Chinese Investors Driving Up Metro Housing Prices

[MIPS]

Originally Posted by csbvan

Nice starter home:



https://www.vice.com/en_ca/read/student-owns-this-31-million-vancouver-mansion

many young Vancouverites are eating raw food out of their vans to get by

Wait, so is that ACTUALLY that common of a thing now? Living in camper vans?
I've considered it but I've always thought that was just too extreme of a measure to let me live on the coast.

[retro_orange]

Originally Posted by csbvan

I can't do this place anymore. It rips my heart out because it's my home and I used to have such high hopes.

Join the club. I have 100+ years of family history in this city and i feel it's going out the window for short term gains.

[retro_orange]

Originally Posted by MIPS

Wait, so is that ACTUALLY that common of a thing now? Living in camper vans?
I've considered it but I've always thought that was just too extreme of a measure to let me live on the coast.

I know of a couple friends of friends who live in a camper and a small vintage airstream as well. I can't do it because i need project space so i just got the cheapest bachelor apartment i could find at the time.

[logan5]

I'm livin' in a van down by the river.

[Bcasey25raptor]

Originally Posted by csbvan

I can't do this place anymore. It rips my heart out because it's my home and I used to have such high hopes.

100% agreed. I'm not upset, i'm seethingly angry.

[whatnext]

Originally Posted by Bcasey25raptor

100% agreed. I'm not upset, i'm seethingly angry.

Write your MP.
Write your MLA.
Write [email protected]

The more heat they get, the likelier they'll be forced to act.

[trofirhen]

Originally Posted by whatnext

Write your MP.
Write your MLA.
Write [email protected]

The more heat they get, the likelier they'll be forced to act.

You got it, WHATNEXT !!!! Canadians are notoriously 'tolerant,' notoriously 'patient' to the point of being apathetic.
If people don't change their mindset and start kicking up dust - lot of it - we'll be in the meatgrinder !! As you say, write!!!! JUST DO IT

[giallo]

Vancouver's reputation around Canada has become one of extreme inaccessibility. Not the best label to have when you want the young, poor graduates of Canada to eek out a living until they create something worthwhile to the economy.

[csbvan]

^^^ lLkely not a good label to have when you're trying to get companies to choose your city to set up shop in, either.

[Pinion]

Originally Posted by MIPS

Wait, so is that ACTUALLY that common of a thing now? Living in camper vans?
I've considered it but I've always thought that was just too extreme of a measure to let me live on the coast.

First st and around Capilano mall in North Van is full of them. I guess the reserve doesn't have/enforce any rules against it.

[whatnext]

Average income is up 2.8 per cent, average cost of a home has skyrocketed by 26 per cent

Ownership costs like mortgage and utilities have also bumped up 19 per cent
How much as your wage gone up in the last year?

What about the costs of homes in your neighbourhood?

New figures from Desjardins are showing just how wide the gap continues to grow.

According to these calculations in its quarterly affordability index, our region is 13.7 per cent more unaffordable than this time last year.

“You just don’t typically see numbers like that, especially in a stable, developed, economy,” says Tom Davidoff with the Sauder School of Busines...s.

http://www.news1130.com/2016/05/11/vancouver-unafforable/

[trofirhen]

So how long before all this goes *BANG* ??? The government MUST intervene. Read post 1026 by WHATNEXT. It's the only rational answer at this point.

[giallo]

There needs to be a comprehensive review of the zoning laws in Vancouver. Every lot on north to south high streets (Oak, Cambie, Fraser, Knight, Granville, Main, Arbutus etc.) needs to be rezoned for low to mid-rise density. Every building must include a number of three bedroom units. This would bring down land prices, and get a more diverse stock of housing in to the city.

Kingsway, north of Main, needs to be completely rezoned with every lot becoming available for low to mid to high-rise density.

Homeownership in Vancouver proper is pretty much dead for the average person - I think we can all agree and live with that. There needs to be a complete overhaul of Vancouver's current zoning laws to aid the construction of family-friendly apartments and condos while bring land prices down for developers.

[GlassCity]

Originally Posted by giallo

There needs to be a comprehensive review of the zoning laws in Vancouver. Every lot on north to south high streets (Oak, Cambie, Fraser, Knight, Granville, Main, Arbutus etc.) needs to be rezoned for low to mid-rise density. Every building must include a number of three bedroom units. This would bring down land prices, and get a more diverse stock of housing in to the city.

Kingsway, north of Main, needs to be completely rezoned with every lot becoming available for low to mid to high-rise density.

Homeownership in Vancouver proper is pretty much dead for the average person - I think we can all agree and live with that. There needs to be a complete overhaul of Vancouver's current zoning laws to aid the construction of family-friendly apartments and condos while bring land prices down for developers.

As much as I would love to see Vancouver densify for a whole host of reasons, I wonder if building more housing to offset prices would follow the same results as building more lanes to escape congestion on a highway: the extra capacity is simply filled and the status quo of prices/congestion remains.

Of course at extreme levels, you will theoretically be able to build your way out of issues because there is only a finite amount of people that need to buy property/travel along a road. But practically, we have no idea how many wealthy Asian families are themselves waiting and trying to get into our housing market.

So while increasing supply may bring slight or temporary relief, and provide more housing options for locals, I think its impact on increasing affordability would be limited. Some form of large-scale, harsh legislation needs to be passed for this to be fixed. It's much more complicated than simple supply and demand.

[whatnext]

Originally Posted by giallo

There needs to be a comprehensive review of the zoning laws in Vancouver. Every lot on north to south high streets (Oak, Cambie, Fraser, Knight, Granville, Main, Arbutus etc.) needs to be rezoned for low to mid-rise density. Every building must include a number of three bedroom units. This would bring down land prices, and get a more diverse stock of housing in to the city.

Kingsway, north of Main, needs to be completely rezoned with every lot becoming available for low to mid to high-rise density.

Homeownership in Vancouver proper is pretty much dead for the average person - I think we can all agree and live with that. There needs to be a complete overhaul of Vancouver's current zoning laws to aid the construction of family-friendly apartments and condos while bring land prices down for developers.

That makes a very common mistake. When you read of foreign investors snapping up multiple units, where do you think they buy. Vancouver is already outbuilding organic demand. I bet you a beer if you checked ownership records of the hundreds of units going up along Cambie you would find at least 80% going to buyers with Chinese surnames.

[WarrenC12]

Originally Posted by giallo

There needs to be a comprehensive review of the zoning laws in Vancouver. Every lot on north to south high streets (Oak, Cambie, Fraser, Knight, Granville, Main, Arbutus etc.) needs to be rezoned for low to mid-rise density. Every building must include a number of three bedroom units. This would bring down land prices, and get a more diverse stock of housing in to the city.

Kingsway, north of Main, needs to be completely rezoned with every lot becoming available for low to mid to high-rise density.

Homeownership in Vancouver proper is pretty much dead for the average person - I think we can all agree and live with that. There needs to be a complete overhaul of Vancouver's current zoning laws to aid the construction of family-friendly apartments and condos while bring land prices down for developers.

I think your argument over-simplifies the situation.

The city has undertaken various re-zoning initiatives one neighbourhood at a time. It's important that there is a larger version of the final built out area rather than just blanket rezoning in a uniform manner. We are seeing the results of this along Cambie, but the process was started years ago. The DTES and West End have had community plans developed, as well as areas along Kingsway. It all takes time, but I can assure you there are billions of dollars in under-developed real estate with zoning as-is.

Construction permits and units under construction are at record highs across Metro Vancouver. The problem is irrational demand from outside of the area (mostly China) that is outstripping any possible supply we can build in any reasonable time frame.

When the inevitable correction happens and the dust settles, we want to make sure the development that occurred isn't a mess for the people who still want to work and live here, hence the detailed planning and rezoning processes that are ongoing.

See all the details here:

http://vancouver.ca/home-property-development/neighbourhood-planning-projects.aspx

[giallo]

Good points. I'm just thinking out loud of things the city could do without all the pertinent information.

It seems like we're in a really tough spot here.

[nova9]

Just want to add, just because ownership is to a Chinese surnames doesn't mean it's a foreigner. Born and raised here but my ownership data may very well end up being counted towards "foreign chinese owners"....all because my legal name is not a westernized one.

[logicbomb]

Originally Posted by giallo

Good points. I'm just thinking out loud of things the city could do without all the pertinent information.

It seems like we're in a really tough spot here.

We're boned for a number of reasons:

Politics and power - both parties will continue to cater to their special interest groups and there are fears our local economy will crumble if we lose foreign investment.

Global forces- this is a product of neoliberal globalization, and we are living in a period where the excess flow of capital is eroding borders in the so-called "first world". We depend off free trade, and halting foreign investment would surely cause a domino effect.

The people - Millennials of the late 80's and 90's are passive and will continue to take the wait-and-see approach or move away. The left are more concerned about LGBT rights than the housing. The right have this darwinst mindset that you either adapt or perish. The only realistic way that we can press for change is if we have another occupy movement, but we've been indoctrinated to behave and any act of protest is immediately shunned and scoffed at.

[trofirhen]

Originally Posted by logicbomb

We're boned for a number of reasons:
The right have this darwinst mindset that you either adapt or perish.

The only realistic way that we can press for change is if we have another occupy movement, but we've been indoctrinated to behave and any act of protest is immediately shunned and scoffed at.

Obviously, we have to reprogram ourselves, and "de-indoctrinate" ourselves. I've said it before with catchphrases like 'takin it to the streets.'
People have to disinhibit themselves, not give a rat's ass about what the neighbours may think, and yell, scream, write letters, demonstrate, and kick up a lot of dust and noise.
Otherwise, sit back and watch what we have go gurgling down the drain.