$500 Million for Affordable housing

The BC government has announced that they will fund $500 million of affordable housing projects in the province using money brought in via property transfer taxes and the new foreign buyer tax.

Real estate related taxes are now the single largest revenue generator for the BC government, surpassing the 1.2 billion from gambling and all individual resource industry taxes.  In fact, when you combine all resource industry taxes the cumulative figure only exceeds real estate tax income by a few decimal points.

The BC real estate economy is possibly the finest example of a perpetual motion machine in existence. Taxes raised via real estate goes into buying and building more real estate. Win-win!

There’s a new sheriff in town

In an attempt to bring more regulation and oversight to the BC real estate market a new ‘superintendent of real estate‘ position has been created by the provincial government.

Micheal Noseworthy has been named as the new superintendent of real estate.

He’s an experienced regulator having recently served as a senior government regulator for Yukon. Noseworthy most recently served as superintendent of Real Estate, superintendent of Insurance, registrar of Lotteries and registrar of Medical Practitioners.

“I look forward to drawing upon my experiences as both a regulator and a lawyer with experience in real estate and administrative law to serve the interests of British Columbia’s real estate consumers by working swiftly to implement the reforms initiated by the government,” said Noseworthy in a statement.

Read the full article over at News 1130.

Friday (afternoon) Free-for-all!

It’s that time of the week again!

Let’s do 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:

Ottawa making housing fix a top priority
Thanks for the help
Impact of housing on economy
Fake assets
Goodbye Vancouver
Empty Land
Household debt bigger than GDP
Average Weekly Inventory chart
Why the borrowing binge will end badly

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

Housing Action Rally Saturday Sept 17th 2pm

 

Housing Action for Local Taxpayers (HALT) is a group of Vancouverites whose goal is to pressure government to take action on local housing affordability.

HALT wrote in to let everyone at VCI know they are holding a rally at the Vancouver Art Gallery this Saturday Sept 17th at 2pm.

They have a  great line up of speakers including Christine Duhaime the Vancouver lawyer focused money laundering.

More information can be found on their Facebook page.

Here’s some info from their comment yesterday:

Specifically we are calling on Government to:
– HALT money laundering and tax fraud by individuals hiding their money in our housing market
– HALT Immigrant Investor Programs that bring in owners who do not contribute to our income tax base
– HALT corporate donations to political parties. For too long, our governments have served moneyed interests and not the interests of the citizens of our city and our province
– HALT AirBnB of our rental stock. We need regulations in place to protect our renters
– HALT demolitions of affordable rentals that are being replaced by unaffordable luxury condos marketed to offshore buyers

We’ve got a great panel of speakers lined up including:
– Christine Duhaime, a lawyer heavily involved in catching foreign money launderers in Vancouver
– Josh Gordon, Assistant Professor, School of Public Policy, Simon Fraser University, who has done extensive research on the impact of foreign capital on our housing market
– Dr. Darren Joneson, whose housing story we featured on our Facebook page
– Caroline Adderson, author of the book “Vancouver Vanishes” owner of FB community of the same name, will talk about demolitions of heritage homes, zoning and how we create density in a liveable, sustainable city
– Paul Kershaw, founder of Generation Squeeze, who will talk about the the challenges millenials face in getting into the housing market and Gen Squeeze’s “Homes First” policy.

Please come out, stand up, be counted, and let our government officials know that enough is enough!

Thanks for your support,
The HALT Team

You can find more info on their Facebook page and at haltvancouver.org.