Mayor explains why Vancouver is so expensive

Lots of young people like to complain about high housing costs here, but do you know why Vancouver is so expensive?

The Mayor explains:

“…Our cultural scene punches above its weight and routinely draws international attention to our theatre, music, comedy, and visual arts. In its first year, we had Canada’s largest public New Year’s Eve celebration. Hundreds of thousands of people year over year come out to watch one of the largest Pride parades in North America.

Patios stay open later, our craft breweries are exploding in popularity, and our food trucks are globally revered. Car-Free Day on Commercial Drive and Khatsahlano Fest on West 4th pack thousands of families on our streets every summer. The PuSh Festival, viff and the Folk Fest get capacity crowds and have lineups onto the street.”

We are pretty much just like London, New York and San Francisco. Read the full write up by the Gregor Robertson over at the Walrus.

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Ramiz
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Ramiz
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[…] –Drastic measures to slow market? –Taxpayers send realtors on trip? –Dirt earns more than all workers –Houses hit all time high –Bubble Timeline –Replace income tax with property tax –Scotiabank concern over Vancouver & Toronto – […]

paulb
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TI:8359

http://www.paulboenisch.com

888888
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888888
CanNeverThinkOfAGoodName
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CanNeverThinkOfAGoodName

As someone says in the Vancouver Sun comment area: at minimum you should have to provide your SIN when you buy/sell a property.

OPENHOUSEMASSACRE
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OPENHOUSEMASSACRE

Have u been to china .we are best country for human rights protection?

https://www.youtube.com/watch?v=482FZnyzxwI

CanNeverThinkOfAGoodName
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CanNeverThinkOfAGoodName

Depressing. Words meaning nothing.

bullwhip29
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bullwhip29

Christy Clark’s handler on Vancouver Real Estate…

http://www.bcbusiness.ca/real-estate/bob-rennie-supply-is-the-only-solution-to-affordability
http://www.bcbusiness.ca/sites/default/files/styles/article_full_standard/public/Rennie-for-web_1.jpg

>>>in short…there is no solution to the affordability crisis within Vancouver proper (according to Rennie), but options “outside of the city” could work if there was a viable transit system in place. what a total baffoon…

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

That’s right, Rennie. There’s no point in living here. I might as well pick up stakes from where I’ve lived for a long time and move somewhere else. I don’t matter. I must leave my neighbors and my friends, my dentist and my cleaners.My contributions don’t matter. Living here and creating things over many years doesn’t matter. Only playing the real estate game matters. I must give up my spot to other people from who knows where who have bigger bucks and want to have a playground made out of the things real people created. I must move out to Surrey or farther, to Abbotsford or Mission, where all those non-elite people (non-elite because they found something else to do with their time than play the Real Estate game) must eventually go.

ostritch
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ostritch

Yup. That’s the plan. Maybe your name should be realist.

CanNeverThinkOfAGoodName
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CanNeverThinkOfAGoodName

What’s your plan, Ostritch?

bullwhip29
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bullwhip29
bullwhip29
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bullwhip29

B.C. pension fund creates giant, multi-billion-dollar real estate company
http://business.financialpost.com/news/property-post/b-c-pension-fund-creates-giant-multi-billion-dollar-real-estate-company

>>>talk about going ALL-IN…

888888
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888888
bullwhip29
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bullwhip29

Ottawa could take drastic measures to slow the housing market: analyst
http://www.news1130.com/2016/06/02/ottawa-slow-housing-market/

>>>yeah, they COULD…

fff
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fff

@bullwhip
Likely not in the midst of the springtime market….doesn’t mean they won’t. They announced the last measures in the winter.

bullwhip29
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bullwhip29
bullwhip29
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bullwhip29

Price of detached Greater Vancouver home hits all-time high: $1.51M
http://bc.ctvnews.ca/price-of-detached-greater-vancouver-home-hits-all-time-high-1-51m-1.2928809

bullwhip29
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bullwhip29

Greater Victoria housing prices expected to keep rising through 2017
http://www.timescolonist.com/news/local/greater-victoria-housing-prices-expected-to-keep-rising-through-2017-1.2269353

http://i.cbc.ca/1.3597440.1464100670!/fileImage/httpImage/image.jpg_gen/derivatives/16x9_620/victoria-house.jpg

“Sotheby’s said luxury homes sales are propelled by such factors as economic optimism, strong employment, Vancouver and Alberta buyers, and increased awareness of Victoria as an investment opportunity from Chinese buyers.”

888888
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888888

Victoria better get ready for the number 8 invasion.

Shut It Down Already
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Shut It Down Already

There are stats for foreign buying activity in Victoria. You guys have short memories….

Oracle
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Oracle

Vancouver average detached price up $500,000 year over year.

Now how did your portfolios do??

Until you morons here start protesting against immigration and foreign money, nothing will happen. More likely your daughters will have to give up their bodies in exchange for rent and your sons will be scrubbing the floors of the non working class.

Demand an end to immigration.

Zero Down Forty
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Zero Down Forty

We’ve had people immigrating to Vancouver since it was founded in 1886. The last decade, which saw the highest home prices rises in Van’s history, was actually one of the slowest growth periods in Van’s history. Only the 1970’s and the 1930’s had slower growth rates.

There is no correlation between home prices and the city’s growth rates.

888888
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888888

That was before you know who got some money to spend.

patriotz
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The problem is not that a small fraction of immigrants arrive with a lot of money, it’s that government policies encourage everyone to park their wealth in RE.

Shut It Down Already
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Shut It Down Already

They don’t need much encouragement. After all, real estate always goes up!

CanNeverThinkOfAGoodName
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CanNeverThinkOfAGoodName
” More likely your daughters will have to give up their bodies in exchange for rent and your sons will be scrubbing the floors of the non working class. ” I’ve been following this blog for years. It used to be that I would have thought of a comment like this of Oracle’s as an exaggeration, serving as a kind of punctuation, to emphasize that something must be done about the direction of the housing market. Just lately something has switched. I now am of the mind to think that this remark is best taken literally, and that it is flat out true. Yes, they most likely will. That’s the direction of things. I feel it in my own little westside neighborhood, where I have lived for 10 years. Not that the way things feel to me matters much. Who… Read more »
888888
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888888
victoria
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victoria
A friend who was in Vancouver for about two weeks for work – he is an International British lawyer – Lives in London and has a place in France – brought his family to Vancouver for a holiday. They had a great time. Loved biking around. They went in a boat and hiking. I asked him what he thought. He said people would ask him what he thought of Vancouver – he would reply – It is such a pleasant city. We loved biking around, hiking etc. Many people would say – well isn’t it world class? on and on again. It would not stop. He also said the people of Vancouver were pleasant as well about at times he found them to be very boorish as they would or could only discuss real estate and how much money they… Read more »
victoria
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victoria

He doesn’t think Vancouver is World Class he thinks it is a really pleasant city …. I think people get world class and liveable mixed up…..

888888
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888888

What, he doesn’t think walking around Stanley Park ,climbing up a mountain,, and drinking craft beer is World Class , neither does anybody else that has any perspective on what the meaning is of World Class.

888888
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888888
888888
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888888

Vancouver doesn’t appear anywhere on this list. https://www.atkearney.com/research-studies/global-cities-index/2015

Shut It Down Already
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Shut It Down Already

Living in a world class city does not mean you get a world class lifestyle. Often you’ll spend much of your life on public transport or in traffic, your friends will all live at least an hour away, and just getting out of the place for the weekend takes eternity. You won’t spend every day at an art gallery not every evening at a Michelin star restaurant.

Most here have never had that experience, so bash Vancouver despite it being extremely liveable. And if you don’t live it, why stay? Find somewhere you do like rather than living your life in misery.

victoria
Member
victoria

Exactly what I said…. Often world class cities are not “pleasant” to live in. My husband lived in London and we spent a lot of time in London – it is a very hard city to live in. Paris is much easier but if you want space you are out in the burbs unless you have super amount of money. People get world class mixed up with comfortable.

david
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david

Dear Mayor Moonbeam: Claiming that people visit Vancouver for “craft beer” is an insult to craft beer.

And to the people who know anything whatsoever about beer.

And to anyone who knows the fair price of a bottle of good craft beer.

And to anyone who includes a laid back, relaxed atmosphere in which to drink craft beer.

Oracle
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Oracle

Temp immigration is out of control.

Millions are applying for the new 10 year visitor visa And are getting approved. Canada has been sold out.

This new class of immigrant only wants to be here part of the year anyways. Use our infrastructure , earn money overseas, send kids here as foreign students.

Vancouver has been lost to Asia. Just hope there is no war between USA and China in the future. The Causcasians will get slaughtered here.

bullwhip29
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bullwhip29
Hyper-mega-Bull
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Hyper-mega-Bull

bad news for those wanting to ward off angry ghosts and increase their magic life force.

Thai Officials Find 40 Dead Cubs in Freezer at Tiger Temple

Tiger parts, while illegal to sell, are in high demand in Asia, particularly China, for use in traditional medicine. There is even a market for frozen tiger cubs, as the arrest last month of a Vietnamese man carrying four of them attests.

http://www.nytimes.com/2016/06/02/world/asia/thailand-tiger-temple-dead-cubs.html?_r=0

bullwhip29
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bullwhip29
bullwhip29
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bullwhip29

Victoria’s real estate experiences three consecutive record-breaking months
http://www.cheknews.ca/victorias-real-estate-experiences-three-consecutive-record-breaking-months-182210/

bullwhip29
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bullwhip29
Shut It Down Already
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Shut It Down Already

This should be perma-linked next to the Vancouver Rollercoaster!

bullwhip29
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bullwhip29
yyy
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yyy

Justin Trudeau, you have election promises to keep, remember? Van and Toronto affordable for ALL Canadians.

would-be buyer
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would-be buyer

I don’t see how this could end anyway but badly now:

http://www.bnn.ca/News/2016/6/2/Bay-Street-split-on-whether-Ottawa-should-try-to-cool-housing-in-Vancouver-and-Toronto.aspx

Second to last para:

“If [Ottawa intervenes in the Vancouver and Toronto housing markets], they will collapse the entire economy as the consumer is way too levered even with house prices climbing,” Tepsich said.

Truest comment ever published. This is why the government won’t intervene and why they are stalling with promises to “study” the role of foreign money in the market. It’s too late now. Once rates start to rise, Canadians are going to be in a world of hurt and they can blame their politicians for inaction.

patriotz
Member

“Canadians are going to be in a world of hurt and they can blame their politicians for inaction.”

For those who already own, prices can’t go too high. There has never been large scale sentiment in any market that’s suffered a bust that the government should have acted to keep prices from going up beforehand. If there is a bust in Vancouver or Toronto, the accusation will be that some level of government (federal, provincial or city depending on who’s doing the accusing) was at fault for taking some action that lead to falling prices.

patriotz
Member

An example: during the 2008-9 mini-bust the RE industry and its friends blamed Toronto City Council’s imposition of a city PTT for falling prices. That’s right, they claimed that the PTT was making housing more affordable.

bullwhip29
Guest
bullwhip29

best case for locals…

small tax on foreign investment. whether this works as properties are bought using nominees meeting the req’d criteria is a question for another day

perhaps an offsetting tax credit for local buyers

less stringent mortgage guidelines for locals and first timers (maybe with an added kicker in certain underpriced mkts)

no change in interest rates

more laneway/coach homes/duplex/triplex etc in areas not previously zoned for this
(meaning vancouver turns into a sea of cramped multi-family units surrounded by soon to be inaccessible large private estates with palaces built on them (a la Medina, WA)

patriotz
Member

When debts rise far faster than incomes: ‘You ain’t seen nothing yet’

Note the graph below represents year over year change in debt and income, not total amounts. Debt has been increasing faster than income over almost the entire period.
http://www.theglobeandmail.com/incoming/article30243764.ece/binary/household.jpg

Bear Vancouverite
Guest
Bear Vancouverite

Looks like household debt growth has slowed considerably since 2008, yet housing prices have accelerated sharply since 2012. What do you make of that?

patriotz
Member

Since 2012 housing prices have gone up appreciably only in Vancouver and Toronto (and their respective regions). Elsewhere they’ve been essentially flat.

southseacompany
Member
southseacompany

“On housing sales: “We’ve hit the peak”—CREA”, Canadian Business magazine

http://www.canadianrealestatemagazine.ca/news/on-housing-sales-weve-hit-the-peakcrea-208172.aspx

‘As reported by Julie Gordon and Andrea Hopkins of Reuters, the latest figures from the Canadian Real Estate Association (CREA) revealed that residential sales volume (seasonally adjusted) in Vancouver fell by 0.3 per cent in March and 1.0 per cent last month, while Toronto sales declined by 1.8 per cent in March and stood flat in April.

“There are reasons to believe maybe we’ve hit the peak in those two markets,” CREA chief economist Gregory Klump told reporters on Friday (May 27).”

ostritch
Member
ostritch

What a self-mastabatory bastard our mayor is. I’m sure he does it looking in the mirror. What a wanker. And I say this as I’m watching a seemingly drunk Newt Gingrich talk to Hannity on Fox. So it’s squeamish-inducing political sleaze bags on all sides. But Gregor is the most parochial of all.