BC, politics, prices, supply

Vancouver BC is “making room”

162
162 Comments

In a city with outrageous house prices, more than half the land is zoned as ‘single family’ housing. This leaves very little in the range between very high density mini condo towers and expensive family homes.

Many older cities have addressed this issue with mid density housing including row homes, and it looks like Vancouver is ready to follow suit:

More specifically, the proposal instructs planners to “bring forward policies for RS and RT zones that allow triplexes, quadplexes and other multi-unit formsto significantly bring down the purchase cost per unit of housing in low density neighbourhoods.”

It also recommends setting maximum dwelling unit sizes, reducing parking and setback requirements, eliminating design guidelines, and offering density bonuses for projects that provide community benefits. The city has embarked on an 18-month process to develop and adopt the full program.

Read the full article here.

162 Comments
newest
oldest most voted
Inline Feedbacks
View all comments
kabloona

“Canada’s big banks building a ‘capital cushion’ in case of a housing crash: Moody’s”

Well, that’s good to know…

😉

https://ca.finance.yahoo.com/news/canadas-big-banks-building-capital-cushion-case-housing-crash-moodys-150119263.html

0
0
Best place on meth

The bigger the cushion…

0
0
Doomcouver

The banks are going to be feeling a lot of motion of the ocean if you catch my drift.

0
0
southseacompany

“Inflation hits highest level since 2011 in test to Bank of Canada’s rate hike plan”, Financial Post

https://business.financialpost.com/news/economy/newsalert-consumer-price-index-up-3-per-cent-in-july-from-year-earlier-2

“Statistics Canada said Friday the consumer price index for last month was up 3.0 per cent on a year-over-year basis, compared with a 2.5 per cent increase in June.”

“CIBC economist Andrew Grantham said the reading “at least modestly” increased the odds of a September interest rate hike by the Bank of Canada.”

0
0
kabloona

Interest rate hike coming, that’s definite…..

🙂

0
0
Oracle

Apparently court case coming regarding the spec tax because it discriminates other Canadians in other provinces.

Don’t know why the NDP didn’t leave the rate at 2% for everyone.

0
0
bullwhip29

more on the T&T Lansdowne Grand Opening…I don’t get it, this is grocery store and there a couple of other locations just minutes away..WTF?

https://mp.weixin.qq.com/s/H4HZEfjOma4VojyGgR-EFg

0
0
xhistory

Go over to Wolf Richter’s site. Aug 8. There is good exposé on the company that sold mattresses from same stores on every corner, often the same corner. At the end of the day it was people within the company receiving kickbacks to take up commercial RE leases at inflated prices.

Not saying a Chinese supermarket would have people in its RE division doing this in Vancouver.

0
0
Lost...but not Leased

Good question…

I beleive T and T Yoahan site will be redeveloped…the other one buy the Oval seems to stay busy.
Perhaps T and T is simply establishing positions as Richmond Safeways are closing

0
0
Doomcouver

Herd mentality in action. Ethnic Chinese seem especially susceptible to this for some reason.

0
0
Oracle

I’m sure everyone here is getting fatigue trying to ‘save’ Canada. 50% of the population are below average intelligence and can easily be manipulated by the 1%.

Maybe we should all let it go and exploit as many loopholes as we can. Those that are doing it are getting ahead. Getting way ahead.

0
0
Oracle

Trudeau almost doubling the Grandparents immigration targets. Kiss your pensions and healthcare goodbye.

https://www.cicnews.com/2018/08/canada-will-now-accept-17000-applications-under-parents-and-grandparents-program-in-2018-0810997.html#gs.2nTqePU

0
0
Oracle

Basically means all the parents coming in will be age 55. Lol. Even if they are 50.

0
0
Best place on meth

Oh good, we need more elderly people who speak no English.

Well done, Turdoh.

0
0
xhistory

We only get part of the picture when comparing traditional sales.

Where are Assessments? These are the Prices the flippers and hoarders care about.

Better Dwelling should have its name changed to Better Assessments.

0
0
Laibach

How hard is to explain inevitable to PC obsessed shills, race baiters and idiots pushing for disaster?

Maxine Bernier

“Trudeau’s extreme multiculturalism and cult of diversity will divide us into little tribes that have less and less in common, apart from their dependence on government in Ottawa. These tribes become political clienteles to be bought with taxpayers $ and special privileges.”

https://torontosun.com/opinion/columnists/furey-relax-theres-nothing-wrong-about-debating-multiculturalism-in-fact-its-healthy

0
0
xhistory

The August 26 full moon is smack dab bulls eye on Trudeaus ascendant degree. This story anticipates the upcoming Trudeau Fireworks, and is proof Mainstream media uses astro to front run the plebes.. always they do this.

0
0
Best place on meth

“It won’t do to confuse talk about culture with talk about race and mindlessly bleat out accusations of racism.”

No, it wont do but it’s all the race baiters have. Otherwise they won’t have anything to talk about at all as this sort of crap is the sole reason for their existence.

0
0
bullwhip29

Moncton’s Castle Manor, a 110-year-old gothic castle is now home to condos for rent and some units set up for Airbnb.
Building manager Jay Tse’s father and uncle, who are developers from Moncton and Vancouver, respectively, initially wanted to sell the condos for a price ranging from $317,000 to $1.3 million, but they’ve decided to rent out the condos
http://huddle.today/inside-the-moncton-castle-that-now-has-condos-for-rent-and-airbnb/

0
0
bullwhip29

City of Vancouver investigating 13 bedroom rental house
https://globalnews.ca/video/4395220/city-of-vancouver-investigating-13-bedroom-rental-house/

0
0
Oracle

SIDA needs to be outed to the USA intelligence agencies. No doubt a China First infiltrator trying to harm the west. They’ll keep a tab on him.

0
0
Shut It Down Already (original)

Grow up.

0
0
MAKE TRUDEAU A DRAMA TEACHER AGAIN

Said that 2 months ago

0
0
Best place on meth

On pace for 2000 sales this month, compared to 3152 last year.

According to the REBGV there are 14,000 realtors.

0
0
Oracle

Most realtors are buying and selling for immediate family members only.

Don’t be delusional. Only a small portion are full time. Others treat it as a side job.

0
0
Oracle

Sales mean nothing. How does that benefit you? Prices is what matters. Don’t get happy until prices drop.

0
0
xhistory

How many realtors have gravitated to selling Assessments? That’s where the action is. $400-$500 a pop, cash in advance.

0
0
paulb

New
121
Price Change
73
Sold
78
TI:12715

http://www.clivestevepaul.com

0
0
Spec

Inventory and sales both low. Check out hose housing starts tho http://www.chpc.biz/housing-starts.html

0
0
Oracle

Some info from last week that NDP fanboys here obviously miss: 1). New ICBC rate structure announced. Ridesharing companies like UBER will have their insurance based on driver. While taxi drivers will be based on fleet insurance. Difference is UBER drivers will have to pay a huge premium for insurance ($2000+) plus their rates will go much higher and follow their personal lives if they get into 1 accident. Result: No Ridesharing here until a change of government. https://www.news1130.com/2018/08/10/taxis-exempt-driver-based-model-association/ 2) ICBC also announced much bigger discounts for foreign drivers licence holders. They are the biggest winners. Whereas before they needed an official letter from the insurance company, going forward will only need licence and date if issue. Watch out for the Grandmas in Richmond from the villages with 15 years experience. Result: Basically all immigrants get a 15 year insurance… Read more »

0
0
Oracle

And ICBC refuses to release info on # of car accidents caused by Foreign Drivers Licence holders.

And they refuse to release information on the total claim amounts of non-residents.

Wonder why?

0
0
Shut It Down Already (original)

The link you posted says that new immigrants will face higher premiums in their first 3 years of driving in BC to reflect the higher risk.

0
0
Lost...but not Leased

Quite obvious that majority of VCI posters are closet NDPers

……………F*cktards

0
0
Oracle

15 year discount first. Then a small minor surcharge for 3 years.

You must be from China. Always trying to help your kind exploit rather than trying to be a Canadian.

0
0
Lost...but not Leased

Who are you referring to ??? …….when you say “You must be from China”.

0
0
Shut It Down Already (original)

You’re a fucking idiot. No doubt about it.

The 15 year discount is a maximum based on when your license was issued. If you’ve held your license for 4 years you don’t get a 15 year discount just for being an immigrant.

And if you have any specifics which quantify the extra premium payable in the first 3 years then feel free to share it. My guess is you don’t. Ask me how I know this.

0
0
Oracle

Go back to China you asshole. Canada is for people who put Canada first!

Don’t ever forget that bitch.

0
0
Shut It Down Already (original)

No information about the premiums in the first 3 years then? What a fucking surprise.

0
0
Lost...but not Leased

Yeah well…talked to an insurance agent 25+years ago…they had an ICBC commisar admit majority of ICBC claims are disproportionally based on defineable group..

…….duuuhhhh

0
0
MAKE TRUDEAU A DRAMA TEACHER AGAIN

Are Indian drivers foreign to you?

0
0
Laibach

Odd, where is that fucking obsession with sucking up to locust and vermin keeps steadily coming from no matter who is in power? Shame…

0
0
Lost...but not Leased

Done like dinner….

Metro Vancouver is effectively hollowed out….for a number of reasons. ( oversupply, boarded up homes, businesses either closing or fleeing….even if the RE market was still hot)

The added bonus round is when SHTF ie more and more parties are underwater..aka the perfect storm.

0
0
Stand up for Canada

The latest inflation numbers do not bode well for mortgage rates. I wouldn’t be surprised to see a 0.5% increase soon.

0
0
bullwhip29

Geothermal condos are now a growing trend in Richmond. However, residents who are currently living in a geothermal condo in Richmond say the cost they are paying for their geothermal energy is not as cheap as what some developers have marketed it as. https://www.richmond-news.com/business/richmond-residents-geothermal-condos-come-with-costs-1.23403152 “Someone in my building did a calculation and said that if we add up all the fees over the years and costs of replacing a pump, the cost of living in a geothermal condo is almost even to a regular one,” “But if you look over the long term, geothermal will become cheaper when more people start using it, but the cost of electricity is only going to go up. And after all, it’s green energy and better for the environment.” >>> my rebuttal to the second quote is that owners will likely have moved on… Read more »

0
0
Lost...but not Leased

Yep….

Get sucked into the latest “planet saving tech du jour”…..and wonder why it boomeranged to bite you in the @$$

Morons…..

0
0
xyz

Buyers flee Hong Kong property as credit crunch bites

https://www.telegraph.co.uk/business/2018/08/17/buyers-flee-hong-kong-property-credit-crunch-bites/

0
0
bullwhip29

The Amazon era is making Vancouver the world’s hottest industrial real estate market
https://business.financialpost.com/real-estate/property-post/the-amazon-era-is-making-vancouver-the-worlds-hottest-industrial-real-estate-market

>>> aside from this being an obvious puff piece sponsored by the RE cartel, one has to wonder why, in addition to exemptions for farmland, is there no FBT (or vacancy tax for that matter) on commercial properties? we all know many of these “warehouses” in areas like Richmond were gobbled up, then rezoned to residential/retail without even a brief thought as to develop for the purposes which the land was originally set aside for. i guess i already know why Suncom is still running ads on buses and elsewhere…

0
0
bullwhip29

Tim Hortons’ China menu to offer congee, matcha along with the double double
https://business.financialpost.com/news/retail-marketing/tim-hortons-says-its-china-expansion-will-include-menu-with-congee-matcha

>>> this has got trainwreck written all over it. yet another company who is late to the game trying to capture the attention of affluent chinese who the co already admits doesnt eat this crap in the first place. i can guarantee you that their fly-by-night attempt at a “chinese style” menu featuring congee and likely other asian bakery items ain’t gonna work. just ask McD’s how their little experiment with that spicy szechuan burger went…

0
0
Shut It Down Already (original)

Isn’t this the second time you’ve posted this?

0
0
Shut It Down Already (original)

Also, McDonald’s have dozens of regional variations in their menu. You should probably share your expertise with them about how they’re all failures:

https://en.m.wikipedia.org/wiki/International_availability_of_McDonald%27s_products

0
0
Lost...but not Leased

I want McHappy meal with Chinese drywall as substrate !

0
0
Solomon Grundy

That’s probably a better use for it than using it as actual drywall
https://en.m.wikipedia.org/wiki/Chinese_drywall

0
0
southseacompany

“Point Grey single-family home prices fall 12.8 percent in a year; Dunbar detached homes down 14.1 percent”, Georgia Straight

https://www.straight.com/news/1117541/point-grey-single-family-home-prices-fall-128-percent-year-dunbar-detached-homes-down

“If you’ve been wondering why homeowners in Point Grey seem so angry this year, the latest numbers from the Real Estate Board of Greater Vancouver provide an explanation.”

0
0
Dave

It’s going to be interesting to see if the top end pulls the whole market down with it. Some of those sales numbers are crazy… zero in July. The difference between Kits and East Van is flattening, but there still aren’t buyers west of Main and few to the East.

0
0
oopswediditagain

Yup, she’s pulling the whole B.C. market down.

http://vancitycondoguide.com/bc-home-sales-six-year-low-july/

“Home sales across BC declined 24% year-over-year in July. The 7060 home sales for the month was the lowest total since July 2012 which was considered a weaker year for housing. While Greater Vancouver made up the bulk of the declines, slipping to 29% to an 18 year low for the month, the slowdown was widespread. Home sales in the Okanagan Mainline (Kelowna area) fell 23%, Victoria slipped 19% decline, while the Fraser Valley plunged 34% year-over-year.”

0
0
Shut It Down Already (original)

A $4m house decling to $3.5m doesn’t really impact the dynamic of BC as a whole as that segment of the market is ridiculously tiny elsewhere.

0
0
Stand up for Canada

When you have 2-3 bedrooms in smelly stinky River district (some contracts for condos were going for 2m plus a few months ago, probably still going for that much now) going for almost as much as an older SFH in Dunbar you know something is seriously wrong. Anyone buying in a place like River District is seriously going to be kicking themselves when you find out you can get a SFH for slightly more on the west side.

0
0
Screwed

https://business.financialpost.com/news/economy/newsalert-consumer-price-index-up-3-per-cent-in-july-from-year-earlier-2?utm_campaign=magnet&utm_source=article_page&utm_medium=related_articles
The Canadian dollar jumped on the report, gaining 0.7 per cent to $1.3070 per U.S. dollar at 8:52 a.m. in Toronto trading. Yields on Canadian government two-year bonds rose to 2.12 per cent, from 2.08 per cent Thursday.

The faster-than-expected gains will test Bank of Canada Governor Stephen Poloz’s resolve to raise interest rates gradually over the next year to avoid a disruption to the economy. The result put inflation at the upper end of the Bank of Canada’s target range of one to three per cent.

0
0
Screwed

No more rate hikes???

0
0
Dave

US rate hikes are coming. Canada can only lag that so much and still keep the dollar. With this inflation report, it shows that the BOC will have to keep raising.

I think inflation is going to continue at the high end of the range. I think the effect of inflated real estate has only just started creeping into pricing. The cost of living in our major cities is going up. $10 coffee soon. $2 gas. Higher car insurance. Higher taxes. We need a recession to balance all this out.

0
0
Oracle

I urge everyone to write here to the agricultural minister Popham to enact house size limits on agricultural lands immediately. Say 4000sq feet max.

Lets see how hard the speculators are hit when no one buys the 5 acre parcel to build a monster home.

0
0
Shut It Down Already (original)

Not very hard. How many of those must there be in comparison to, say, 1- and 2-bed condos?

0
0
Oracle

Doesnt matter. It affects the price for ALR land.

0
0
Lost...but not Leased

You are sucked in….
The ALR’s existence has a big impact on affordability.

ALR house size is convenient deflection…as election rolls around.

Like Victoria mayor and Sir John A McDonald statue….just stupid mind candy issue.

Do some homework….ALR land has been out of reach to new farmers since 1970’s….due to market forces….pre mega-house.

0
0
Best place on meth

The Trump administration is close to striking a deal with Mexico on a revamped North American Free Trade Agreement, analysts said, but thorny issues are yet to be resolved with Canada, the third party in the trilateral pact.

https://pilotonline.com/business/consumer/article_599976db-fea0-540a-a95b-6e3e924fc1a0.html

There won’t be a deal with Canada, not with embarrassing and annoying Turd and Freeland yapping away.

0
0
Oracle

Deal with Mexico will be done within a week.

Canada going to get hit hard. HopefullyTrudeau and his backroom power brokers get the knockout punch and are driven out.

0
0
paulb

New
131
Price Change
75
Sold
78
TI:12747

http://www.clivestevepaul.com

0
0
Screwed

The inventory is decreasing .((

0
0
Shut It Down Already (original)

Shocking.

0
0
Best place on meth

The drop in sales compared to the same month last year keeps widening.

Aug down 34%
July down 33%
June down 32%
May down 29%
April down down 30%
March down 22%
Feb down 9%
Jan up 9%

0
0
Oracle

0.61% sold to inventory ratio.

Stable.

0
0
Shut It Down Already (original)

Two data points and you’re already drawing conclusions. Sweet.

0
0
Oracle

https://mobile.reuters.com/article/amp/idUSKBN1L12MC

War is coming folks. Let’s remain vigilant against Chinese sabotage here. Pentagon is preparing.

0
0
Laibach

Even with all lunacy on both sides, there is no any rational to get that war. To oust locust from Vancouver and bring housing prices down we’ll need other stuff.

https://www.cnbc.com/2018/08/17/pentagon-says-its-postponing-trumps-military-parade.html

0
0
kabloona

Man, I was really looking forward to that damn Parade….

🙁

0
0
Lost...but not Leased

Pay Raid

U mean whereby participants 4 Ward momentum may be stifled via LeapFrpg event

0
0
Best place on meth

Ok, you’re losing everyone now – not just the simpletons like AIDS.

0
0
Lost...but not Leased

OMG……

Of all VCI posters..

……..WTF

0
0
Best place on meth

Also, chatspeak is unacceptable for anyone over 12.

0
0