Category Archives: supply

Secrets of the Real Estate industry

These may not actually count as ‘secrets’, but over at the Tyee they have a list of 9 things the real estate industry doesn’t want you to know:

You’ve heard it a million times. The reason so few of us can afford Vancouver is because there aren’t enough new homes being built. This is the version of reality that real estate industry leaders and their political allies want us to believe.

But an investigation of the industry by The Tyee has revealed reality to be much more complex. Over the past six months I spoke at length with financial analysts, economists, industry consultants, realtors and many others to learn the true causes of Vancouver’s housing crisis and who is profiting from it. They were in broad agreement that real estate is at the centre of a massive realignment between our society’s rich and poor — and one that few leaders in the industry seem willing to publicly acknowledge.

About half of the items on their list have to do with the class divide and the disappearing middle class.

Read the full article here.

NDP to review BC first time buyer loans program

The recent BC first time buyer loans program announced by the liberal government has successfully driven condo prices higher by handing out interest free loans from tax payers to first time buyers, but it sounds like David Eby and the NDP want to ruin that party:

“We were told by economists at SFU, UBC, CMHC that the impact of the program would be to increase the cost of the housing stock,” says Eby.

“Essentially a transfer of money directly to developers and people selling their existing homes, and put people further into debt. So if that is truly the impact of the program in Metro Vancouver, then that’s something we want to review and make sure there’s not a better way we could allocate the $700-million that’s been allocated to that program.”

Read the full article over at News 1130.