Vancouver seems to be getting a lot of attention right now for the disparity between house prices and incomes:
The median cost of a Vancouver home, adjusted for purchasing power parity, is US$672,000 — costly but still 15 per cent to 26 per cent below that of San Jose and San Francisco, the two most expensive housing markets, according to Andy Yan, director of Simon Fraser University’s City Program, whose study accounted for the difference in buying power of a dollar across geographies and currencies.
What pushes Vancouver to the top of the unaffordability rankings is paltry wages. In Canada’s third-largest city, the median household earns the equivalent of US$61,036 a year — in line with Columbus and less than families in Omaha, Nebraska, Kansas City, Missouri and even Lancaster, Pennsylvania, a rural community of 59,000 known for cornfields.
fortunately the solution is simple: cut house prices in half or double up current household incomes. Read the full article here.
When the city of Vancouver was trying to woo Amazon there was some concern that housing data would make the city look bad.
As city staff scrambled last fall to put together a proposal to woo Seattle-based Amazon to build a second headquarters here, they were faced with a major potential weakness: how to make the city attractive in the midst of a housing affordability crisis?”
“Internal email records obtained by the National Post through a freedom-of-information request show that the issue was top of mind for staff within the city’s economic development agency, the Vancouver Economic Commission, some of whom discussed leaving out certain housing data that could make the city “look bad.”
Read the full article over at the National Post.
As Dave puts it “Imagine if they were concerned about housing for locals.“
Did you know that Richmond BC matches the downtown Eastside for one of the poorest neighborhoods in Canada? Shared by hyper-mega-bull:
Sign the petition to build modular housing in RICHMOND, one of canada’s poorest neighbourhoods.
Richmond, Downtown Eastside have similar levels of low-income, working-aged people: study
and the neighbourhood that this housing is going into is literally the poorest in richmond.
SIGN THE PETITION. GET MUCH NEEDED HOUSING RELIEF TO CANADA’S POOREST NEIGHBOURHOOD!
DO IT NOW!
Vancouver’s ‘most haunted house’ is getting an upgrade:
A legendary home often dubbed “Vancouver’s most haunted house,” on a property rumoured to be an Indigenous burial ground, is the subject of a rezoning application for a new condo building.
Pennyfarthing Development, the developer of a number of high-end condos along the Cambie Corridor, is applying for rezoning on the site, which is diagonally opposite the King Edward Canada Line station.
Read the full article here.
Southseacompany pointed out this one: Vancouver home sales fell twice as fast as a bank thought they would after new NDP taxes.
“Vancouver home sales dropped by around 30 per cent in the month after the BC NDP government introduced a plan to tackle housing affordability. But the losses look even more dramatic on a quarterly basis, according to calculations by a major bank.”
Read the full article here.