30 years of vacant lots in False Creek

We may be running out of land, but apparently the old expo lands aren’t. The city has had tentative rights to 6 vacant lots intended for affordable housing for almost 3 decades:

Veteran architect and planner Michael Geller said it is “outrageous” that these sites haven’t been developed, but he believes talks could now be rekindled — even if the levels of government come up with a different plan for who might live in these future buildings, such as a mix of social, low-income, rental and affordable ownership. Some type of solution is required, he argued, if people are going to believe the affordable housing promises made for future developments in the city.

“When Northeast False Creek came up, I did say: Look, it’s great to promise all this affordable housing, but let’s not forget we still have these six sites undeveloped in the north shore of False Creek,’” said Geller, who was involved in the Coal Harbour development at the time.

Read the full article here.

 

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Lost,... but not leased
Guest
Lost,... but not leased

Gold medal….first !!!!

Bag it and tag it
Member
Bag it and tag it

You may overtake Oracle for most annoying.

bullwhip29
Guest
bullwhip29

in this hick town where sketchy back room dealings coupled with a healthy dose of nimbyism are par for the course, why would anyone expect anything less? now that these neighborhoods have become pretty much saturated with 7 and 8-figure properties, the odds of one of these projects getting off the ground (as per original objective) land somewhere between slim and none. i’d say the more likely outcome will be a series of kneejerk deals with off colour developers who initially propose something that looks good on paper only to have the city either bungle it up, pull a fast one on its citizens or have the tables flipped on them by the very same RE developer gangsters who have been playing fast and loose for decades.

Just me
Guest
Just me

I personally do not trust much of what Michael Geller says. The guy seems to be on the wrong side of every single debate on housing in this city. This is probably no different.

My hunch is that the lots in question are better left undisturbed, as any move right now would benefit developers and connected people rather than fixing the housing crisis. Given their location, I would not be surprised if development resulted in glass boxes marketed to mainland China “investors”.

See Saw
Guest
See Saw

Oh, wouldn’t that suit your “narrative”, Just me…all too well. Spook those locals! The CHINESE are a comin’!

Just me
Guest
Just me

They are not a comin’ . They already came and settled comfortably.

Best place on meth
Member
Best place on meth

They came, they saw, they raped the city.

See Saw
Guest
See Saw

BS. It was idiot locals like you who “saw it coming” and bought everything they could get their hands on. Right?

Just me
Guest
Just me

I really believe you have a very limited grasp of reality. For the record, I am not a homeowner and I really hope prices adjust down. However, I am not blind to reality.

Our main chance of seeing change is to (i) have the NDP enforce what they promised; (ii) restrict flows of millionaires migrants from China; (iii) see further tightening of credit, especially to people who leverage money from Asia.

Yes, Chinese money is alive and well in Vancouver. Until prices start dropping to more reasonable levels, I will reserve judgment on the effectiveness of the measures deployed so far.

See Saw
Guest
See Saw

They already are you nincompoop. Do you EVER check Zolo or My Realty Check? So, YOU need to get a grasp on “reality”. Did you actually think (like a lot of other dullards on this site) that this bubble would go on forever?

All bubbles pop and this one will be “spectaculat”.

See Saw
Guest
See Saw

Just so you know, I coined a new word blend; “SPectacuLAT” = “SPLAT”.

Lost,... but not leased
Guest
Lost,... but not leased

This spot reserved for SIDA (________________________)

Best place on meth
Member
Best place on meth

The only spot reserved for that worthless piece of shit is in hell.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Says the racist.

Best place on meth
Member
Best place on meth

Charles Manson is waiting for you.

He’ll even let you have the top bunk.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Hell? I’m guessing you believe in Santa, as well? Too cute.

Lost,... but not leased
Guest
Lost,... but not leased

This spot reserved for SIDA (_____________________)

Shut It Down Already (original)
Guest
Shut It Down Already (original)

The main chance is greedy locals coming to the realization that a house isn’t a retirement plan and prices don’t always go up. Bubble psychology 101.

Oracle
Guest
Oracle

He is mocking you. Wake up!

backwardsevolution
Guest
backwardsevolution

Sentiment has changed. The Chinese Ponzi has already started to unravel.

paulb
Member
Active Member

New
231
Price Change
33
Sold
140
TI:8749

http://www.clivestevepaul.com

Whister or Bust?
Guest
Whister or Bust?

Ho Hum…

Not a bad sales number.

Where is the crash everyone is talking about?

I want it as much as anyone but until we see a full 10% drop in prices and a ballooning of inventory everything else is conversation and a waste of 1’s and 0’s.

See Saw
Guest
See Saw

There has already BEEN a 30% drop. Duh.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Didn’t you call the top a couple of years ago, disappear, and return a year later to do a victory lap about nailing the prediction?

Whistler or Bust?
Guest
Whistler or Bust?

Where is the drop in prices everyone is talking about?

Can someone post some real evidence if they have any? I am seeing no change at all.

Ternet might not be perfect but its the best thing we have.

backwardsevolution
Guest
backwardsevolution

Whistler or Bust? – do you have the attention span of a two-year old? I just bet you’re the type of guy, after a lifetime of packing on the pounds, who expects to see his toes again after one day of dieting. And then stands there screaming when he doesn’t see results.

Sentiment has changed now. Patience.

Whistler or Bust?
Guest
Whistler or Bust?

There are many here who are screaming at the top of their lungs that the market is in a full blown crash. And while I would LOVE to believe that I don’t see it at all. I am simply asking to see some real evidence that said crash is underway.

Do you have any you can share?

(Cue the next attack on me for daring to ask for real evidence and data)

backwardsevolution
Guest
backwardsevolution

You will get your wish soon enough, my friend.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

It was you doing the screaming two years ago, remember?

Whistler or Bust?
Guest
Whistler or Bust?

Wow that is some evidence of crashing prices!

Best place on meth
Member
Best place on meth

The local real estate board is cooking their “benchmark prices”.

Terenet just came out with their stats for Feb, and the REBGV numbers are way out of line.

Teranet reported month over month prices increases of 0.4% while the local gangsters reported a rise of 1.4%. This kind of discrepancy is extreme.

I got a heads up a few days ago that something was fishy while checking specific neighborhood stats from the cartel. Detached in areas with extremely high MOI showed prices going up from a month ago. This is why they rejigged their proprietary pricing formula that remains secret.

West Van detached has an MOI of 19, yet prices rose 0.4%? Richmond MOI at 13 and prices up 0.1%? Burnaby east MOI at 10, prices up 1.1%

Yeah, right.

These dirtbags need to be investigated, preferably by the nastiest people the RCMP ever recruited.

specuskeptic
Member

Still on my policy shopping list is transaction transparency that would facilitate a Zillow of the north.

See Saw
Guest
See Saw

Teranet is a faulty and LAGGING metric and most observers with any brains give it very short shrift.

See Saw
Guest
See Saw

And, if anyone falls for REBGV “benchmark pricing” they need to have their heads examined, pronto.

Best place on meth
Member
Best place on meth

Please explain the faultiness and lagginess of Teranet’s date, see weed.

As a well respected poster on this forum, we all look up to you.

Bag it and tag it
Member
Bag it and tag it

If Teranet is lagging then when prices are dropping the Teranet index should show less of a decline than our local benchmark, but the opposite is true in this case.

patriotz
Member

Teranet uses a 3 month moving average, but the REBGV doesn’t. Thus the latter is more “noisy” and prone to higher m/m variation, whether due to actual market variation or quirks in methodology.

Shut It Down Already (original)
Guest
Shut It Down Already (original)

Discrepancy? Given the differences in methodology I’d be positively shocked if they agreed every single month – or even ever.

But you’ve clearly shown yourself to be the expert here this past decade, so please continue….

backwardsevolution
Guest
backwardsevolution

Best place on meth – just busy pulling figures out of their asses. And they even have the audacity to include the word “real” in their job description (as in realtor)? Yeah, real lies, real manipulation, real spin.

kabloona
Member
kabloona
New mortgage rules behind slide in B.C. home sales: real estate association https://ca.finance.yahoo.com/news/mortgage-rules-behind-slide-b-175332983.html 😉 Skip to Navigation Skip to Market Summary Skip to Main Content Skip to Related Content Sign in Finance Home Watchlists My Portfolio My Screeners Yahoo Originals Personal Finance Tech Market Data Industry News Canadian Markets are closed S&P/TSX 15,653.61 +6.47(+0.04%) S&P 500 2,749.48 -15.83(-0.57%) DOW 24,758.12 -248.91(-1.00%) CAD/USD 0.7717 +0.0004(+0.05%) CRUDE OIL 61.07 +0.11(+0.18%) Oil prices stable on healthy demand, but oversupply looms later in 2018 Oil prices stable on healthy demand, but oversupply looms later in 2018 Oil prices were stable on Thursday, supported by healthy global demand but held back by the relentless rise in U.S. production that is undermining efforts led by producer cartel OPEC to cut supplies and … Read More » Start the conversation Dollar slips vs yen on worries over… Read more »
Oracle
Guest
Oracle

Sure hope the people here are emailing the NDP to hold strong. And telling other renters to do same. Especially to Carole James.

Don’t waste time arguing with the trolls here. Funny how the Speculation Tax outed them and shows who the true people are that want much lower prices.

BPOM Laibach JustMe etc. Now is when we need you. Not here but other platforms etc.

KickThemOut
Member
KickThemOut

They are either too scared or banned from other platforms.

kabloona
Member
kabloona

Oops….why can’t they edit on this site….

🙁

https://ca.finance.yahoo.com/news/mortgage-rules-behind-slide-b-175332983.html

VANCOUVER — The British Columbia Real Estate Association says tough mortgage qualification rules are a key reason for a provincewide drop in housing demand last month compared with February 2017.

The association says home sales fell 5.7 per cent in February, with about 6,200 properties changing hands.

Chief economist Cameron Muir says on a seasonally adjusted basis, sales have plummeted more than 26 per cent since new federal mortgage rules took effect at the beginning of the year.

backwardsevolution
Guest
backwardsevolution

Cameron Muir is a bum who should be in jail.

Best place on meth
Member
Best place on meth
Just me
Guest
Just me

Yes. We should all worry about the psychological and overall well being of cheaters, liars and immigration scammers. After all they live in a self-inflicted state of anxiety, as they could be found out any minute.

There is an easy solution, I suppose. Don’t cheat. Don’t steal from others. Try to respect the law. You will sleep like a baby at night. No anxiety or stress.

What a pile of junk that article is. Very disappointing.

Laibach
Member
Laibach

That’s really odd to be even written about. It should be as simple as sewer pipe for that type of matter, shit in – shit out.

Best place on meth
Member
Best place on meth

This one though is a beauty.

https://thinkpol.ca/2018/03/13/hong-kong-tycoon-linked-offshore-tax-havens-flipping-18m-vancouver-house-shell-company/

“A Hong Kong property tycoon known as the “King of Shell Companies,” whose name appears in the Offshore Leaks database of tax haven clients, is trying to sell a house in Vancouver Westside for $18.88 million after buying it just three months ago for $14.12 million.

A British Columbia shell company called Joyful Holdings Ltd bought the property on the 4700 block of West 2nd Avenue on December 12, 2017, according to Land Titles and Survey Authority records for the property.”

southseacompany
Member
southseacompany

“Canada House Price Index Shows Declines In Majority Of Cities As ‘Correction’ Sets In”, Huffington Post

http://www.huffingtonpost.ca/2018/03/14/house-price-index-canada-february-2018_a_23385569/

“House prices decline in seven of 11 major cities. Toronto could see prolonged slowdown. Vancouver price pressures may ‘fade out’ in coming months”

“While Vancouver’s price index continued to rise in February, Pinsonneault said that’s unlikely to last. According to the city’s real estate board, single-family home sales fell 39.4 per cent in February, from the same month a year earlier. The condo market is holding up only somewhat better, with sales down 7.1 per cent.”

southseacompany
Member
southseacompany

“High housing prices signal a danger of reckoning to come”, Financial Times

Google link: https://www.google.ca/search?biw=1864&bih=906&tbm=nws&ei=dgyqWq37MMiKjwPr5qO4Dw&q=%22High+housing+prices+signal+a+danger+of+reckoning+to+come%22&oq=%22High+housing+prices+signal+a+danger+of+reckoning+to+come%22&gs_l=psy-ab.3…74594.75359.0.75527.3.3.0.0.0.0.77.157.3.3.0….0…1c.1j2.64.psy-ab..0.0.0….0.Sv7k4EpiNAU

“US mortgage loans are now back at nearly $15tn, the same as at the 2008 peak”

YVR
Guest
YVR

Just as I predicted. Vancouver Island communities also want out of speculation tax.

Meanwhile, multiple communities from the Regional District of Nanaimo have also joined West Kelowna in raising their concerns about the tax. Parksville Mayor Mark Lefebvre said his city also wants out. He said tourism plays a significant role in their local economy, noting the community is home to many shared ownership and timeshare resorts.

https://globalnews.ca/news/4083087/west-kelowna-and-nanaimo-speculation-tax/

YVR
Guest
YVR

James says people’s concerns are not going unheard. She said the provincial government is listening to all the advice people are putting forward, including Kelowna.

YVR
Guest
YVR

At the March 13th RDN Committee of the Whole meeting, the RDN Board of Directors unanimously agreed to object to the speculation tax in any form, in any region or municipality in BC.

https://www.cheknews.ca/regional-district-of-nanaimo-raises-concerns-about-ndp-governments-new-speculation-tax-429191/

backwardsevolution
Guest
backwardsevolution

Oh, there’s enough housing, RDN Board. Just too much speculation.

backwardsevolution
Guest
backwardsevolution

YVR – boy, it’s amazing how these people scream like babies, isn’t it?

Laibach
Member
Laibach

“Unfortunately we’re going after a major NAFTA ally. Perhaps America’s greatest ally. Namely, Canada,” Kudlow said on CNBC, discussing possible tariffs two weeks ago.

“Even with this left-wing crazy guy Trudeau … they’re still our pals. Why are we going after them?”

http://www.cbc.ca/beta/news/politics/kudlow-trump-nafta-catastrophe-1.4576572

bullwhip29
Guest
bullwhip29

CREA: Canadian home sales fall further in February marking the second consecutive monthly decline and the lowest reading in nearly five years
http://creastats.crea.ca/natl/index.html

backwardsevolution
Guest
backwardsevolution

Sentiment has changed.

bullwhip29
Guest
bullwhip29

A flyer opposing the proposed homeless housing project on Elmbridge Way contains misinformation, according to the City of Richmond
http://www.richmond-news.com/news/flyers-opposing-modular-housing-circulated-near-city-hall-1.23201854

backwardsevolution
Guest
backwardsevolution

A flyer contains misinformation? Why, of course it does! I’d expect nothing less.

bullwhip29
Guest
bullwhip29

Many MLAs Have Personal Interest in Speculation Tax Hit
https://thetyee.ca/News/2018/03/12/MLAs-Speculation-Tax-Hit/

southseacompany
Member
southseacompany

“Even house-rich homeowners agree: Vancouver has an affordability problem”, Globe & Mail

https://www.theglobeandmail.com/real-estate/vancouver/even-house-rich-homeowners-agree-vancouver-has-an-affordability-problem/article38285406/

“Vancouver homeowners, after years of focusing on their growing equity and ignoring the housing inequality around them – have come to a new awareness: high home prices are crippling the region.”

“The city is now divided according to those who got into the housing market early enough that they could afford to buy and those who feel as if they’ve been shut out.”

bullwhip29
Guest
bullwhip29

Vision Vancouver motion asks park board to consider turning Langara golf course into a park
http://vancouversun.com/news/local-news/vision-vancouver-motion-says-langara-golf-course-should-be-turned-into-a-park

>>> clearly, the end game here will be Oakridge 2.0 with maybe fewer towers and a little more “green space” (to be redeveloped at a later time). all parties involved know this land is a goldmine and will dig in their heels until clarity not only on whether a pie will be baked but on who specifically will be getting the largest slices

backwardsevolution
Guest
backwardsevolution

After Trump gets through with China and China’s Ponzi scheme implodes, well then the fun will really begin.

Dave
Member

How about turning that property into rental towers? If the land is paid for, why doesn’t the City, the Province or the Feds build rental towers? They’d have positive net income and would help fix the housing problem.

We’re so stupid in this City… I swear to god these people are idiots… we don’t need more parks you dummies.

backwardsevolution
Guest
backwardsevolution

Dave – they’re not stupid; they’re calculating. They know we don’t need more parks. They just don’t want rental towers in “their” neighbourhood.

Dave
Member

Ya, the guys in planning know not to bite the hand that feeds them.

backwardsevolution
Guest
backwardsevolution

We’re just getting started.

“Anyone who believes rising rates, the mortgage stress test, moronic politicians and economic uncertainty are not having an impact has their blinders on. Toronto sales tumbled 25% last month. Vancouver detached numbers are awful. Look at poor Victoria, where March sales have crashed 28.5%. Three-quarters of regional markets are stagnant or in decline. “The notion that the new stress test for uninsured mortgages would slow down Canada’s housing market is getting more and more currency,” RBC senior economist Robert Hogue wrote in a note to clients late last week. “After a sharp drop in January, home resale activity was weak again in February.”

bullwhip29
Guest
bullwhip29
i wouldn’t be popping champagne corks just yet. the whole issue with the “speculation” tax is a very fluid situation as is the FBT. imho horgan and james basically painted themselves into a corner given how clumsily it was unveiled on budget day. failure to include additional exemptions for the local (and maybe all Cdn) vacationers as well as waiving the FBT in the regions added on budget day will result in all kinds of political blowback which will undoubtedly bring Horgan’s reign in Victoria to an abrupt end. should they cave in and let basically anyone with a Cdn footprint off the hook (not to mention foreign buyers in secondary markets), where do you think we will be in terms of the housing issue in 12, 18, 24 months from now? now, more importantly, if they do in fact… Read more »
backwardsevolution
Guest
backwardsevolution

Oh, I’m sure you don’t like this one bit, bullwhip, but they’ll get the speculation squeezed out. It’s never pretty, though, is it?

UBC in crisis
Guest
UBC in crisis

Very few sellers priced to sell (e.g. if the example below reduced to $3 millions, there may be takers or NOT).

3947 W 21st Avenue, Vancouver
Sep 28:$4,490,000
Mar 2: $4,150,000
Change: – 340000.00 -8%

KickThemOut
Member
KickThemOut

Awfully nice for Michael Geller who have profited extremely handsomely from the RE bubble to now come out and play the good guy. Almost as heart warming as if Bob Reenie suddenly having an epiphany and declare how city should have affordable 400 sq ft 2/3br homes for families.

bullwhip29
Guest
bullwhip29

MACLEAN’S: B.C.’s real estate ‘speculation tax’ will reserve homes for the ultra rich
The B.C. NDP government’s new tax will compound the ill effects of rent controls on supply
http://www.macleans.ca/economy/realestateeconomy/b-c-s-real-estate-speculation-tax-will-reserve-homes-for-the-ultra-rich/

patriotz
Member

The authors’ CV lists a who’s who’s of right-wing “think tanks” both in BC and in the US.

https://www.fraserinstitute.org/profile/mark-milke

Dave
Member
Mark’s a good guy and I’m normally a right wing leaning guy, but we had a market failure in Vancouver. What Mark doesn’t understand is that a free market didn’t get us to this point, it was government manipulation in the form of unnecessarily low interest rates, the influx of foreign cash and constraints on development by municipal governments, amongst many other things. In a market failure, the government has to intervene. I don’t like that anymore than Mark does, but it’s the only rationale solution. The wealth gains from this artificial market should be redistributed back to the population through taxation. I don’t care about his hypothetical example of granny having a vacation property and not be able to afford it. The Boomers are doing just fine thanks and if you have two homes, you won the lottery so… Read more »
patriotz
Member

Re rent controls. Alberta has no rent controls at all. This has not led to Alberta getting more purpose built rentals than elsewhere. In fact, Alberta has seen the biggest loss of purpose built rentals in the country, because it has no controls on condo conversions. The condo conversions happened for the same reason new rentals weren’t built – condos sell for far more than rental value, so developers make more money selling units than renting them out.

Dave
Member
That’s just a reflection of supply and demand. If there is more money in selling for ownership, then rents will go up once the supply starts to go down. Once rents go up, more supply will open up. You can’t ignore economics. But I also shouldn’t ignore government distortions and the creation of an artificial housing bubble. The solution to the problem isn’t fixing the symptoms (of which you point out one), but fixing the actual problem. As much as I am a free market advocate, I don’t think it’s completely possible in real estate. I think governments need to intervene to put limits on the market. That’s an extremely difficult task and history shows countless examples of how we mess it up. In my opinion, the easiest solution is to raise interest rates a couple points and let’s see… Read more »
backwardsevolution
Guest
backwardsevolution

“As much as I am a free market advocate, I don’t think it’s completely possible in real estate.” It is probably possible, but the government would need to keep their hands off interest rates (not artificially suppress them), CMHC would have to go, and on and on. You get the picture.

Dave
Member
You can never take government out of it. They control the zoning and what you can build. They control the codes to which you build. They tax they hell out of anything that touches real estate. They force all sorts of schemes on you. The alternative has been tried. Walk around Vegas or Houston Texas to get an idea of how limited planning results in another form of failure. I don’t know what the happy medium is, but I think we’re one extreme. While Vancouver is a nice City due to planning, it has also become a failure in terms of affordability. Our whole transportation infrastructure is set for a major change in the next 10 or 20 years with automated cars. Maybe places like LA all of a sudden become great cities because it’s easy to get around and… Read more »
backwardsevolution
Guest
backwardsevolution

Thanks for your reply, Dave. I guess you’re right. The government also controls the amount of government land that is released, and politicians are known to take bribes. It’s politics.

Both our federal and provincial governments have engineered and manufactured this housing mess, that without their careful stroking and blatant manipulation, most of this mess would never have happened. They had a choice at every wobble, every downturn, and they chose to prop it up.

I mourn the loss of my city. I will never forgive them for that.

Dave
Member

I agree, the whole thing is one big mess. The BC Liberals have a lot to answer for. When CMHC would tighten the screws, they would find a way to loosen it elsewhere (e.g. first time buyer program).

Poloz is the biggest culprit of them all and continues to be by not raising rates to force the bubble down.

While not perfect, the NDP are the only people to have taken bold steps. I’m sure my opinion will change once I feel the effects on my bottom line and I’m sure the echo chamber I live in will affect me.

backwardsevolution
Guest
backwardsevolution
Dave – yes, Poloz is criminal, as was Carney before him. All of the world’s central banks were in collusion on artificially suppressing interest rates. This took a concerted effort. China became the giant stimulus engine, and all the Communist Party members started hoarding commodities, and then taking out loans against those commodities (often times pledging the same pile of commodities as collateral at four to six different banks). Who was paying attention? Who cared? Jim Flaherty, probably on orders from Harper, kept allowing longer and longer amortization periods. I’m sure the stress of that job caused him an early death. No money down, no doc, cash back, anything to keep the Ponzi going. Large amounts of immigration, especially the corrupt and wealthy kind. This should never have been allowed. Looking the other way on money laundering. At least the… Read more »
Just me
Guest
Just me
“What Mark doesn’t understand is that a free market didn’t get us to this point, it was government manipulation in the form of unnecessarily low-interest rates, the influx of foreign cash and constraints on development by municipal governments, amongst many other things. ” I agree. But you forgot a key one: unnaturally low taxes on house assessments, in the range of 0.5%. these made housing a perfect vehicle to store wealth, thanks to ridiculously low carrying costs. Also, do not forget the many government interventions that were pro-housing: insured mortgages, help to buy, exemptions for first-time buyers. Are these government interventions OK? “The Boomers are doing just fine thanks and if you have two homes, you won the lottery so suck it up. You can afford to pay that 2%.” Again, I agree 100%. The boomers can defer taxes, so… Read more »