Burnaby Breakfast on Housing Affordability for 1st time buyers

A while back NDP MLA David Eby held an ‘emergency meeting‘ on the Vancouver housing crisis.  (Presumably called a ‘crisis’ because the 25-44 age group is leaving Vancouver faster than they are arriving.)

But you should not be under the impression that the BC Liberals are sitting back and doing nothing about the housing situation here.

Not only have they announced new real estate rules to address many of your concerns, the minister responsible for housing will be attending a Burnaby North Breakfast on Friday May 20th about housing affordability for young first time buyers.

Tickets are only $20 and all proceeds go to support the Burnaby North Riding Association. If you are unable to make it, there is a convenient link to make a direct donation on the bottom of that page and there’s nothing that says donations are limited to developers only.

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8888888
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bullwhip29
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bullwhip29

i am afraid to say that this probably wont be the case. too many voters have a vested interest in keeping the RE bubble inflated. stories about random joe average homeowners hanging on for a little longer so they can cash out at the top are all too common nowadays.

Shut It Down Already
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Shut It Down Already

Owners hanging on arent market participants. It’s the buyers driving the bubble – greedy speculating locals, mostly.

bullwhip29
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bullwhip29

point was that many long time boomer homeowners counting on further price gains to bolster their retirement nesteggs. they may not like chrusty and her criminal ways, but money sure makes it easy to turn a blind eye

Combat roach
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Combat roach
This De Jong (Tze Zhong) guy is a classic idiot… “Is this government wilfully blind to what’s happening in the Metro Vancouver housing market because their donors like it that way?” asked NDP critic David Eby. The Liberals deny such a claim, of course, insisting the red-hot housing market is actually a good thing. “We’re actually proud of the fact that we have a jurisdiction that people want to come to, that they feel they can succeed in, that they want to invest in,” said Finance Minister Mike de Jong. The New Democrats have proposed an anti-speculation tax: two-per-cent on newly purchased homes that are left to sit empty, with the money used to fund affordable homes that people will actually live in. De Jong ridicules the idea. “The Opposition, given the chance, would address that in the way the… Read more »
Bubble Tea
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Bubble Tea

Not doing anything, Mr de Jong, would force young professionals and families to leave Vancouver you idiot.

space889
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space889

So where do Manhattan get their teachers, janitors, cooks, shoeshine engineer, lawyers, doctors, etc??

dyugle
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dyugle
space889
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space889

So where do Manhatten get their teachers, janitors, cooks, engineer, lawyers, doctors, etc??

Funkeymonkey
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Funkeymonkey

Space Have you been to Manhattan? Grand central station? Vancouver and Manhattan should never be compared. Except prices maybe other than that they are completely different.

bullwhip29
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bullwhip29

exactly. in NYC restaurants like this are a dime a dozen
http://www.businessinsider.com/what-its-like-to-eat-at-daniel-new-york-city-2016-5

In vancity, you can count on one hand the number of truly upscale eateries that manage to keep their heads above water at any given moment. i dont even think bouluds place in kits managed to stay open for more than 6 months.

Shut It Down Already
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Shut It Down Already

The working class are staying there for the high end restaurants?

space889
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space889

I don’t know what you consider upscale, but the number of expensive restaurants in CoV isn’t exactly low either. Seems like every 2nd or 3rd Western restaurant I see in Van Downtown is some kind of high end, modern / fusion restaurants, with very high price.

bullwhip29
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bullwhip29

most of them are just pretenders. glorified earls or cactus clubs at best try to pass themselves off as michelin rated world class fine dining establishments.

Shut It Down Already
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Shut It Down Already

Bullwhip clearly hasn’t eaten out since 2007.

bulwhip29
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bulwhip29

most of these places are completely overrated and overpriced. this city has gotten so full of itself in recent yrs (mainly due to inflated RE prices) that many of these establishments have just taken the easy way out and plagiarized menus from elsewhere (and we dont seem to notice). now even the casual chains are serving the same kobe beef meatballs, tuna tataki, infused this and that and BS like that and the naive wannabee foodie crowd in this city gobbles it up just like they seemed to think the opening of Nordstrom was such a big deal.

space889
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space889

Yes I have.

Regardless, the argument is that high housing prices are driving local professional family out. So my question about how Manhattan, a similarly expensive place, get their professional and low wage services worker is a perfectly valid one, which you didn’t answer btw.

Funkeymonkey
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Funkeymonkey

How about I answer with a century of infrastructure . That’s why I mentioned Grand central station.

Shut It Down Already
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Shut It Down Already

Century-old infrastructure is amazing. Just ask anybody who has used London Underground everyday to get to work. It fails more times per DAY than Skytrain has in its entire lifespan.

Royce McCutcheon
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Royce McCutcheon

The answer is that they get these people because Manhattan has a massive galaxy of art, culture, business, and academic opportunity and infrastructure that wildly exceeds what is possible in the Lower Mainland.

And I’m saying that as someone who LOVES this place and doesn’t reflexively crap all over it.

Literally no one outside of the Lower Mainland has trouble understanding this. Imagine how dumb it would sound if someone from Stockholm tried to put that place on the same level as Manhattan. THAT is how dumb it sounds to make the comparison to Vancouver.

Professionals are lured or maintained in Manhattan by the appeal of these things.

space889
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space889

Cuz idiots get elected into office and be a minister??

Here is a tip for you if you want the BC Lib to do something, pay them twice as much as what the RE developers pay them right now and I guarantee they will do whatever policy you want them to do. And as a bonus, you can say you bought the provincial gov’t without doing any bribes!

southseacompany
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southseacompany

“Lessons from our low interest rate trap: Mayers”, The Toronto Star

https://www.thestar.com/business/personal_finance/2016/05/16/lessons-from-our-low-interest-rate-trap-mayers.html

“A generation of people who did all the right things by saving and delaying consumption are wondering where they went wrong.”

“One of the boldest examples of robbery in broad daylight has been the global deal by central banks to take money from the pockets of savers and give it to borrowers in the name of good economic policy.”

space889
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space889

But hey, the ZIRP and NIRP also enabled massive financial engineering and goosed the stock market which made bears tons of $$$, so apparently it all evens out and is fine.

Oh wait, I forgot, bears made money in the stock market cuz they are good stock pickers & managers, not because of a ZIRP fuelled bull market.

OPENHOUSEMASSACRE
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OPENHOUSEMASSACRE

The Kishor family has called the Okanagan home for 17 years .This family about to become homeless because of rental crunch

http://globalnews.ca/news/2696493/kelowna-family-about-to-become-homeless-because-of-rental-crunch/

Combat Roach
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Combat Roach

Families first!

… but not Canadian’s and especially not the big ones with lots of children.

space889
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space889

Again, are we running out of land or sky in Canada? Especially in Kelowna? The supply issue we have lies squarely at voters’ NIMBYism, and voting in politicians bought by RE developers.

space889
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space889

So you prefer a socialist policy of rent control and the renter gets to decide what the owner can do with their property?

space889
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space889

So you prefer a policy of rent control and the renter gets to decide what the owner can do with their property?

Vanco
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Vanco

They had 17 years to buy a house. Given their family size, you could argue that its irresponsible not to buy a primary residence and put themselves at risk for such a situation. And now they expect landlords to offer below market rentals?

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CIBC releases mortgage application app for iPhone:

http://www.iphoneincanada.ca/app-store/cibc-hello-home-iphone/

Because when you’re working three jobs to afford a mortgage, who has the time to go to a bank and apply for it in person?

bullwhip29
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bullwhip29

for the not so tech saavy, they will gladly send someone to your home or office

HAMster
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HAMster

The BC Liberals have underestimated the degree of anger out there in voter-land with regards to the housing affordability issue in the lower mainland. They should stop listening to Bob Rennie and start paying attention to the majority of voters who are increasingly disenfranchised with regards to housing. My guess is that housing affordability (both rents and prices) will be their undoing in the next election. Even home owners are upset because they are being taxed to death and cannot sell for fear of not being able to buy anything else. Add in Christy’s salary top-up bribery “donations” and all their other scandals and I think they will be toast.

patriotz
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” Even home owners are upset because they are being taxed to death”

Of course they’re not, metro Vancouver has one of the lowest property tax regimes in N. America (and I mean tax paid for comparable properties not same market value) which is one of the primary reasons for the bubble.

Certainly there are some owners who think they are “taxed to death” but I can tell you these are the last people who are going to vote NDP.

bestplaceonearth
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bestplaceonearth

“Even home owners are upset because they are being taxed to death”

are you speaking on behalf of entire home owners here? don’t think so.

space889
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space889

Property taxes are set by the city, not the province. If anything, that anger will be taken out via municipal elections.

As for people being angry, well the ones who can’t buy or can’t move up maybe angry. But as soon as anyone put forward any policy that might drop prices by say 10%, you bet those angry homeowners will be up in arms about gov’t destroying their hard earned equity and not vote for them.

patriotz
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Only the municipal tax, which is about 1/2 the total in CoV, is set by the city. The school tax is set directly by the provincial government and Translink, which it controls, accounts for almost all of the rest.

But you’re quite right that people will blame the city. That’s the way the provincial government wants it.

patriotz
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Former B.C. government staffer charged in ethnic outreach scandal

Another corruption case which the BC government will have to “settle” before anyone who matters has to testify.

bullwhip29
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bullwhip29
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bullwhip29

Surreal Estate: Inside Vancouver’s Skyrocketing Housing Market
http://www.vice.com/en_ca/video/surreal-estate-part-one

bullwhip29
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BubbleTea
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BubbleTea

Fed officials say 2-3 U.S. rate hikes possible this year
http://www.reuters.com/article/us-usa-fed-timing-idUSKCN0Y823Y

bullwhip29
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bullwhip29

baloney. this is nothing more than jawboning and trickery to get market participants offside.

bullwhip29
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bullwhip29

For sale: 13,000 sq.-ft. West Vancouver mansion with a yacht garage worthy of 007 — $23.8-million
http://news.nationalpost.com/homes/for-sale-13000-sq-ft-west-vancouver-mansion-with-a-yacht-garage-worthy-of-007-23-8-million

http://wpmedia.news.nationalpost.com/2016/05/a5363-kew-cliff-rd-360hometours-142.jpg

– the current over/under for DOM is 3 and #millions over asking is 8.88

Lance Romance
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Lance Romance

It will be interesting to see which educational institution the student who buys this property attends.

OPENHOUSEMASSACRE
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OPENHOUSEMASSACRE

SIMON FRASER UNIVERSITY

space889
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space889

@Royce McCutcheon – So you are saying all those janitors, cooks, plumbers, teachers, and yes doctors, etc stay and work in Manhattan because of all those culture, museums, etc? Really? How many average people actually goes to any of that stuff in any given year? Especially for the lower income wage people that can barely afford a closet in NY? Seriously? I really have trouble believing those in a dead-end or semi-dead end lower middle class jobs are staying in NY for any of the things you mentioned.

tedeastside
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tedeastside

you can buy a 3 bedroom townhouse in New Jersey for 170k ….25 minutes from Times Square

space889
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space889

But the Vancouver equivalent is too good for the locals I guess??

paulb
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http://www.paulboenisch.com

Lance Romance
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Lance Romance

Goood morning. Would you like some Graft with your eggs?

LS in Arbutus
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LS in Arbutus
This is a really good read. The article is not dated, but refers to 2014 and 2015. http://torontolife.com/real-estate/how-private-lenders-and-debt-crazed-homebuyers-are-pushing-torontos-real-estate-market-to-the-brink/ Research by CIBC shows that eight per cent of all new mortgages in Ontario are non-prime. The Bank of Canada’s figures are more alarming: they suggest that roughly 35 per cent of all new mortgages issued by smaller banks—the ones the bank doesn’t consider “systemically important”—could be considered non-prime. As for private lenders, 100 per cent of their loans are non-prime, because that’s their business model: serving the borrowers that prime lenders won’t. By and large, these private mortgages are not insured against default because the borrowers make a substantial down payment. But down payments in this city are often not what they seem. According to a recent study by the Canadian Association of Accredited Mortgage Professionals, Canadians borrow more than $10… Read more »
space889
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To me there is not a lot of credit risk between lending $50K to a non-prime borrower making $30K/yr, or lend $800K to prime borrower making $120K/yr. Lending too much to creditworthy is not that much safer than lending a little to someone who has a spotty credit history.

southseacompany
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southseacompany

VICE documentary of Vancouver:
“Surreal Estate: Inside Vancouver’s Skyrocketing Housing Market”

http://www.vice.com/en_ca/video/surreal-estate-part-one

“Vancouver, BC is a town built on real estate. And for seven years running, it has also been ranked as the least affordable city in North America.”

southseacompany
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southseacompany

‘Top Signs of A Housing Bubble.”, City TV Video

https://www.youtube.com/watch?v=h0-1jgPmB_0

“Rumours of a Vancouver housing bubble have persisted for years, but what does a housing bubble actually look like? Vice President and Portfolio Manager at Canaccord Genuity Bob Thompson takes a closer look at Vancouver’s red-hot housing market.”

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southseacompany
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southseacompany

“Smyth: Does Premier Clark really care about Vancouver’s hyper-inflated housing market?” Province

http://www.theprovince.com/business/smyth+does+premier+clark+really+care+about+vancouver+hyper+inflated+housing+market/11923511/story.html

Shut It Down Already
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Shut It Down Already

Why should she care? The majority of voters don’t seem to. Probably because they’re homeowners or don’t live in Vancouver.

bullwhip29
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bullwhip29

yes, because they are homeowners many of whom are in over their heads and dont want to wind up being the greatest fool. everyone loves the cash more than they hate how she goes about her business. barring horgan mailing out every local a free DP cheque of at least $50k, this election is already over

patriotz
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“Does Premier Clark really care”

She cares, a lot, because it’s the driver of BC’s consumer debt-driven economy. That’s why she’s doing everything she can to keep prices high.

southseacompany
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southseacompany

“Roubini: Watch These Bubbles About to Pop”, Bloomberg video

http://www.bloomberg.com/news/videos/b/fc9cf888-5b48-478e-883a-f6bd02bc26da

“NYU Stern Business School Professor Nouriel Roubini discusses he risk of asset bubbles on Bloomberg Television’s “Money Moves.” “

southseacompany
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southseacompany

“Canada’s riskiest borrowers are taking on more debt”, Metro news

http://www.metronews.ca/news/canada/2016/05/18/risky-canadians-credit-card-debt.html

“National debt levels are up by three per cent, and some are worried subprime Canadians are “driving the bus.””

““Low interest rates can mask a lot of bad things and I think that subprime is one of them,” Benjamin Tal said. Subprime in Canada is not even close to what it was in the U.S. in 2006, but it is growing, suggesting that people who should maybe not be in the market are in the market.””

bullwhip29
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bullwhip29
a heads up for anyone that has been stuck in an aging, decaying multi-family unit (that you recently sunk a whole pile of cash in to reno) and still couldnt sell for the price YOU thought it was worth…well that has all changed. for $?&ts and giggles I strolled by this place…i know this area well http://www.realtylink.org/prop_search/Detail.cfm?MLS=R2068294 http://images.realtor.ca/listing/reb89/highres/4/r2068294_2.jpg?139 i know for a fact the exterior of the building is in borderline dire condition and was not fixed properly prior to them blasting new forest green paint over it last year (to cover everything up). there are also issues with drainage and work on the new fence/retaining wall came to a complete and abrupt halt last summer for no particular reason. the project remains unfinished. perhaps even more comical is the fact that the balconies on some units are supported with… Read more »
I\'m With Stupid
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I\'m With Stupid

700k for a 40 year old townhouse in richmond.
Jokes on ?

bullwhip29
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bullwhip29

asking 718800. they didnt even have to whip out the stainless steel appliances either (although it did have granite counters). i give it 3-5 yrs max before the entire bldg envelop has to be redone. but what the heck do i know, maybe suncom will engineer another deal to buy up the whole complex at double or triple current valuation and then flip it back to concord pacific, who will in turn knock everything down and change the entire seafair waterfront in the process???

Newcomer
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Newcomer

Yes, but at $500/sq ft it’s a real steal compared to luxury apartments in Manhattan.

bulwhip29
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bulwhip29

correct. my bad…

bullwhip29
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bullwhip29

Ross McLaughlin , CTV News did a piece the other day on condos without depreciation reports
http://bc.ctvnews.ca/beware-of-condos-without-depreciation-reports-1.2877744

can anyone here confirm which richmond complex they are referring to in this video?

bulwhip29
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bulwhip29
bulwhip29
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bulwhip29
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bulwhip29

3 Vancouver schools could close sooner than expected
http://globalnews.ca/news/2707694/3-vancouver-schools-could-close-sooner-than-expected/

“The playing fields around John Oliver Secondary School are popular with students. They’re also prime real estate.”

“The Vancouver School Board is considering subdividing and selling or leasing the land to keep the cash-strapped district afloat.”

>>> well, well, well…as it turns out this was all about RE opportunities, not a lack of funding for schools… how shocking….developers pulling ALL the strings in this city, no question about it

space889
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space889

Well, I’m sure Christy Clarke stands ready to yank some funds if required to make this deal happen.

VanCity Guy
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VanCity Guy

I thought the VSB had already started selling off their school’s playing fields
From the CBC:
http://goo.gl/oRzXgB
(Caution: Satire)

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