Category Archives: supply

Vancouver condo presales, locals to get first crack

The Mayor is said to be drafting a motion that will give local buyers first chance to buy crack condos:

Mayor Gregor Robertson will introduce a motion to give local residents first crack at pre-sale condo sales Tuesday during a Vancouver city council meeting.

The motion asks city staff to draft a policy framework as part of the city’s “Housing Reset” plan.

Critics of the real estate industry have raised concerns about how the increasingly speculative pre-sale market is pushing up prices in both the pre-sale and resale market, and is preventing local residents from buying.

Presumably this will help to end the homeless problem in Vancouver by giving locals easier access to condo presales.

Read the full article here.

Is more supply the answer?

Southseacompany posted a link to this story about housing supply in the Vancouver area.

“What’s causing the supply shortage is the restrictive single-family home neighborhood zoning on 85% of our residential land base. That keeps out young families, middle income earners and renters, who can’t afford single-family homes,” said Anne McMullin, president and CEO of the Urban Development Institute, Pacific Region.

“We clearly need a regional housing strategy with more homes for more people,” she added. “That means more high-rise apartments along rapid transit corridors and more townhomes, rowhomes [and] multi-family low-rises.”

But recent studies show the reverse is true: fewer people can afford to buy condominiums in the Metro suburbs that have seen the greatest increase in supply over the past two years.

Read the full article here.

Couple denied home for having a daughter

What?

There’s likely more to this story than simple discrimination, but a Vancouver couple is claiming they were denied a housing coop home because their second child was a girl.

Canada Mortgage and Housing Corporation (CMHC) guideline suggests children of opposite sexes can’t share a bedroom if they are over the age of five, but it’s OK for children of the same sex to do so.

Gottfried and Hurtig believe it should be up to parents to decide when and if children share a room.

“I would describe it as being completely outrageous and appalling and just unbelievable,” Gottfried tells Go Public.

“No matter how I thought about it, I couldn’t really wrap my brain around it,” Hurtig says.

The one-income family says money is tight. Getting the unit would have meant their rent would drop from $1,840 to $895 a month.

“It’s discrimination. We get the room if our children are the same sex and we don’t get the room if our children are not the same sex. It’s very, very clear-cut discrimination,” Gottfried said.

Read the full article over at the CBC.

The BC Housing Mandate

New government, new housing mandate.

In your role as Minister of Municipal Affairs and Housing I expect that you will make substantive progress on the following priorities:

  •   Partner with local governments and First Nations to develop a community capital infrastructure fund to upgrade and build sports facilities, playgrounds, local community centres, and arts and culture spaces.
  •   Through partnerships with local governments, the federal govenrment, and the private and not-for- profit sectors, begin to build 114,000 units of affordable market rental, non-profit,
    co-op, supported social housing and owner-purchase housing.
  •   Create new student housing by removing unnecessary rules that prevent universities and colleges from building affordable student housing.
  •   Amend the Residential Tenancy Act to provide stronger protections for renters, and provide additional resources to the Residential Tenancy Branch.
  •   With the Minister of Finance, deliver an annual renter’s rebate of $400 dollars per rental household to improve rental affordability.
  •   Work in partnership to develop a homelessness action plan to reduce the homeless population through permanent housing and services. As part of the plan, conduct a province-wide homelessness count.
  •   Work with the Minister of Finance to address speculation, tax fraud and money laundering in the housing market.
  •   As the Minister responsible for TransLink, support the Mayors’ Council 10-Year Vision for Metro Vancouver Transportation by funding 40%of the capital costs of every phase of the plan, in partnership with all levels of government.

We suspect many people reading here are disappointed that Eby isn’t the housing minister and are curious to see how that second to last point turns out. You can read the full letter here.

Canada has 2x more vacant homes than the US before the crash

southseacompany posted this link claiming we’ve now reached double the number of vacant homes the US had before their housing bubble burst:

Home vacancies are often a sign of overbuilding, and speculation. At the height of the US housing crisis in 2008, a massive 2.9% of all homes were sitting vacant. This made it hard for home prices to retain their value during the downturn, since the vacant units began flooding the market on the way down. But that was the US, and this is Canada – we don’t have that number of units sitting vacant, right? Actually, Canada has more than twice that number.

Read the full article here.