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
–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!
David Eby is definitely one of the most vocal politicians in Vancouver when it comes to issues around housing.
Have you ever wanted to ask him a question?
Now’s your chance. Eby will be hosting an ‘ask me anything’ thread on reddit today at noon (June 22nd)
His first comment on that thread:
I’m looking forward to it. A bit nervous, I’m expecting challenging questions on this important issue. I’ll do my best to answer, or to find the answers for you. I’m also interested to hear suggestions for policy opportunities and what you think needs to be done to respond to the housing crisis. See you then!
Let us know in the comments below if you spot anything note-worthy.
David Eby AMA June 22nd 12pm on Reddit.
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.
A recent report out of SFUs school of public policy is generating headlines that are rather extreme:
Foreign buyers crushing Vancouver home dreams as governments do little.
“People recognize what’s going on, and they’re willing to call a spade a spade,” he said, stressing that such views are based on reality, not racism.
His report compiles a number of other studies, including data on home-buying trends, population density, the cancelled immigrant investor program, and American research on the same issue.
Gordon said his report blames Vancouver’s housing crisis on foreign buyers, particularly from China, because “this is where the evidence points, not because of some anti-Chinese animus.”
Chinese investors have also spiked home prices in the Toronto region, but Vancouver has seen the highest rise in real estate due to the influx of foreign money reaching an unprecedented level in the last year, he said.
Gordon noted that other countries, including Australia and Singapore, have created policies for foreign homebuyers to protect their own citizens but that hasn’t happened in Canada.
Read the full article over at the CBC.