF, HAM doesn’t read, especially not in English and even less independent (what is that, btw???). Who needs a bookstore? This is racist.

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Bull! Bull! Bull!

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HAM reads. next time you are in a store look and see how many chinese news papers are for sale.

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Best place on meth

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I think Cam Muir explained the fallacy of the foreign buyer myth in a very compelling and detailed manner.

“When we look at prices on the west side or any other parts of Vancouver going up solely because of foreign investors – which we have no evidence are there – it doesn’t hold water in terms of a domino effect.”

See, how can you argue with such well presented and overwhelming evidence?

To sum up: foreign buyers are not driving up west side prices, and even if they are there is no effect on other areas.

Thanks, Cam!

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StupidityCheck

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@7, And remember, even though foreign buying isn’t affecting the market, we can’t stop it, because that would affect the market!

http://vancouverhousingblog.com/2015/05/14/bc-liberals-let-them-rent/

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Best place on meth

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And if we must discuss this subject against the wishes of our elected representives, let’s make sure we do it in a culturally sensitive way as Cam Muir has wiseley done such as describing these people as “foreign investors”, rather than “crooked chinese money launderers because:

a) we don’t want to be racist

b) we don’t want to offend the crooked chinese money launderers.

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paulb

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New
280
Sold
215
TI:11829

http://www.paulboenisch.com

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History

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get ready…. this ipo is the LULU ofChina, to be sure, they rip off a Canadianism, rhymes with V..

http://reginamiracleholdings.com/
http://aastocks.com/en/ipo/companysummary.aspx?view=1&symbol=02199

like every NA woman Must Wear Lulu yoga pants
China woman Must Wear Regina bra

disclosure, no position

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Shut It Down Already

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#7, err, he’s saying he rejects the “it’s all the foreigners fault” hypothesis precisely because there’s no evidence to support it. The burden of proof lies with those making the claim, you’ll recall. Not surprised you or the (brainless up-voting minions) don’t get it.

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Best place on meth

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#12 Oh look, it’s the fucking asshole nobody wants to listen to whining about the voting again. Whaaa! I don’t like your peoples opinions and you vote all wrong!! I want this blog shut down…whaaa!! Muir is choosing to ignore the mountains of evidence that has been presented from dozens of reliable sources because he’s in the business of profiting from dirty chinese money and doesn’t want that money to be curtailed in any way. In other words, he’s a scumbag. You on the other hand are also a scumbag yet you play dumb for reasons unknown, except that NOBODY cares what you think which angers you and makes you cry and whine. And like that other piece of shit space, you have no shame and just keep posting anyway because you’re a dick who doesn’t care that his presence… Read more »

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Shouldn’t we be seeing the negative impact of the Chinese stock crash in our real estate market by now?

What’s going to be the next thing everyone jumps on as the catalyst which will finally cause the crash?

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cant find a place

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any rational explanation as to why the rent market is so tight, rents keep going up and supply is scare. Impossible to find a decent 3bd apart at a reasonable price.
Crazy times indeed!

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Royce McCutcheon

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@15: Where are you looking and what’s your price range?

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Oracle

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Everyone with half a brain knows it’s Immigration and Foreign money that boosted this market.

The ‘there is no factual evidence’ believers are just morons who know how to spin words. Its in their best interest to spew this nonsense.

Look at G’s blog. Its all about his pumping of stocks. He HAS to deny HAM because if he acknowledged it, people wouldn’t sell. By saying HAM isn’t the cause, people get scared and sell their homes thinking crash coming. That big $$ is what he is after so he can get you to invest with him. Then he gets to make is 1% or so per annum.

Just try posting anything Immigration or HAM related on that blog.

Think people.

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Oracle

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And WSR:

Not buying in Surrey anymore… Mayor Hepner is going ahead with the Light Rail.

Had my developer buddies calling me today and telling me to vote Harper (They own land along 104 Ave) 🙂

Surry along King George, Fraser Hwy, and 104 Ave is going to be an absolute disaster of biblical proportions once this is built.

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patriotz

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Why the world economy as we know it is about to be turned on its head

“We are at a sharp inflexion point,” says Professor Charles Goodhart, a pillar of the London School of Economics and a former top official at the Bank of England.
As cheap labour dries up and savings fall, real interest rates will climb from sub-zero levels back to their historic norm of 2.75 per cent to 3 per cent.

Maybe, maybe not. But if it happens?

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vangrl

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#15

The lack of vacancies is a bit weird considering how many new condos we have now.

Although, the amount of AirB&B’s has risen a lot.

I’m also noticing a lot of listings with “6 months only”, or “must be out by a certain date”. Obviously wanting someone to fill the space till they can AirB&B again in the spring.

Wish the Cities “Affordable Task Force” would do their job and crack down on those guys

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Oracle

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Vangrl:

Population is exploding due to temporaries coming in. No exit controls to see if anyone that overstayed their visas have left.

1. Supervisa parents
2. International students and their families
3. TFW ( and all the other names it’s called) and their families

That’s why it’s so congested here now. Approx 10% of metro Vancouver is this now.

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southseacompany

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“IMF warns of new financial crisis if interest rates rise”, The Guardian http://www.theguardian.com/business/2015/sep/29/imf-warns-new-financial-crisis-interest-rates-rise “Fund says governments in emerging markets should prepare now for a new credit crunch because of a 10-year corporate borrowing binge” “Rising global interest rates could prompt a new credit crunch in emerging markets, as businesses that have ridden the wave of cheap money to load up on debt are pushed into crisis, the International Monetary Fund has warned.” “With the US Federal Reserve expected to raise interest rates in the coming months, the IMF warns that emerging market governments should ready themselves for an increase in corporate failures, as firms struggle to meet sharply higher borrowing costs.” “Its economists find that the sharp increase in borrowing has been driven largely by international factors, including the historically low interest rates and quantitative easing unleashed by central banks… Read more »

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southseacompany

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“Household debt rises at fastest pace in nearly three years”, BNN http://www.bnn.ca/News/2015/9/29/Household-debt-rises-at-fastest-pace-in-nearly-three-years.aspx “Canada’s household debt levels rose at their fastest year-over-year pace in nearly three years in August, as Canadians continued to pile into residential mortgages in the wake of the Bank of Canada’s second interest-rate cut in six months.” “The central bank released new data showing that total Canadian outstanding household credit rose to $1.869-trillion in August, up an annualized pace of 5.9 per cent from July. Compared with a year earlier, household debts were up 5 per cent, the highest year-over-year increase since October, 2012.” “The acceleration of debt growth at the household level in August came on the heels of the Bank of Canada’s decision in mid-July to cut its key interest rate to 0.5 per cent from 0.75 per cent in an effort to stimulate a… Read more »

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Marc

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Shop Rents Tumble on H.K. Street That Was Once World’s Priciest

“Cosmetics retailer Colourmix will move to Hong Kong’s Russell Street, once the world’s most expensive shopping strip, and pay about 40 percent less than the former tenant as China’s economic slowdown rattles the city.”

Apparently in the past two months the bottom has dropped out of the commercial retail market in Hong Kong. Rents are down between 40 to 50%.

http://www.bloomberg.com/news/articles/2015-09-26/shop-rents-tumble-on-hong-kong-street-that-was-world-s-priciest