BC, economy, prices, renting

The hollowing out of Vancouver

202
202 Comments

Some smaller retailers are packing up and leaving Vancouveras rents rise and some owners would prefer to leave retail units empty:

“Certain areas of Vancouver are hollowing out,” Patterson said.

On Denman and Robson, he suggested it is due to higher rents, some of which is tied to rezoning potential.

“Some landlords don’t want to lower [retail] rents because it reduces the value of their building,” he said. “They would rather leave [storefronts] empty.”

Retail lease rates on Robson Street range from $120 to $250 per square foot, the second highest in the city behind Alberni Street, according to a recent survey by Cushman & Wakefield.

A second-quarter 2018 study by commercial realtor Marcus & Millchap showed the average price of a retail property sold in Vancouver this year was in excess of $1,000 per square foot, up 25 per cent from 2017. Average retail rents now average $30.10 per square foot, up nearly 10 per cent from 2017, the agency added.

Read the full article over at the courier.

202 Comments
newest
oldest most voted
Inline Feedbacks
View all comments
trackback

[…] economist ranks Calgary as the most liveable city in Canada, Vancouver follows up in 6th […]

0
0
KickThemOut

Talk about cutting off your nose to spit in your own face
https://ca.finance.yahoo.com/news/chinese-streets-view-trade-war-wont-buy-u-194531224–finance.html

The Chinese street’s view of the trade war: some say they won’t buy U.S. products

0
0
Dave

*steal.

some say they will steal less US products.

0
0
Oracle

The red light cameras fiasco. No way 70% approve like some NDP fanboys here were saying.

https://www.reddit.com/r/vancouver/comments/97atfu/70_british_columbians_support_speed_red_light/

0
0
Dave

Zero chance support is that high. But, it also depends on how you ask the question. Did they say insurance rates are going up and one way to reduce premiums is through photo radar, and then ask the question if it was a good idea?

It wasn’t popular when the NDP tried it last time and the Liberals quickly got rid of it when they took power. It will be an election issue once again a year or two after they implement it.

I think the NDP are looking for revenue anywhere they can get it. I bet the books aren’t looking great with real estate sales so low and higher spending by the government.

0
0
KickThemOut

So you support the right to ignore red lights?

0
0
Dave

No, but I don’t support forcing people to pay tickets when you can’t verify who is driving the car. It also ignores context. Sometimes, you’re forced to run a red.

0
0
KickThemOut

They can but then you would be crying about invasion of privacy and gov’t dictatorship. Maybe you should lend your car to someone who would run red light and wouldn’t pay up.

If you are forced to run a red, you can always go before a judge and explain yourself.

0
0
Name

Oracle thinks that’s all “fake news”

0
0
Oracle

Listen kiddo, go back to playing your PS4…

0
0
bullwhip29

The Economist Intelligence Unit ranks Calgary as the most liveable Canadian city; Vancouver drops to 6th place from 3rd in Global Liveability ranking
https://www.cbc.ca/news/business/canada-economist-liveability-1.4784524

0
0
Dave

I bet the author of that study never lived through a Calgary Winter. Most of Canada is not very liveable. The West Coast barely makes the cut.

If people can’t afford to live in a City or raise a family, then it isn’t very liveable. Vancouver sucks for liveability from that perspective.

Take a trip to Portland and tell me it isn’t more liveable. Real estate is half price and the jobs pay a lot more. Portland reminds me of Vancouver was 30 years ago before we hollowed out the City.

If you’re under 30 years old and not tied down, I suggest you polish up your resume, pack your bags and head to Portland for a week. See if you make it back to Vancouver.

0
0
Spec

Portland is very quickly trending in the direction Vancouver has already gone. The narrative there is “California” money – retirees and others cashing out and moving to Portland. Fundamentals and prices out of whack there now…

0
0
patriotz

“Portland is very quickly trending in the direction Vancouver has already gone.”

Maybe, but it’s far cheaper than Vancouver. Look at the street view – looks like Vancouver West side before the demolition derby:
https://www.redfin.com/OR/Portland/4817-SE-Harrison-St-97215/home/26327903

0
0
Dave

Amazing. The Vancouver equivalent to that house would be about 3 times the price (in USD). On top of it, the average family income is about 30-35% higher there compared to Vancouver.

No State taxes. Less income taxes. Cheap gas. Cheap wine. Cheaper flights from the airport. You can actually drive downtown because they have more bridges to get in and out.

I thought property taxes were supposed to be high in Portland, but that house is only $380 per month, less than I would have guessed. It’s probably less than you’d pay for that house here.

It’s a good example of how ridiculous the situation in Vancouver really is.

0
0
Oracle

Nice to see someone else think critically here Dave.

That ranking is all BS. The reason they keep airing it on the radio is the tag line; “all those places are expensive to live in”. To justify the high house prices.

After the NDP said the housing crisis is over because sales went down, the msm is now jumping on this theme.

Renters are doomed because they can’t even see nothing has been accomplished yet. The sub million dollar homes are high as ever.

0
0
patriotz

“If people can’t afford to live in a City or raise a family, then it isn’t very liveable. ”

The EUI livability ranking does not take into account cost of living, as it is done for large corporations as an aid to relocating executives. The EUI does produce a separate report for cost of living.

0
0
Dave

Which makes their study basically pointless.

I was driving in SE Vancouver today and was thinking about real estate. I realized I wouldn’t even want to live in that neighbourhood (or anywhere south of 41st, west of Cambie). If prices fell by half, I’m not sure I would ever buy there. I don’t see the ‘livability’ there.

We’re slowly hollowing out the City. If you project that trend out 10 or 20 years, you have to ask yourself, if you were to buy in a certain area, will you actually like it in the future? Look at Robson as an example. It changed for the worse. Is Kits next?

0
0
PDXS

Shhhhh. Dont tell them about portland! I moved here 3 years ago and my house has gone up from 300 to 500, this place is at risk for becoming another Vancouver when it comes to home prices. At least my income is much higher here!

0
0
southseacompany

“Waiting to see if declines in real estate sales translate into falling prices: Don Pittis”, CBC

https://www.cbc.ca/news/business/crea-home-prices-1.4783456

“No one disputes the meteoric rise in Canadian house prices has come to an end. The latest figures from both Vancouver and Toronto, which come out before the national data, indicate the boom is over. “

0
0
Spec

“No one disputes the meteoric rise in Canadian house prices has come to an end. The latest figures from both Vancouver and Toronto, which come out before the national data, indicate the boom is over. “

Why there are posters on this very board who deny this…

0
0
Oracle

So having prices on high plateau does you good that you’re cheering it?

I expect prices down 30-40% across the board of the NDP/Greens lived up to their election promises.

0
0
Best place on meth

Mexican Radio to Beam Chinese Propaganda
U.S. probes links between buyer of Tijuana station and China’s Phoenix TV

https://freebeacon.com/national-security/mexican-radio-beam-chinese-propaganda/

0
0
Name

https://www.youtube.com/watch?v=eyCEexG9xjw

Wall of Voodoo Mexican radio

0
0
bullwhip29

Fecal contamination at Vancouver beaches gross and embarrassing, locals say
https://bc.ctvnews.ca/fecal-contamination-at-vancouver-beaches-gross-and-embarrassing-locals-say-1.4051499

0
0
Shut It Down Already (original)

Dogs.

0
0
Name

and Canada geese.

0
0
bullwhip29

we’ve all spent so much time focusing on housing (on land that is) and failed to notice all the folks floating out and about the city 24/7 in boats they own or rent and how all parties involved deal with issues like sewage and trash (which by some accounts winds up being dumped right into the water) not to mention paying no moorage costs in many cases

0
0
Name

True. That’s a big problem.

0
0
Spec

But, please, do go ahead and scrape up those shellfish LOL…

0
0
Doomcouver

Patently incorrect. Dogs aren’t allowed on most Vancouver beaches. It’s likely human and bird feces.

0
0
paulb

New
256
Price Change
104
Sold
138
TI:12742

http://www.clivestevepaul.com

0
0
Shadow Inventory

Change in TI = 12742 – 12734 = 8
New-Sold = 256-138 = 118
So 110 sellers let their listings expire. Why? Too stubborn/greedy to lower the price? Waiting for better time to sell?

0
0
Oracle

This is where the NDP purposely failed. Having a 2% tax on 2nd homes and a 5% on third homes would have forced people to list.

You would have had higher inventory and hence pressure on prices.

As of now, we are heading towards a 9K party.

Then what? Wait for next summer?? Where the NDP might not even be in power !

0
0
Doomcouver

A multiple property tax is the most fair approach to pop any housing bubble, but it would be extremely politically unpopular. Vancouverites have embraced commodification of real estate and a good chunk of the population prefer owning it as an investment over all other investments. Very few homeowners view it as primarily a utilitarian asset for shelter. I also think that there would be a lot of loopholes exploited with some asian families that have 10 people or more living in a house; put each one as the owner of each of 10 properties and you’ve successfully bypassed the tax laws.

0
0
Dave

This happens every year. Listings and sales are strongest in the Spring and then die off to the Winter.

If people can’t sell their place, they often remove it from the market because they’re aren’t any buyers looking for what they are offering at the price they want. Some people figure just wait another year for another round of buyers. But, in this market, it’s probably the same tire kickers next Spring.

At the end of the day, a lot of people don’t need to sell. The ones that do however, will drive the market lower.

0
0
Shut It Down Already

americans force salon to shut down for attacking and extorting customers.

https://www.youtube.com/watch?v=_2RYnSFPD_U

same thing happens in chilliwack and canadians blame the victim. canadians are happy to hand over their rights which is why they are such nice people.

0
0
Oracle

Congratulations BPOM, Name, etc.

NDP now starting to say “housing crisis over” because sales are down 25-30%.

Great job minions. But here’s a hint: prices needed to come down. But they have you guys supporting them blindly.

#resultsmatter

0
0
Name

“Minions” LOL !!!

0
0
Oracle

What an intelligent response to my post. Now little Jonny, reread it and see if you can pick out the main point.

0
0
Name

The main point being being you are an idiot?

0
0
Oracle

You’re out of your league here. Shows with your posts. You have anything intelligent to add here?

0
0
Name

Oracle:

“NDP now starting to say “housing crisis over”

You made a statement like you always do without any proof so how about providing a link or some other evidence to back it up? Oh right, you made it all up like you always do. You are a LIAR on this blog and I know it.
Your condescending tone and passive/aggressive real estate pumping (you say you want prices to drop but you pump incessantly) is tiring and quite irrelevant here.

At least you stopped calling people “son”.

0
0
Name

70% British Columbians support speed, red light cameras: poll

https://www.news1130.com/2018/08/13/70-british-columbians-support-speed-red-light-cameras-poll/

The BC NDP are ahead of the curve yet again …

0
0
Oracle

So says the fake news media. In cohorts with the NDP now.

Wait until all these people start receiving tickets and the traffic congestion happens because everyone driving slow.

0
0
Name

News1130 is now “fake news” in your head? You will make Trump proud. You and YVR.

0
0
Oracle

Do you even know who owns news1130?

0
0
Name

You should try Google.
What’s your point? Do you even have a point?

0
0
Shut It Down Already (original)

Once again, if they receive a ticket it’s because they were speeding through an intersection.

Lower speeds can reduce congestion. Essentially it stops compression waves forming.

If you want to take issue with these cameras at least choose a good one. For example, the fact that they’re likely to be placed at sites which maximize revenue rage than reduce accidents. You’re welcome.

0
0
KickThemOut

People here bitch about Chinese flouting traffic rules, but looks like they are even more opposed when it comes to actual enforcement! Probably because they break the rules even more but can’t afford the tickets like the rich spoiled Chinese brats!

0
0
southseacompany

“UK house prices are on the longest losing streak since the financial crisis”, South China Morning Post

https://www.scmp.com/property/international/article/2159419/uk-house-prices-are-longest-losing-streak-financial-crisis

“The British housing market is weakening after a three-decade boom amid slower economic growth, uncertainty created by Brexit and inflation outpacing wage growth over much of the past year. London, where the average house price is more than double the national average, has been hit harder than the rest of the country.”

0
0
southseacompany

“Housing correction: Our cities house-price index suggests the property market is slowing”, The Economist

https://www.economist.com/finance-and-economics/2018/08/11/our-cities-house-price-index-suggests-the-property-market-is-slowing

“The three reasons why cities have experienced a property boom—and why it may now be ending—are demand, supply and the cost of money.”

0
0
southseacompany

“Sydney House Prices Are ‘50% Overvalued’: The Economist”, The Urban Developer

https://theurbandeveloper.com/articles/economists-new-cities-house-price-index

“Cities with overpriced housing include Sydney, Vancouver, Amsterdam, Copenhagen, and London.”

The Economist’s chart shows Vancouver at 65% overvalued against income.

0
0
Oracle

That’s what happens with the highest rates of per capita immigration in the world coupled with foreign money and FOMO.

0
0
Dyugle

Wouldn’t is be nice if the residential tax rate was reserved for only the house you reside in?
Probably too radical an idea.

0
0
Oracle

Not at all.

But at the moment, they don’t even try to recover the capital gains taxes and 2nd homes. Huge loopholes and lax enforcement.

0
0
bullwhip29

A mix of very low inventory, a solid Quebec economy and influx of foreign buyers has caused home prices in Greater Montreal to appreciate above the national average for the first time in seven years
https://business.financialpost.com/real-estate/montreals-hot-real-estate-market-spawns-rare-phenomenon-bidding-wars

0
0
Name

This is just now being reported on News1130 but this incident occurred several weeks ago…

https://www.news1130.com/2018/08/12/man-claims-airbnb-booking-cancelled-richmond-host-found-guest-black/

No mention of course that the Airbnb host was azian….

0
0
Best place on meth

A lesson on racism, race baiting, and straight up hypocrisy for ignorant cunts like AIDS.

https://www.zerohedge.com/news/2018-08-12/uk-boris-johnson-sparks-burka-gate

0
0
Shut It Down Already (original)

I must have missed the but where he used racial slurs or dehumanized those he was talking about using words such as “vermin”.

Do keep providing these hilarious links to ZH, though. Their track record is almost as impeccable as yours.

0
0
Best place on meth

Election candidates urged to learn about purpose-built rental housing
Renters Advisory Committee and LandlordBC co-hosting Aug. 28 workshop designed for Metro Vancouver municipal candidates

https://www.vancourier.com/real-estate/election-candidates-urged-to-learn-about-purpose-built-rental-housing-1.23395463

Renter households account for more than half of this Vancouver’s population — 53 per cent. Since 2010, more than 7,000 new rental units have been approved, built or are under construction. Far fewer rental units were built between 1980 and 2009, while there was a spike between 1950 and 1969. That means much of the existing, and often more affordable, stock is old and in need of upgrades or replacement.

0
0
Best place on meth

Meet the New Parties Taking on Vancouver’s Establishment This Election

https://thetyee.ca/News/2018/08/10/New-Parties-Taking-On-Vancouver-Establishment/

David Chen’s Pro Vancouver sounds promising.

Hector Bremner seems sleazy as fuck, a total write off.

For some reason I don’t trust Wai Young, she seems to be telling people what they want to hear. Also, she looks like The Joker.

The Joker scares me.

0
0
Selective Memory

Bremner was formerly Rich Coleman’s assistant.

I’m sure he has many ideas to get the money laundry cranking at full capacity.

0
0
Best place on meth

New Zealand: Money laundering laws expanding to real estate sector

https://www.radionz.co.nz/news/business/363949/money-laundering-laws-expanding-to-real-estate-sector

The sector comes under the scope of the legislation at the start of next year, which already applies to banks, finance companies, sharebrokers, and casinos.
An estimated $1.35 billion from criminal activities is laundered in this country each year, and property is seen as one of the prime means of hiding criminal proceeds.

“The real estate industry is open to a relatively high risk of laundering money,” AML director Richard Manthell said.
He said it was no surprise that three cities with strong property markets – Sydney, Vancouver, and London – were also regarded as hotspots for money laundering.

0
0
Best place on meth

Mike Smyth: Real estate is next on Eby’s money-laundering hit list

https://theprovince.com/news/bc-politics/mike-smyth-next-on-ebys-money-laundering-hit-list-real-estate

Now the crusading attorney general is set to swing his wrecking ball again. Phase 2 of Eby’s money-laundering probe will launch next month, this time into suspected criminal activity in Metro Vancouver’s distorted real-estate market.

You can bet more damage will be done to the Liberals, as they face more questions about what they did — and didn’t — do to stop the madness.

0
0
Oracle

All he’s been doing is talking. Nothing else.

I want results and people being held accountable.

0
0
Name

“All he’s been doing is talking. Nothing else. ”

Then You have not been paying attention.

0
0
southseacompany

“Kennedy Stewart mayoralty would bring a cautious approach to housing, possible electoral reform to Vancouver”, Globe & Mail

https://www.theglobeandmail.com/canada/british-columbia/article-kennedy-stewart-mayoralty-would-bring-a-cautious-approach-to-housing/

“But when it comes to market adjustments, the NDP MP, who is resigning his seat to run for mayor, favours a go-slow approach. He sympathizes with Vancouverites who, like he and his wife Jeanette Ashe, rent in the current market where vacancy rates hover at about 1 per cent and rents are the highest in Canada. But he says he also cares about those who own. “You don’t want to crash their property values.” A sudden drop would be catastrophic, especially for anyone who took on a huge mortgage during the past five years when prices shot sky-high.”

0
0
Name

I disagree with Kennedy Stewart on this. Owners would still be able to pay their mortgages if their property values “crashed”. But if mortgage interest rates were to rise as they are now then there could be a problem for over-extended home owers.

0
0
Name

But it’s all about votes, I understand that.

0
0
Best place on meth

Social Unrest Breaks Out In China After “Panic” Bank Run On Peer-2-Peer Lenders https://www.zerohedge.com/news/2018-08-12/social-unrest-breaks-out-china-after-panic-bank-run-peer-2-peer-lenders Because by the time they were released, the demonstration they had planned using social media chat groups had fizzled amid a massive security response around the China Banking and Insurance Regulatory Commission (CBIRC) headquarters in the heart of Beijing’s financial district. Those protesters who did show up were in for a surprise: instead of demanding that the government bail out the hundreds of collapsed P2P companies, they were forced onto buses and carted away to Jiujingzhuang, a holding center for petitioners on the outskirts of Beijing, according to two Reuters sources. “Once the police checked your ID cards and saw your petition materials, they knew you are here looking to protect your rights. Then they put you on a bus directly,” said Wang, who works at… Read more »

0
0
Name

Montreal’s hot real estate market spawns rare phenomenon: bidding wars

https://www.news1130.com/2018/08/12/montreals-hot-real-estate-market-spawns-rare-phenomenon-bidding-wars/

“A mix of very low inventory, a solid Quebec economy and influx of foreign buyers has caused home prices in Greater Montreal to appreciate above the national average for the first time in seven years.”

Foreign buyers again… where could this influx of “foreign buyers” be from ???

0
0
Shut It Down Already (original)

Except we have that data for Montreal,too, remember?

0
0
Name

An influx of foreign buyers would not be mentioned if was not a significant factor.

0
0
Oracle

50,000 irregular immigrants need a place to live.

0
0
Shut It Down Already (original)

The actual data disagrees with you.

0
0
bullwhip29

More enforcement coming to Sunshine Coast as region deals with complaints of illegal shellfish harvesting
https://www.cbc.ca/news/canada/british-columbia/illegal-shellfish-harvesting-sunshine-coast-bc-1.4781427

>>> those Crazy Rich Asians wreaking havoc once again…

0
0
Name

The article makes no mention of the fact that it is ASIANS who are perpetrating these thefts. Why can’t this group be called out and publicly shamed and maybe they will begin to behave better when living in Canada?

But instead it is locusts doing what locusts do… strip an area of all life and then move to another area and repeat …

0
0
franko

” The article makes no mention of the fact that it is ASIANS who are perpetrating these these thefts ”

Nor does it say that Dongdong and Peipei may be involved to enhance their virility from oyster-viagra, but I have my suspicions.

0
0
Best place on meth

Would be an amazing news story if a busload of chinese got shellfish poisoning from the poached clams and they all died.

0
0
Shut It Down Already (original)

Of course, you’re so fucking smart you know exactly who is responsible. That’s why you’re so successful.

0
0
Best place on meth

The article won’t say where they’re from because the culturally sensitive CBC doesn’t have the guts to identify the nationality of these vermin.

The comments section doesn’t hold back though, local residents know who they are.

0
0