Tag Archives: vancouver

Your car insurance is going up.

BC Drivers pay some of the highest car insurance rates in the country while receiving the lowest payouts, and yet somehow ICBC is out of money.

A recent report from Ernst & Young painted a dire picture at the Crown corporation, concluding that rates must increase by 30 per cent by 2019 to cover costs. A separate forecast released last November by ICBC indicated rates would need to increase by 42 per cent over the next five years to make up for expenses.

McCandless pointed to a footnote in the ICBC report that an additional $1.5 billion is required in “capital from other sources” between 2017 and 2020. He calculated the cumulative rate hike to be closer to 117 per cent over four years.

Continue reading Your car insurance is going up.

City proposes 3.4% property tax increase

You can probably handle paying an extra $49 bucks, but George Affleck points out that over the past 10 years the city budget has grown 30% while population has grown 9%.

The $1.32-billion draft 2017 budget was released late Wednesday afternoon. It includes a 3.4 per cent property tax increase and other increases for utility, recreation and permit fees.

The city says the increases will go towards greater costs for existing services that are in line with inflation and new expenditures in other areas like social housing, security and the arts.

According to the city, the property and utility fee increases will amount to an extra $49 in costs for a median homeowner in Vancouver.

Read the full article over at the CBC.

Vancouver Down, Toronto Up.

House prices never go down in Vancouver, except when they do.

But what about Toronto? The city that seldom thinks about BC?

Prices are up 11.8 per cent from a year earlier.

“In fact, there’s anecdotal information that suggests that foreign investors … are now turning to other cities that are not as expensive as Vancouver, because even that market’s gotten out of reach for wealthy foreign buyers.”

A separate report from real estate agents showed a 2.4 per cent monthly rise in sales in October and a 14.6 per cent surge in annual prices as buyers rushed to get into the market before tighter mortgage rules could take effect.

Taken together, the data showed Canada’s market cooling in most markets outside of Toronto, where a building boom and rising household indebtedness have spurred fears of a U.S.-style collapse if borrowing costs, already rising, spike further.

“Almost all seems to be well in Canada’s housing market, with most regions enjoying moderate sales activity and price gains, Alberta’s hard-hit market stabilizing, and Vancouver’s zany market returning to earth,” Guatieri said in a research note.

“However, accelerating prices in Toronto and its surrounding areas will only increase the chance of a correction if interest rates rise too sharply … and the chance of that happening is now somewhat higher under a new U.S. president.”

Read the full article over at BNN.ca

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.

Friday Free-for-all! Sept. 2nd 2016

It’s the end of another work week and that means it’s time for another Friday free-for-all here on VCI.

This is 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:

Some recent stats
Rentals, the other disaster
For rent, van with no toilet
Scotiabank: Buyer tax the right move
Mansion prices drop
Prices to dip 10%
Thousands of job losses
What 3 mill gets you in Scottsdale
Vancouver & Toronto go in different directions

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