All posts by VCI Admin

Mayor warns property prices put Vancouver economy at risk

The mayor has released a statement reiterating his support for a house-flipping tax saying that without some sort of action the Vancouver economy is at risk:

Gregor Robertson says recent reports and recommendations from banks, organizations, real estate boards and economists has made it clear to him that it’s time to deal with Vancouver’s sky-rocketing real estate prices or the city’s economy could suffer.

On Sunday he released a statement amplifying his support for a house flipping tax as a measure to reduce speculation and a luxury sales tax to help, “rein in the excesses of Vancouver’s housing market.”

“First and foremost, housing needs to be for homes, not just treated as a commodity,” said the statement.

Read the full article over at the CBC.

Friday Free-for-all! June 3rd 2016

Yep, it’s another one.

As we wind down the work week and head into another weekend it’s time for another Friday Free-for-all!

This is our regular end of the week news round up and open topic discussion thread.

Here are a few recent links to kick off the chat:

Drastic measures to slow market?
Taxpayers send realtors on trip?
Dirt earns more than all workers
Houses hit all time high
Bubble Timeline
Replace income tax with property tax
Scotiabank concern over Vancouver & Toronto

So what are you seeing out there? Going to any open houses this weekend?  Post your news links, thoughts and anecdotes here and have an excellent weekend!

Mayor explains why Vancouver is so expensive

Lots of young people like to complain about high housing costs here, but do you know why Vancouver is so expensive?

The Mayor explains:

“…Our cultural scene punches above its weight and routinely draws international attention to our theatre, music, comedy, and visual arts. In its first year, we had Canada’s largest public New Year’s Eve celebration. Hundreds of thousands of people year over year come out to watch one of the largest Pride parades in North America.

Patios stay open later, our craft breweries are exploding in popularity, and our food trucks are globally revered. Car-Free Day on Commercial Drive and Khatsahlano Fest on West 4th pack thousands of families on our streets every summer. The PuSh Festival, viff and the Folk Fest get capacity crowds and have lineups onto the street.”

We are pretty much just like London, New York and San Francisco. Read the full write up by the Gregor Robertson over at the Walrus.

Friday Free-for-all! May 26th 2016

It’s the end of another work week and you know what that means…

It’s Friday free-for-all time here at VCI. This is our regular end of the week news round up and open topic discussion thread for the weekend. Here are a few recent links to kick off the chat:

Housing market concerns at BOC
Broker Economist on concerns
Vancouver ‘freakshow’ market
Peterborough up 24% YOY
Save for 23 years
4 out of 10 caught short on money
lack of compliance on money laundering
high cost of ultra-low rates

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

18-34 year olds more likely to live with mom and dad

It used to be that most parents would provide their kids with food and shelter until they left high school. Some would stick around home while attending higher education, but most would move out on their own and start taking responsibility for themselves.

Then a funny thing happened in the economy.  Stuff changed. Incomes declined while the cost of living went up.

For the first time in modern history 18-34 year olds in the US are more likely living with their parents than on their own, with roommates or with a romantic partner.

A big reason is a decline in economic opportunities. As the cost of living has escalated and wages have stagnated, young people face mounting student debt and daunting barriers to renting or owning a home, creating obstacles to cohabitation and marriage.

The trend is led by young men, whose fortunes have been declining since the 1960s. While they have always lived with their parents in greater numbers than young women, this setup became the dominant living arrangement for them in 2009. In 2014 35 percent of young men lived with parents, while only 28 percent lived with a spouse or partner (for young women, the percentages are flipped: 29 and 35, respectively).

read the full article here.