Ten thousand empty homes

Bubble tea pointed out that back in March a study claimed that 10,800 homes were empty for more than a year in 2014.

They reached this conclusion by studying electricity usage, if it remained flat for 25 days the home was deemed to be vacant.

Of course many of these homes could have been occupied by paleo-humans who eschew electricity in favor of a simpler lifestyle.  How many condos in Kerrisdale are filled with families huddled under blanket, burning their own waste to keep warm?

The majority of the empty homes in 2014 were apartments — 9,747 — and vacancy rates were highest on the West Side of the city, with 9.4 per cent in the area that stretches from Kitsilano to Point Grey and 8.6 per cent in neighbourhoods that include Kerrisdale, Dunbar and Southlands.

Suggested reasons for the vacancies included a home was bought for investment, was under renovation, the owners were on vacation, the home was caught up in an estate sell-off, or it was being flipped. A home was deemed empty in a given month if the hydro data showed a flat consistent use of electricity for 25 or more days in that month for a year. The findings were not specific to neighbourhoods but separated into five large geographic areas. Basement suites were not included in the study.

Are 10,800 empty homes a negative thing for a city, and If you had unlimited power what would you do to change this situation?  Would you opt for incentives for owners to rent out empty homes or a some sort of system to try to prevent them from remaining empty?

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Screwed people over
Guest
Screwed people over

Garth has stopped blogging.

Hahaha

After he screwed over so many people by denying HAM and coercing people to sell Vancouver homes and invest with his Raymond James franchise. Is this fraud? By censoring comments that would have helped those people? Madoff 2?

trackback

[…] –Supply problem? –Don’t panic, but be first if you do –A housing bubble you say? –CRA looks at flippers –the bright side of dead relatives –Big banks nervous –JT: Prices hurt economy –most sustainable on earth –ending homeless a dumb promise –worst city for the young and educated […]

BubbleTea
Guest
BubbleTea

Yes, there’s a housing bubble. No, Ottawa has no clue what to do.
http://www.theglobeandmail.com/opinion/editorials/yes-theres-a-housing-bubble-no-ottawa-has-no-clue-what-to-do/article30384483/
Simple. Tax the shit for those who are not canadian. Housing is for Canadians first!

access to millionaires
Guest
access to millionaires

The door to Vancouver is open again:

http://www.canadavisa.com/quebec-business-immigration-investor.html

1,330 new guaranteed buyers, with millions to spend on main residences and investment properties. Questions for Trudeau/Morneau: are you ever going to close the loophole? Why do you allow Quebec to keep this backdoor open? What do you gain from it?

space889
Member
space889

We get way more than 1330 new foreign students each year and these new crop of students are the hard working students from poor families type either. Their parents are rich, send them to super pricey international private school with sole purpose of having them emigrate to NA / Europe for university education. And they don’t rent here either. They buy and buy very expensive & nice houses. I would worry more about them which BC gov’t can actually do something about, rather than Quebec IIP which we can’t do anything about.

Combat roach
Guest
Combat roach

Fuck the Quebec. That scam could be easily handled in BC if there would be will or regulation otherwise, everyone is happy.

ostritch
Member
ostritch

Have you not followed the last 30 years of compromises to get Quebec not separate? They do what they want with immigration.

space889
Member
space889

Maybe we should kick Quebec out? A drain on the national resource with no sense of pride of being part of Canada. Let’s see it stand on its own instead.

looo
Guest
looo

They have an office in Hong Kong. Quebec has no shame.

space889
Member
space889

@CanNeverThnkOfAGoodName – 2% of males committed sexual assault against almost 100% of females and never get caught. I find that kind of claim very hard to believe, without some actual hard stats. And you wonder why feminism get such bad rap nowadays.

Anyways, I can see at least violence against unpopular females is still very tolerate and encouraged here by everyone, given how many up votes BPOM’s post about hitting Christy Clark on the back of her head got.

Hyper-mega-Bull
Member
Hyper-mega-Bull

politicians continue to deny HAM. buy a house, enroll in mandarin class. the money is going to keep pouring in.

Many Franks
Member
Active Member

Josh Gordon (bless him) on Bob Rennie’s supply-side-only argument.

The housing problem isn’t supply, it’s unsustainable foreign demand

(For the record I still think local panic and debt are just as important a story, but anyway.)

Many Franks
Member
Active Member
Is it just me, or is the blindingly obvious just starting to dawn on media commentators? Bank of Canada must open people’s eyes to debt sinkhole danger: Don Pittis There is a risk that Canada will fall into an Ottawa sinkhole of debt, and worse, there is a serious danger that Canadians will tumble in without having understood the hazard. […] Bank of Canada governor Stephen Poloz appears terrified of disturbing our economic road built on inflated house prices and unsustainable debt. Poloz repeatedly said he is not predicting a real estate downturn, just that “the risk, whatever it is, is growing.” […] Evidence from Newfoundland and Labrador, where house prices have begun to fall just as other costs are rising and job markets weaken, indicates that Canadians really don’t understand the dangerous downside of overwhelming debt. […] “Lenders, retailers,… Read more »
patriotz
Member

Boomers, don’t sit around on your plans to downsize your home

Remember – don’t panic, but if you’re going to panic, be the first.

888888
Guest
888888
Combat roach
Guest
Combat roach
888888
Guest
888888

I doubt many American’s would move here, you can afford a house there .More realturd booster’s B.S.

888888
Guest
888888
888888
Guest
888888

Chrusty must be proud of how she feels her kinship to these women .She should of put them in her friend’s book. It’s the right thing to do ,as she said. http://www.news1130.com/2016/06/09/new-report-sheds-light-on-life-for-women-inside-downtown-eastside-rooming-houses/

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE

Don’t fall for Atira scare tactic

Atira always use the same tactic to get money from BC govermnet .BC housing head Shayne Ramsay is married to Janice Abbott,executive director of the Atira.

They been running brothels from their housing .housing condition is bad.

http://www.vancourier.com/opinion/vancouver-housing-provider-operates-brothels-in-the-downtown-eastside-1.383140

http://www.cbc.ca/news/canada/british-columbia/public-housing-in-vancouver-called-crack-shacks-and-brothels-1.1171770

ostritch
Member
ostritch

All the political talk for intervening in this market is full of phrases like helping people into their first home. Or helping families move up the ladder. So that’s from BOTH Trudeau and Chrisite. They simply won’t or can’t stop foreign inflows. Trudeau hasn’t even begun to think of immigration from countries with 89% home ownership as part of the reason why.

Soon the Fed will raise rates. After that, the BOC WON’T follow. This means the CDN$ could fall again offering another discount on properties here. Eventually, the FED will normalize but what will normal look like from here? Up 3-4%? Or up just a few fractions of a percent? Imagine what happens if this is the case.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

It’s depressing.

How can they not agree that houses should be people’s homes in the first instance, and that average salaries here cannot compete with global jet-setter money-laundering foreign money.

Also, I don’t get the 10 year visa at all. What is the official reasoning behind that, I wonder.

Combat roach
Guest
Combat roach

Just a backdoor for RE shopping and money laundering. Bullshit families and younger workers, who aren’t employable but have money from home to bring in.

888888
Guest
888888
Newcomer
Member
Newcomer

Oh FFS! Really?

Shut It Down Already
Guest
Shut It Down Already

10 year visas for parents/grandparents may encourage younger workers to come to (or remain in) Canada knowing that they need not be separated from their family.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

OK. I wonder if a politician has spoken that justification into the record.

paulb
Member

New
201
Sold
264
TI:8382

http://www.paulboenisch.com

StupidityCheck
Guest
StupidityCheck

Yes, as HAMster commented, quite a slowdown!

888888
Guest
888888
888888
Guest
888888

Hey Christy here’s a good watch not like you’re boring book https://www.youtube.com/watch?v=DXnN4tyHS8w

southseacompany
Member
southseacompany

Best headline today:

“Yes, there’s a housing bubble. No, Ottawa has no clue what to do”, Globe & Mail

http://www.theglobeandmail.com/opinion/editorials/yes-theres-a-housing-bubble-no-ottawa-has-no-clue-what-to-do/article30384483/

“The improbably steep increases in housing prices in the Vancouver and Toronto areas are not sustainable, says the Bank of Canada. Well, duh. Maclean’s recently estimated that, if the current rate of increase continues unabated, the average price of a home in Canada in 2040 will be $21-million. Evidence suggests that something has to give.”

patriotz
Member

But pushed too far, they might lead to a drop in prices – something no one wants, given that the threat that various economists have long worried about is an event that causes housing prices to abruptly reverse course.

Well of course some people want lower prices, but they are outnumbered. And that’s essentially the same problem the NP article pointed out a little while back – governments know perfectly well to how to control prices, but they are afraid that the solutions will work too well.

The solution to high prices is lower prices, and as long as governments are afraid of the solution, they will evade it.

Who cares any longer...
Guest
Who cares any longer...

Perhaps all Chinese billionaires would explicitly live in Vancouver? Would it be enough houses in 2040 to accommodate them?

Shut It Down Already
Guest
Shut It Down Already

There are only about 200 billionaires in China. A imagine only a tiny fraction would choose Vancouver over SF, New York, London, etc.

franko
Member
franko

” Until the people rise up, they will continue to be screwed ”
Would be cool to see homeless dudes occupying some of those vacant mansions.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Wasn’t someone going to publish the addresses of the unoccupied homes where they would see them?

Yunak
Member
Yunak

Anybody interested in the Tuhao’s shitshow and foreign “RE investors” A.K.A. launderers can go to see them these days at Dunsmuir and Grenville St. They are exposed as exotic fishes in an aquarium at the new Chanel Flagship Concession…

http://www.retail-insider.com/retail-insider/2016/6/chanel-vancouver

Who cares any longer...
Guest
Who cares any longer...

After years of pumping money into the country’s frothiest housing markets, Canada’s big banks are suddenly—and alarmingly—nervous about the debt-fuelled monster they’ve helped to create…

http://www.macleans.ca/economy/a-housing-market-thats-too-hot-to-handle/

Truth
Guest
Truth

Rents are skyrocketing.

Like someone else posted, 10 year visitor visas (people who will never leave) and student visa inflows are approaching 1 million people.

Until the people rise up, they will continue to be screwed.

space889
Member
space889

As I said, eventually it will probably be easier for local students to get into Harvard / Stanford / MIT / etc than into UBC / SFU. BC Lib is about as a corp sellout and looter as you can get and not a single one of them will ever even be brought up to trial for betraying public trust and oath of office. Instead they will all enjoy nice super gold plate pensions that us regular joe don’t even dare to dream about.

And people here think we have a nice clean democracy. It’s rotten to the core and worse than many 3rd world countries.

mls watch
Guest
mls watch

UBC is appointing top admin from Best Buy. It is failure, getting worse by the day.

patriotz
Member

Oh it’s a democracy. The government is rotten because the voters (well enough of them) are rotten.

Zero Down Forty
Guest
Zero Down Forty

Today Christy announced a tax on homes over $ 3mil (which only make up 5-7% of home sales in Metro – so will have little effect), while eliminated the property-transfer tax on new homes under $750,000. Last year 70% of Metro sales where for homes under $1 mil, so eliminating this tax will only help subsidize the majority of buyers and keep prices up.

The powers that be certainly do know who is driving the market.

http://www.theprovince.com/smyth+premier+clark+plan+keep+metro+vancouver+homes+affordable/11973542/story.html

Good ploy. Keep inferring to the masses that they’ll be priced out by some foreign bogeyman, and then tell them you’ll give them a helping hand to buy. At the same time keeping the 65% of households who are homeowners comfortable with the knowledge that their ‘hard-earned’ equity is safe.

Geobbels couldn’t have done better

888888
Guest
888888

It’s not going to work, the problem now is that these high price’s are starting to filter through the economy in higher rent’s ,business cost etc. I can’t wait until the next gov’t employee contract negotiation’s.

HAMster
Guest
HAMster

YVR real estate buying slowdown in progress. It’s becoming quite noticeable.

StupidityCheck
Guest
StupidityCheck

Shut up, Romeo “WestsideRealtor” Jordan. You idiot.

space889
Member
space889

That must be why prices are still going up like crazy, bidding wars galore, and no inventory at all. Unless your ideal place is a 600 sq ft palatial family friends condo.

Hyper-mega-Bull
Member
Hyper-mega-Bull

best may in 5 years though.

HAMster
Guest
HAMster

Liar Christy suddenly opens up about her enduring sexual violence…

“I remember all of the sexual advances from strangers: getting flashed, groped, spied on,” Clark writes.

She sounds a bit paranoid to me and quite frankly I find this a suspicious attempt at garnering sympathy when her popularity is in the toilet. My wife has many women friends and none of them have ever experienced anything near what CC is describing.

888888
Guest
888888
space889
Member
space889

Wonder how many copies it will sell? Or maybe Bobby Rennie is buying a few pallets to give away as must read to his employees and vendors and customers?

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName
Well, your wife is one in ten million then. Or the both of you are very old and in denial. Every single woman I know (and I know women from many regions of the world and many walks of life) including myself, has experienced such things, including rape and all kinds of denigrating actions, with men laughing about it in private later. Rich women and poor women, educated and humble ones, all. I’m no supporter of Christy Clark as a politician, far from it, but denying that there is frequent violence against women in our society, along with an attitude of entitlement with respect to them, is worse than denying there is a housing crisis of extreme and harmful proportions in Vancouver. It is appropriate for her to speak out about these matters, especially in light of yesterday’s news and… Read more »
space889
Member
space889

So basically all men are rapists or sex offenders??

I guess if you go out in summer wearing a short skirt cuz it was really hot, and some fat guy stared at you for 2 seconds, that’s denigrating and sexual assault right?
Or heavens forbid, some random ugly guy walks past you, whistles and say nice skirts. He should totally be thrown in jail for that?!

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Do you have no brain at all? I”m becoming more convinced by the day you are a bot.

HAMster
Guest
HAMster

In the world of a feminist every man is a rapist.

mls watch
Guest
mls watch

2% is more like it, but it depends a lot on the upbringing

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

No, that’s stupid, HAMster (which I don’t usually expect from you), and shows you don’t know any intelligent women and do not have any sisters (or if you do, they are not fully functioning people).

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

My comment saying “that’s stupid” is referring to HAMster’s comment: “In the world of a feminist every man is a rapist”. I think you have too restrictive a view of what feminism is and probably too restrictive a view on gender roles. Use some imagination and stop thinking in cliches, please.

space889
Member
space889

Yes! Though I wonder if they would first turn in their dad & brothers to police first? After all, they must have committed dozens of sexual offenses every year.

mls watch
Guest
mls watch

10% of women are abused by a family member. They very rarely go to the police. Racist jokes are tabou in this society, but it seems your humour is not.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

You don’t really get numbers, do you Space?

Suppose there is a population where there are 100 women and 100 men. Let’s say that in this population all of the women have been kicked. Does that imply that all of the men kicked someone? No, it does not. Two men doing all the kicking would account for the high percentage of women who are kicked.

patriotz
Member

The boards of governors of the universities are appointed by Christy herself. This private member’s bill was introduced because its supporters felt Christy’s own appointees weren’t doing a proper job of handling the sexual violence issue, and it’s the height of hypocrisy for Christy to jump on the bandwagon now.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Fair enough.

But even if she is not a leader in speaking out about this issue or doing anything about it by putting the right people in power, at least she is willing to speak to it now. That’s something. Even if she is taking credit for something others have done (those who introduced the bill) she is speaking to something that is basic and too often not acknowledged.

patriotz
Member

Christy is part of the problem and she is trying to duck responsibility by talking like a victim. I might be able to take her seriously if she admitted she had been appointing the wrong people to the university BOGs and asked for the resignations of all of them, and instituted a policy of appointing new governors on the basis of service to the students and not the BC Liberal Party.

bullwhip29
Guest
bullwhip29

laughed out loud when i heard this. sorry, call me an A-hole but I dont believe a word of it. just stories, nothing verifiable or documented. i call total BS. perhaps many of the female voters out there will do so as well. she must think they’re all a bunch of idiots who believe everything Kim kardashian (and family) says the to paid msm sell outs.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

It won’t earn my vote because her government’s policies pertaining to housing have been too harmful to Vancouver, as have her policies regarding education, but that doesn’t mean that nothing she does is good. I appreciate that she is here doing a positive thing in owning that there is violence and disrespect towards women qua women in our society.

space889
Member
space889

You can’t pay me enough $$$ with legal immunity to do any of those things to her….gosh…

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Hey Space, are you identical with that man who yesterday or two days ago complained in the newspapers that a violent rapist in California got punished for what was only, as he put it, “20 minutes of action”.

space889
Member
space889

No, but I wouldn’t be surprised if you or another member of team BPOM is.

at least I have some integrity that isn’t for sell.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Huh? Are you a bot? Nothing you say makes sense, Space.

Best place on meth
Guest
Best place on meth

She should have saved this for the election so she can get sympathy votes.

Too soon.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

I was thinking that she chose the timing on purpose, as an opportunity to get votes that she has lost in the population of K-12 teachers, as everyone struggles to recover from the words used yesterday to describe the awarding of a man millions of dollars for a trial wrongly conducted.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Which does not mean that she is not in this case sincere about trying to solve the problem.

space889
Member
space889

Election is next year…she needs a head start to get people like you behind her.

Best place on meth
Guest
Best place on meth

The only reason I would ever get behind her would be to slap her in the back of her head.

HAMster
Guest
HAMster

If Poloz is suddenly so concerned about housing bubbles he should raise interest rates back up over 1% which is still ridiculously low.

patriotz
Member

That’s like cutting off somebody’s foot because they have a wart. The problem is government policies that funnel capital into RE. That’s what needs to be fixed. Raising interest rates without a lead from the US will lead to a rising CAD and a blow to Canada’s export industries at the worst possible time.

space889
Member
space889

And potentially trash all other sectors of the economy? You don’t swing a big ass warhammer to hit a tiny nail. WaRRRGGGGGG!!!

Just start deporting Chinese wanted criminals – if some political dissent can live in a $3M house, I doubt he’s clean unless he can prove he run some actually business or massive levered up on Chinese RE boom.
Slapped on surcharges on property taxes on homes owned by non-tax return filing owners or trusts, and isn’t not rent out to a tax filing resident with enough rent to cover at least property taxes.
Oh, and make social benefits mean tests by including assets owned as well. If you can afford to live in a $3M house then my taxes shouldn’t go support your childcare, or whatever.

Hyper-mega-Bull
Member
Hyper-mega-Bull

bold prediction: mortgage rates go down before they go up.

bullwhip29
Guest
bullwhip29

the powers that be are acutely aware that HAM (not needing a mortgage) is driving the market. not surprisingly no one is keen on being the first to blow the whistle

southseacompany
Member
southseacompany

“Low interest rates and timid governments are trashing economic growth, warns OECD”, The Telegraph

http://www.telegraph.co.uk/business/2016/06/09/low-interest-rates-and-timid-governments-are-trashing-economic-g/

“Permanently low interest rates are ruining investments and savings, the Organisation for Economic Co-operation and Development (OECD) has warned, undermining long-term economic growth. Low rates are designed as an emergency boost to crisis-stricken economies, but are harmful over long periods of time, the study said.”

Mandrake
Guest
Mandrake

Lol…

Toronto, Vancouver home price gains unsustainable, Poloz warns
The Globe and Mail (subscription) – 48m ago
Bank of Canada Governor Stephen Poloz says recent home price gains in the red-hot Toronto and Vancouver markets are unsustainable, increasing the probability of an eventual correction.

southseacompany
Member
southseacompany

“Bank of Canada says house price increases in Vancouver, Toronto likely unsustainable”, CBC video

http://www.cbc.ca/news/business/bank-canada-housing-financial-1.3624088

southseacompany
Member
southseacompany

Includes link to live video of Poloz conference at the moment.

Nom Nom Nom
Guest
Nom Nom Nom

Thanks for posting SSC… It is becoming a full time job keeping up with all the topical articles that are being churned off the presses these days!

southseacompany
Member
southseacompany

“A housing market that’s too hot to handle”, Maclean’s

http://www.macleans.ca/economy/a-housing-market-thats-too-hot-to-handle/

” After years of pumping money into the country’s frothiest housing markets, Canada’s big banks are suddenly—and alarmingly—nervous about the debt-fuelled monster they’ve helped to create.”