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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space889
Member
space889

Best way for gov’t to screw things up, tax it. Want lower RE price in a hurry and stay low? Tell province to replace earned income tax with property tax instead. Cancel property tax deferral as well. Nice & Simple and almost impossible to dodge. Added bonus, you people can finally shut up about certain people not paying their fair share in income taxes.

welcome_to_your_new_reality
Guest
welcome_to_your_new_reality
Jesus!! That is absolutely brilliant! No seriously, think about space889’s comment: You’re an owner who acquired property through an inheritance, or built a company and had tax experts help you dodge paying your fair share of taxes or you might just be an individual that was born at the right time and you know, dumbly got rich because you owned your house for the last 35-40 years. Anyway, here’s where space889 idea comes to play. The renter working her regular job doesn’t pay income or property tax because she already is paying the owner rent. And so the renter can now easily start accumulating wealth by keeping a much higher percentage of her income apart from her living expenses and other user fees such as medical, transit, whatever. Since the renter can grow her money quicker, while the landlord pays… Read more »
space889
Member
space889

If you think people who are actually doing active work, creating new biz that creates employment, etc should be paying most of the taxes, instead of people simply sitting on assets doing nothing, especially a necessity like housing, that’s fine. But then stop complaining about asset rich, income poor people not paying income tax.

Gov’t services aren’t free and it has to be paid for. Question is who pays what share. Quite a few states in US has no personal income tax but instead derive most of their tax revenues from property taxes & sales tax. It’s not like this is a radical idea. Most of those states also don’t suffer the kind of housing bubbles we have.

welcome_to_your_new_reality
Guest
welcome_to_your_new_reality

Precisely. Nobody gets a free ride in the system you just mentioned. But in our current asinine system (which really boils down to crony capitalism) with the realty industry, banking, laundering of money, offshore money parking etc… all exploiting the efforts of others to push them into serfdom, nobody except the few gain anything of our current system.
However, what is truly disturbing is that even in Canada it was not always this way. The rules changed and disruptive legislature was brought at some point in the 80’s to allow the current mess from developing.

Some actually call it Reaganomics. And the champions of this crony capitalistic system that is slowly destroying the middle class both in Canada and the US as well as European countries, would like you to think otherwise in their interpretation of the meaning.

ostritch
Member
ostritch

If they are asset rich, something generated the money to purchase those assets. We wanna tax that. In China. Right now. No taxable assets and income-y, no house-y. Go buy a stock or a mining company.

Hyper-mega-Bull
Member
Hyper-mega-Bull

appealing to vancouverites vanity to explain away the impact of HAM is t proven strategy.

ostritch
Member
ostritch

That t is supposed to an a right? As in: it is a proven strategy. Vancouverites are such Morons they slurp it up. I guess Gregor has bought a place and now he’s back to watching his condo go up in PRICE.

victoria
Member
victoria

I lived in Paris for 13 years. My husband lived in Paris, London and New York. This is really embarrassing. They consider this culture. Oh dear god….

Newcomer
Member
Newcomer

I’ve lived in Paris, New York and Tokyo and I’ve got to say that one of the great charms of Vancouver is that it is so far from the levels of those cities. It feels like a large town in the county, which is great, but that does not fit with ordinary houses being worth millions of dollars.

victoria
Member
victoria

Exactly. Well said….

victoria
Member
victoria

I wish people would stop trying to compare Vancouver to other cities. It just ridiculous…

bullwhip29
Guest
bullwhip29

yes, embarrassing. vancity (and its people) spend too much time trying to be something that it is not. how fitting that many of the new cardboard megahomes w/ faux stone facades are built to look like palaces in france or italy that have been standing for centuries.

ostritch
Member
ostritch

The Parisians are in a state of depression my dearest Victoria. Let’s not pretend this is the 70s and its all Brel and Aznavour. There have been terror attacks and the suburbs are on fire. Not to mention millions of tourists ruining their national treasures and causing the restaurants to cater to tourists; ie: serve crap everywhere all the time. Many locals would love to leave.

victoria
Member
victoria

I am sure…. I would still go back. My husband is French. I was in Paris only until 13 years ago it was still amazing… and have many friends there that still love it …. Paris is Paris is Paris…. Love big cities. Love London etc. I can see why people do not want to live in London, New York, Paris etc. My husband for one. I do not think you can compare Vancouver to London, Paris, New York …..Does Vancouver even have an Opera House?

victoria
Member
victoria

I found the article a bit naive….

bullwhip29
Guest
bullwhip29

maybe for a few days a year parts of the city resemble intl world class cities. maybe the film industry should be given much of the credit?

bullwhip29
Guest
bullwhip29

and here’s a good one for you, space…enjoy

Chinese detergent brand Qiaobi (俏比) ad
https://www.youtube.com/watch?v=Xq-I0JRhvt4

https://i.ytimg.com/vi/BUPdqmwttF4/hqdefault.jpg

Best place on meth
Guest
Best place on meth

I guess the chinese consider black people dirty and in need of a good wash.

Racists.

space889
Member
space889

Because when you buy detergents, you want it to turn your white shirt into black shirt? Do you see any laundry commercial talking about how black they can make the cloth? I only recall seeing them about how well they preserve color, or making cloth white as if white is superior to all other colors.

duh
Guest
duh
StupidityCheck
Guest
StupidityCheck

Shut up, you commie-loving troll.

ostritch
Member
ostritch

Victor?

space889
Member
space889

That made the round a few weeks back. Article said it was copied off an Italian commercial.
As for racist, I think most people would agree it is pretty poor taste & low humor. However, the black actor don’t feel it to be so racists that he would stand his ground & morals.

Black people have a hard time in Asia in general – see how Japan treats them, but relatively speaking they are still way ahead of blacks in US.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Like Space has a clue what it’s really like in the U.S.

Best place on meth
Guest
Best place on meth

Don’t blame the actor you worthless fucking apologist.

You make excuses for every kind of bad behavior committed by your appalling, disgraceful culture.

Everything from Mao to censorship to organ harvesting to environmental degradation to Tibetan oppression to Muslim oppression to shark fin harvesting to harassing neighboring countries to wiping out endangered animal species to sweat shops to fishing in other countries waters, and now even making excuses for racism – this from a FUKCER who always WHINES about RACISM.

You have zero credibility if you’re incapable of criticizing your own country and culture – ZERO. You’re not even capable of accepting any criticism from others.

You are a robot, brainwashed to be obedient to the party and motherland which is why nobody respects you or gives a shit what you say.

You’re a complete write-off as a human being.

GO HOME, ASSHOLE.

ostritch
Member
ostritch

Oh my god. Wow. I thought the posters who said you are paid by the Chinese government were crazy. Now I think they are right.

space889
Member
space889

How blacks are view and treated in China – a somewhat humorous take:
https://www.youtube.com/watch?v=CqtS3hSwq3o

space889
Member
space889

btw, the guy that crawls at the end is suppose to represent a Korean boy band boy cuz I guess Chinese girls in China got a thing for Korean boy bands, unlike CBC/ABC here who got a thing for black guys:

https://www.youtube.com/watch?v=vC_ycDO66bw

Combat roach
Guest
Combat roach

Is this Moonbeam-Clown (a.k.a. Mayor) serious? Whom is he selling this bullshit??? Vancouver cultural scene, give me a break, crafted beers, and street events. Haven’t heard such nonsense for a long time. Very insulting, he thinks he is talking to complete retards who came here from the deserted areas in third world countries, idiot.

BubbleTea
Guest
BubbleTea

Cj3-939VAAIwrED.jpg
China welcomes foreigners with brass knuckles

space889
Member
space889

I know so primitive…should be a Glock & M16 rifle like they do it in US.

StupidityCheck
Guest
StupidityCheck

How many Syrian refugees are they accepting? I’ll bet lots!

space889
Member
space889
A little Googling around and this stuff come up again on Quora.com which yes, I know are infested with 50 centers and communist sympathizers, instead of intelligent fact based knowledge gurus we have on this blog. https://www.quora.com/Does-China-take-refugees John Carter, Mostly harmless: Yes, it has around 300,000 refugee population currently in China. But I cannot say whether they are actively engaged in taking refugees, it is likely there are strict policies in place that outline the circumstances China will accept refugees. As far as I know, Hong Kong on the other hand is not actively receiving refugees. But, funny enough, they are actively sourcing foreign workers from places that have refugees, so they have proper employment and income when they are in Hong Kong and well taken care of, instead of folding hands receiving benefits from the government. Sometimes, the refugees… Read more »
StupidityCheck
Guest
StupidityCheck

Best proof China is a piece of shit? The fact they have to pay you so much to convince the world they aren’t a piece of shit!

space889
Member
space889

Also, given that US is the one that’s messing up all the Middle East countries and creating all the refugee and terrorists crisis, why isn’t US accepting any responsibility and refugees? I mean, has any of the ME country liberated by US actually better off for its citizens compared to before?

space889
Member
space889

One more Quora thread about why refugees don’t like / want to go to China / India:

Question-That-Contains-Assumptions-Why-has-the-world-especially-Russia-India-China-ignored-the-pleas-of-Syrian-and-Iraqi-refugees-Why-cant-these-governments-do-anything-to-those-people

space889
Member
space889
Best place on meth
Guest
Best place on meth

Fuck quora and fuck china.

Fuck you too, commie robot.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

How much do you get paid for littering this blog with incoherent junk, Space?

Best place on meth
Guest
Best place on meth

Mayor Qu is hilarious.

Cultural scene? hahaha
Gay pride parade? Wow, the world is so envious.
Globally revered food trucks? I just peed myself.

The only thing he’s right about is that money flooding in from china is contributing to the vertical prices and that locals are going along for the ride.

He also absolved himself of any fault for this even though he does have control over property taxes.

space889
Member
space889

Oh please BPOM….you know the only chance you can score without paying is being a tied up bitch after a guy pride parade.

Mandrake
Guest
Mandrake

Is that your personal experience or else?

StupidityCheck
Guest
StupidityCheck

Don’t think he has any control over property taxes, but he sure as hell can require more purpose-built rentals.

space889
Member
space889

But will it ever pass? Doubt it….

And do no one ever think about the poor homeowners who will now have to live next to those transients irresponsible renters who will ruin the neighborhood, party all night, doing drugs, and lower property values?

Actually, whatever happened to that Little Mountain project that was supposed to be built for Olympics??

patriotz
Member

The City does have the power to shift the tax burden around between property classes. Right now residential property is taxed at a much lower rate than commercial. Of course trying to change this would be political suicide.

Note also that City taxes amount to only 1/2 the bill, the rest is under the control of the provincial government.

888888
Guest
888888

It can’t be the min. wage considering Austalia just raised their’s to $17.70 hr

space889
Member
space889

If minimum wage works why not just raise it to $100/hr and everyone would be rich and we would have no poverty or housing affordability issues! Geez….fing communists.

888888
Guest
888888

Why don’t we just lower it to $0 and everything will be cheap ,to bad the world doesn’t work that way.

space889
Member
space889

You do know that this concept called minimum wage didn’t existing until recently and for most of human history, the minimum wage is $0 and the free market – do we still have free markets? – set the wage? You know the basic thing about supply and demand curves that are taught in Econ 100? Or I guess bears don’t actually want to learn anything that might run counter to their believes?

Nobody is forced to take a wage they don’t like btw. Last time we check, we still have that personal right in this country.

888888
Guest
888888
Best place on meth
Guest
Best place on meth

And right there is the 13th century mindset of the chinaman on full display.

Let’s just do away with minimum wages so we can return to those wonderfully abusive times.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Did you ever read Charles Dickens, Space? Do you have any idea how the themes of that novelist are woven into our history? Space, without googling, what is the most famous line from Dickens?

888888
Guest
888888
StupidityCheck
Guest
StupidityCheck

Straw man arguments are your specialty, aren’t they?

space889
Member
space889

No just learning from the bears. 🙂

888888
Guest
888888
bullwhip29
Guest
bullwhip29
BubbleTea
Guest
BubbleTea

Richmond BC Canada – Worlds Fastest growing Ghost City
https://www.youtube.com/watch?v=m3ZfmIbyQIg#t=42
Richmond joins the many Ghost cities in China

JoeX
Guest
JoeX
Newcomer
Member
Newcomer

This is my favorite story this year. People are lining up to spend 1.2M+ even though nobody said that anything was for sale. It’s like the good old days in the Soviet Union when people would join lines on the street without asking what was for sale because chances to shop were rare and anything was better than nothing. And the best part is that other people feel cheated because they missed out. — Please, won’t somebody take my money, please!

Combat roach
Guest
Combat roach

All lineup seems to be of the certain ethnicity?

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Do you mean ethnicity or nationality?

bullwhip29
Guest
bullwhip29

well, someone must have said something…

what’s the over/under on what % actually plan on holding on to their units until complettion?

Bear Vancouverite
Guest
Bear Vancouverite
Unfortunately this is where the market is at right now. 4-6 year old 1600-1800sq ft Townhouses in less pricey areas of COV (not Greater Vancouver) are going for $1.2-1.6M. 4-6yr old 1000-1300 sqft townhouses in East Vancouver, for instance near Fraser or Main, are going for around $1-1.1M. What is surprising is that the Kingsley Mews price seems significantly higher than Polygon’s 2015 Richmond project “Jayden Mews”. Jayden Mews is arguably in a more central location next to the Wallmart development. It had a 1690sq ft or so plan that sold for $870k, and now a 1700sq ft place in Kingsley sells for a whopping $1.2M. Just on a per square foot basis that’s a 37% increase in prices in maybe 8 months in an area farther from Downtown Vancouver and close to no visible amenities, and bordered on a… Read more »
tedeastside
Member
tedeastside

New York is New York…….Vancouver is a pathetic backwater that wishes it was Cleveland

BubbleTea
Guest
BubbleTea

The uneducated peasants in China does not know better and most of whom had never step out of the country are thinking of buying into a world class city. The only World Class are Krusty and Moonbean, world class salesman and clown.

paulb
Member

New
281
Sold
203
TI:8351

http://www.paulboenisch.com

Best place on meth
Guest
Best place on meth

8400 party tomorrow!

Shut It Down Already
Guest
Shut It Down Already

At least somebody here still pays attention to the stats… Good for you.

Best place on meth
Guest
Best place on meth

Eat shit.

Shut It Down Already
Guest
Shut It Down Already

I’d rather eat shit than have it spew from my mouth every time I open it. In fact, it must taste pretty sour being so wrong about Van RE for so long, eh?

Saul
Guest
Saul

At least it provides the plenty of wanking material for jerks like you to fiddle an instrument, enjoy.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName
Canadian politicians. BC politicans. Are there no leaders out there? Please understand that it cannot be same old same old. You are required to act. Step out of your usual stances and do something definite and strong to cool this market, including taxing those foreign owners who are also nonresident, not paying income taxes, not renting out their place, not doing any of the little things like shoveling their walks, etc. (thanks alot), not present except for brief visits when they drive their $80,000 vehicles haphazardly down the street maybe speeding, maybe doing unpredictable u-turns in the middle of the block, backing into other people’s cars (thanks) to make ever-increasing un-locally-matchable bids on shabby little houses on tiny bits of land. Do you not understand the signs (of which gloating is one)? Or are you too, perhaps, like Shut It… Read more »
tedeastside
Member
tedeastside

vancouver world class Bo Horvat = Lebron James

888888
Guest
888888

What culture is Greg talking about Silver City, Food Trucks , TnT Market, driving around aimlessly in the city, and eating in restaurant’s , and buying real estate. Wow , is he for real!!!

Chibabuyeverything
Guest
Chibabuyeverything

Working DT in the ‘financial’ district I can tell you there is no culture. Except the culture of homelessness. Which seems to be very very much worse over past 3 years.

Best place on meth
Guest
Best place on meth
888888
Guest
888888
888888
Guest
888888
888888
Guest
888888
would-be buyer
Guest
would-be buyer

I had lunch today with a good friend who paid $941K for her SFH in a very in demand area of North Vancouver 3 years ago who told me that a house on her block on a smaller lot just sold for $1.7M. She tells me that she’s contemplating selling to bank a $1M profit in less than 3 years. She earns maybe $135K. Her husband, maybe $70K at most. So yes, people are earning bank of their houses. Funnily enough, I chastised her 3 years ago for bidding over asking. I’m the fool now.

Bear Vancouverite
Guest
Bear Vancouverite

Your friend has a combined family income of 200k+, so $941k is only ~4.6x income. So while she may have overbid for the SFH it was well within her means, unlike with some families which are stretching 10x or more to pay for condos, townhomes , or SFH.

Sadly I’m in a similar state where I look like an absolute fool to everyone else around me who have bought in the past 5 years.

The thing I hear the most now is “Are you finally going to buy?” which is a well deserved “I told you so”.

would-be buyer
Guest
would-be buyer

Agreed, my family income is larger than my friend’s family income, yet I stayed on the sidelines fearing that we were in a massive bubble. All my friends and family that bought in the past 5 years have made $$$. I cannot keep up by saving and investing even though, statistically, I earn in the top 10% of CA income earners. This has lead me to be hubris about the existence of a bubble. I reasoned that if I cannot afford a house, who can? Apparently, plenty! And, they are making cake. Me, not so much.

Combat roach
Guest
Combat roach

Great stuff that Canada stocked up so much of that shit…

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.

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).”

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.

would-be buyer
Guest
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.

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

“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
yyy
Guest
yyy

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

bullwhip29
Guest
bullwhip29
Shut It Down Already
Guest
Shut It Down Already

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

bullwhip29
Guest
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
Guest
bullwhip29
wpDiscuz