Vancouver Emergency Housing Town Hall

At least one local politician seems to think that house prices in Vancouver are not just a problem, but an emergency.

David Eby is hosting an ‘Emergency Housing Town Hall‘ on March 16th at the St. James Community Square on West 10th.

Join MLA David Eby and local experts for an Emergency Housing Town Hall

This meeting is to discuss the causes of, and solutions to, an out-of-control real estate market in the Lower Mainland that has little or no connection to average household income. Issues of international speculation in our housing market, shadow flipping, real estate agent accountability, and other concerns will be addressed. Bring your stories, questions and concerns. The media, along with MLAs from both sides of the legislature, both BC Liberal and BC NDP, will be invited.

This is a meeting to hear stories, demand answers, and send a message to the Premier and the government to start to value the people of Metro Vancouver who make the communities we call home possible.

For full details see the event page here.

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voter
Guest
voter

I’ll wait until election day. Christy call the movers.

bullwhip29
Guest
bullwhip29
Anyone that didnt read this article from the New Yorker in Feb should have a look at it. http://www.newyorker.com/magazine/2016/02/22/chinas-rich-kids-head-west To think that hosting a town hall meeting or having an endless series of “conversations” will rectify this is laughable. We’re looking at something much bigger than any local MLA can comprehend or deal with on such a small scale. The constant outflow of hot asian money is not necessarily happening for good reasons. People are fleeing the country because things are imploding all around them while bubble after bubble temporarily inflates (following whatever the rescue opp of the day happens to pump up) and then pops once again. Repeat exercise. What we are witnessing in Vancouver (and elsewhere in Cda) is all part of the same dysfunctional flow chart. This is not normal, sustainable or healthy by any stretch of… Read more »
bubble tea
Guest
bubble tea

Wow. Thank you Bullwhip29.

Combat-roach
Guest
Combat-roach

Foreclosures worked well in US. For starters roaches must be terminated before internal mess gets cleaned up and debt sorted out.

would-be buyer
Guest
would-be buyer

Looks like China is going to kick the debt can down the road a little longer. 2016 is going to be EPIC for Vancouver RE.

http://www.businessinsider.com/china-national-peoples-congress-policy-2016-3

Epic reveal today. Must read!!
Guest
Epic reveal today. Must read!!

It’s official.

Garth has capitulated. Says if we stop HAM then “Vancouver prices would crash. Do we really want that?”

Unbelievable. Finally his supporters must feel like the greatest fools. Hahaha. Suckers.

vangrl
Member
vangrl

seriously?

vangrl
Member
vangrl

Just read it. Kind of admitting it but going with the same “It’s only 5% but taking it away would decimate the market” as our Gov did

different this time
Guest
different this time

If that is what he said it is unbelievable! He denies it , while all the while being a housing bear, now says yeah it was HAM but better leave it alone. Zero cred left.

I would check myself but I promised myself a year ago I would never go on his site again

Best place on meth
Member
Best place on meth

Posters for the town hall are already going up around the neighborhood.

https://upload.wikimedia.org/wikipedia/en/b/bd/Locust-ad.jpg

space889
Member
space889

Maybe they should have a protest against all those mainland water & food that’s invading HK on a daily basis too.

Bunch of self-entitled whiners….keep pushing on like this and see how much welcome they get when they have to crawl to mainland for jobs.

Best place on meth
Member
Best place on meth

God forbid the sub-human mainlanders ever stop coming and the people of Hong Kong no longer get to enjoy the daily spectacle of spitting, shitting, shouting and berating.

On the other hand, maybe the tourists from civilized countries will feel safe to visit again.

space889
Member
space889

Which is still better than you racists Nazis who does racial cleansing and other atrocious war crimes.

Hit in the cat
Guest
Hit in the cat

well, they should first feed their babies with made in china formula first. You can save yourself this step. you don’t need to because you are pretty much brain dead

End immigration
Guest
End immigration

Got to admit that Christy Clark has made all YVR homeowners millionaires.

The renters who are working class can continue to support this Ponzi scheme by paying taxes so the new homeowners from overseas can live a leisure lifestyle.

End Immigration. Join Canada Immigration Watch. Or any other anti immigration agency.

Enough is enough.

voter
Guest
voter

It’s ironic that in China they had the Cutural Revoloution whereas here we just bend over and ask for more.What a greedy bunch of sellouts we are here.

Local Refugee
Guest
Local Refugee

End yet we pick the worst scum and trash to get in…

bullwhip29
Guest
bullwhip29
Actually Christy Clark had very little to do with what has happened over the last 30-40 yrs. It is a given she’ll take the credit for it whenever it suits her much like she is doing with the recent surge in business related to tourism, technology and film/tv. Sure, somehow this was all due to specific policies she and her associates implemented. Yeah, right. This is the very same squirrelly individual that barely bats an eyelash the moment the $hit hits the fan and doesnt waste a precious second to throw someone else under the bus and/or break the law to cover up any of her own wrong doings. It will be interesting to see what happens when this whole LNG fantasy hits the skids officially and it comes time to pointing a finger at our new Prime Minister who… Read more »
space889
Member
space889
GreenSalad
Guest
GreenSalad

CMHC seeking to hide foreclosure information from home buyers

The issue raises a larger concern about why CMHC is acting now to tighten up its practices for foreclosures.

Some real estate industry insiders wonder whether the Crown corporation is simply being prudent, not letting potential buyers know a property is part of a distressed sell so they can put in a low-ball bid.

Others question whether the Crown corporation is just getting things in order in case home prices collapse and they are forced to sell properties that are backed by government insurance.

http://business.financialpost.com/personal-finance/mortgages-real-estate/cmhc-seeking-to-hide-foreclosure-information-from-home-buyers

p123
Guest
p123

probably doing it just incase it happens.

paulb
Member
Active Member

New
396
Sold
217

TI:8133

http://www.paulboenisch.com

bullwhip29
Guest
bullwhip29
voter
Guest
voter

Just one more reason to fear for the future of Vancouver .I wonder how many party members are already here spying .

Local Refugee
Guest
Local Refugee

Vancouver future is already fucked up, question is rather: How to possibly fix it or at least mitigate the fuck-up in order to make the place livable for the non-Chinese population?

bullwhip29
Guest
bullwhip29

It is too late to fix this. I guess it’s a good thing the “lower mainland” is now referred to as Greater Vancouver, so those in denial still have something to cling on to. In the not to distant future, the non-chinese population in Vancouver proper will be non existent as they will either have no desire to live there anymore and/or have the means to afford to stay in the game.

Best place on meth
Member
Best place on meth

Most of the world used Orwell’s 1984 as a warning.

Stupid fucking chinese used it as a template.

space889
Member
space889

NSA anyone? Diversionary war anybody? Seriously, Canada is fighting in Syria alongside terrorist while selling weapons to Saudi Arabia. Pretty much any secular gov’t with any semblance of democracy cherished so much by West have been wiped out by the West. Only religious nutcase gov’t like Saudi & Gulf Council countries are left untouched.

Local Refugee
Guest
Local Refugee
bullwhip29
Guest
bullwhip29

as nuts as this may sound, this will very likely be torn down and replaced with a replica of either the Apple spaceship or the Palace of Versailles. no need to comment on who buyer will be, that is obvious…

Bubble Tea
Guest
Bubble Tea

Could the maddening bidding war in Vancouver be over soon?
“Erosion in China’s foreign exchange reserves slowed sharply last month from the pace of $100 billion a month that prevailed through the winter. Reserves fell by $28.6 billion last month”
http://www.nytimes.com/2016/03/08/business/international/chinas-outflows-of-money-slowed-in-february.html?_r=0

southseacompany
Member
southseacompany

“Fears grow over ‘frothy’ housing markets in Vancouver and Toronto”, BNN

http://www.bnn.ca/News/2016/3/8/Pace-of-housing-starts-picks-up-in-February-CMHC.aspx

““While housing continues to surpass our expectations over and over again, conditions in Toronto and Vancouver continue to look increasingly frothy,” TD economist Diana Petramala said in a note to clients.”

southseacompany
Member
southseacompany

“Here’s How Nuts Bay Area Housing Prices Have Become”, Fortune

http://fortune.com/2016/03/07/san-francisco-housing-prices/

“In several San Francisco neighborhoods, home prices rose more than 70% since 2010, according to Zillow. But in the Palo Alto zip code between Stanford and the Googleplex, prices climbed 104%—and 101% in tech CEO haven.”

Ulsterman
Member

Is that the best they could do? Amateurs! 104% in 6 years? Yawn…. In Vancouver we managed 30% in the last 12 months.

cat in the hat
Guest
cat in the hat
Hyper-mega-Bull
Member
Hyper-mega-Bull

LEARN MANDARIN!

space889
Member
space889
bullwhip29
Guest
bullwhip29

“A home was deemed non-occupied in a given month if its electricity use – provided by BC Hydro – showed little variability for 25 or more days that month”

>>>all it takes is a few minutes to setup a couple of programs to run your thermostat, appliances, lights etc.

“Mayor Gregor Robertson had asked Premier Christy Clark in a letter last year to consider a series of measures to strengthen the ability of municipalities to track property ownership and ensure timely occupancy of vacant units. The premier ducked responding to that request in her reply.”

>>>all i have to say is that when all is said and done if she doesnt walk away with a minimum of $50M (+various other favors, perks and benefits for life) then what was the point of the whole exercise?

voter
Guest
voter

That explains driving around my neighborhood and seeing brand new homes with every light in the house turned on. I was wondering what was going on because most chinese i know can squeeze a dollar until the loony shits.

Tim
Guest
Tim

What total crap. I rent in Dunbar, and I watch the strategies people use. Lights on timers, people who drop by once a week to make a show of occupying, property services, etc. How dumb do they think offshore investors are?

bestplaceonearth
Guest
bestplaceonearth

the researchers just didn’t peeped in the houses to see whether they are occupied or not and reported back to you. it was based on electricity consumption. if these houses consume little electricity, they should have included in the 10,000+ unoccupied houses.
Don’t jump to conclusion before reading the report.

space889
Member
space889

Depends on the threshold used. I couldn’t read the article about this study. The previous one someone did with downtown condos, the limit was set to the electrical usages of an empty fridge. So basically any timer lights would push the condo above that limit and be classified as occupied.

That’s why I think the most accurate method is probably to cross references CRA filing address DB with residential RE DB. Any address in residential RE DB that don’t have a tax filing address is a likely candidate to be empty unit. The research can start from that pool.

bullwhip29
Guest
bullwhip29

this wouldnt necessarily be the solution but it wouldnt be hard to get a more accurate reading on the issue, the point is that the powers that be don’t want to pursue the matter. end of discussion

ostritch
Member
ostritch

They would have to re-write the law first.

bubble tea
Guest
bubble tea

I remember jobs for students to go around condos just turning on and off lights.

Oracle
Guest
Oracle

Trudeau has opened the floodgates.

Immigration to be increased well over 300,000

Foreign students and temp workers (IMP) to be doubled.

Selling out Canada.

bullwhip29
Guest
bullwhip29

i’m so glad i dont have kids. ave to above ave. kids nowadays will never be able to get into university (let alone afford to live in the city)

space889
Member
space889

University are being reverted to the playthings of the rich & powerful. Average plebes, aside from token reps, have been told to stay the f out. Look at all the public school curriculum changes, it’s basically telling parents, go private or go home.

bullwhip29
Guest
bullwhip29

Canadians getting lured onto ‘auto-debt treadmill’ by signing on to long-term car loans: watchdog
http://www.vancouversun.com/canadians+getting+lured+onto+auto+debt+treadmill+signing+long+term+loans+watchdog/11770867/story.html

>>>given that many folks have been brainwashed into thinking debt is good, how is any of this a surprise? besides, the car payment amounts to nothing but a rounding error now when it comes to total overall debt pmts (from heloc, mortgage, credit cards etc) and if one has already gone full tilt on the purchases of shiny brand name toys for their homes, they may as well finish accessorizing that 3-4 car garage with vehicles to match

Hyper-mega-Bull
Member
Hyper-mega-Bull

i know that government isn’t going to take action because no one is even asking the right questions.

empty houses aren’t the problem.

foreign investment isn’t the problem.

shadow flipping isn’t the problem.

HAM is the problem, but no one wants to say it. hence, house prices will keep going up.

patriotz
Member

Nope.

The problem is government policies that encourage malinvestment in residential RE.

Hyper-mega-Bull
Member
Hyper-mega-Bull

so patriotz, how much are prices going to revert in terms of %? 75%, 80%, 90%???

i know you don’t want to give us a date, but will prices revert in the next 25 years? didn’t VHB start his blog in 2005? it’s now 2016. your predictions have gone unfulfilled for more than a decade. do you think you’ll see it happen in your lifetime?

patriotz 3 years 7 months ago

We’re saying that there is a reasonable price to pay for a house based on rents and incomes and that prices will eventually have to revert to this.

crabman
Guest
crabman

As long as idiots like you and crooks from China keep buying, it could go on a loooong time.

bestplaceonearth
Guest
bestplaceonearth

how dare you question the brightest-armchair- economist-know-it-all on earth. the city of vancouver should have asked this economist for its answer.

space889
Member
space889

HAM is no longer foreign $$$??? So we should have different caste of PR & citizenship, segregated by ethnicity?

wtfrealty
Guest
wtfrealty
The problem is financial repression and currency depreciation policies implemented by the financiers, central banks, IMF etc . Interest rates are kept below the real rate of inflation and everyone attempts to their protect capital from inflation by investing in tangible assets. Residential real estate is protected by government policies which are designed to keep house prices high and appease the population: first time buyer’s tax credits etc, blind eye to money laundering, wealth effect/ jobs from rising real estate prices, manipulation of inflation rate. Add in some offshoring of money to avoid Chinese capital controls and currency revaluation and that’s where we are today. A home is no longer primarily a place of shelter. Even when the majority are homeless/renting and starving/eating cat food and the wealthy own hundreds of empty condos and McMansions the solution proposed will be… Read more »
space889
Member
space889

Were people on this blog talking about joining anti-immigration parties and stop immigrations? Well, better not join the Fed Liberal party:

https://ca.news.yahoo.com/liberal-immigration-plan-seeks-bring-more-300k-newcomers-153210682.html

YVR
Guest
YVR

Yup, the Federal Liberals are a disaster. They make Harper Conservatives look good. Although they should help this housing bubble thing blow up quicker.

Best place on meth
Member
Best place on meth
House price shock sparks action by Port Coquitlam city councillor http://www.theprovince.com/business/smyth+house+price+shock+sparks+action+port+coquitlam+city/11769012/story.html West said the real estate agent showing the home gave him a frank assessment of the market. “He told me he expected the house to sell for well above the asking price. The house next door had just sold for over a million with multiple bids. “I asked him, ‘How is that possible in this community? Who has that kind of money?’ “He told me, ‘The overseas demand is so huge it’s irrelevant what the local demand is. Offshore money is driving the market.’” Now Port Coquitlam is taking action. A city hall committee has asked staff for options on tracking non-resident home purchases and what the city can do to control them. West is calling on other municipalities and the provincial government to take action, too. “There’s been… Read more »
patriotz
Member

” the real estate agent showing the home gave him a frank assessment of the market.”

Now there’s an unbiased source for you. And notice that he didn’t actually claim offshore money is buying everything (which is a claim of fact which could be refuted), but that offshore money is “driving” the market, which is a subjective conclusion.

GreenSalad
Guest
GreenSalad

Correct me if I’m wrong, but he’s only now engaging in PoCo price discovery? Better late than never, I guess.

bullwhip29
Guest
bullwhip29
the MSM is also bought and paid for by RE industry, lenders and the like. basically anytime you pickup a paper or turn on the tv, radio or your computer one is inundated with 24/7 infomercial like content (disguised as “news”) and various other forms of advertising. RE is the only game in town (certainly in this city) and the industry is now too big to fail. we are now at the stage where completely idiotic and absurd measures will be taken to keep overleveraged homeowners from defaulting (or even lightening up the portfolio for that matter) and the house of cards from toppling over. this all said, they have run a successful campaign to keep anyone with skin in the game from backing off from this market using fear of missing the boat as their go-to mindtrick. so, the… Read more »
bullwhip29
Guest
bullwhip29

edit: “keep anyone with skin in the game from BACKING OUT of this market…”

bullwhip29
Guest
bullwhip29

cont’d…

by publishing stories like this (in the Province, Vanc Sun etc) the RE sponsored msm are effectively and deliberately pouring more gas on the fire. turn on the 6pm news any day of the week and dollars to donuts we hear about another story re. the “overheating” Vanc RE mkt and all the turmoil it is supposedly causing. then cue the commercials for the big 5 banks and whatever the latest lending product happens to be, Dominion Lending, Remax, Capital Direct, Mortgage Brokers Assoc, yada, yada, yada….

Oracle
Guest
Oracle

I’m afraid that I agree with Space on this.

Government policies are to blame. They allow loopholes to exists purposely so things like HAM can bid up prices. Immigration is another tool. I know of MPs who recently invested in RE via numbered companies because they knew immigration numbers were going to be increased. Today they were announced at 300,000+.

The people in gov are corrupt. No point rescuing the country. Take from Canada. Give minimum back. Otherwise you will be on the losing end.

Null
Guest
Null

Immigration is overall good for Canada. Other provinces get people who already have English skills and are happy to improve. They will get jobs and pay tax. Vancouver, not so much. But in the national picture, Vancouver is small and I significant.

crabman
Guest
crabman

This empty homes report gives plenty of cover for the “equity protecting” liberals to continue not doing shit.

Zero Down Forty
Guest
Zero Down Forty

“Emergency Town Hall”

Unfortunately, I believe more people will show up at a condo pre-sale opening than to a town hall meeting on high home prices.

Tiger
Guest
Tiger

“Asian” came out as the most used search term for British Columbians visiting Pornhub,

http://www.vancitybuzz.com/2016/03/vancouver-top-porn-search-terms/

crabman
Guest
crabman

Looks like some good times in the Maritimes!

bestplaceonearth
Guest
bestplaceonearth

and what does it have anything to do with real estate? is that what you do all day?

Tiger
Guest
Tiger

NO IDIOT .I SAW IT IN VANCITYBUZZ WHEN I WAS BROWSING.

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