The Metro Vancouver Real Estate Thread

[misher]

Originally Posted by fredinno

http://dailyhive.com/vancouver/bc-va...-november-2018



...Why? This is just going to cripple supply. Ask the Venezuelans how well price controls on basic goods went.

The NDP should just wait for the real estate market to cool down, and let the free market do the work of cooling down rentals. Rentals can only decrease in price when house prices fall as well.

Unlike other places Vancouver is quite unique because rents and prices did not rise in parallel. Rents only rose greatly recently when supply went below 1%. However many blame high rents on high real estate prices and believe lower prices will lower rents. Given the lack of supply I see lower prices leading to less development/supply creation and therefore higher rents but this is a personal opinion.

A lot of renters believe that the owner should make money off the increase in house value and lose money on the rent. There in for a rude awakening now that the market has stopped booming. Land speculation was helping to create tons of rental homes and now that it’s slowed rental supply is going to tank as for profit rental is impossible with our rent controls and low rents. If rent supply tanks expect to see large price increases for low tier rentals as competition rises over the minimal supply.

[fredinno]

Originally Posted by whatnext

What, the real estate cartel mouthpiece objecting to rental controls? Colour me surprised. With the right incentives to build there's no reason this would effect newbuilds. They will set new rents to account for it. And flip the example around. You own a 10 unit building. Each year two of the units turn over as tenants vacate. Currently you can jack up the rent 100% for the new tenant even though your costs may have only increased minimally.

Uhh- the rental price cap is being lowered from 4% to 2%.

I can see 10% being considered price spike territory. But this is a shortage situation we're in. Vacancy is now below 1% across the region.

https://www.cbc.ca/news/canada/briti...tudy-1.3726641
The rent price increases are already at least 1.66%/month due to lack of vacancy. (this article is from 2016, it's even worse now). The last thing you want to do in a supply crunch is enforce stricter price controls- in fact, I would probably loosen the controls to 6%.


I am aware what this would mean for the current renters. But I don't want to see people homeless either.

Why would this not affect new supply? It might not decrease the total number of required units built, but it will make it less profitable for smaller landlords to bring supply onto the market, reducing overall rental supply.

Originally Posted by misher

Unlike other places Vancouver is quite unique because rents and prices did not rise in parallel. Rents only rose greatly recently when supply went below 1%. However many blame high rents on high real estate prices and believe lower prices will lower rents. Given the lack of supply I see lower prices leading to less development/supply creation and therefore higher rents but this is a personal opinion.

A lot of renters believe that the owner should make money off the increase in house value and lose money on the rent. There in for a rude awakening now that the market has stopped booming. Land speculation was helping to create tons of rental homes and now that it’s slowed rental supply is going to tank as for profit rental is impossible with our rent controls and low rents. If rent supply tanks expect to see large price increases for low tier rentals as competition rises over the minimal supply.

++++

If this blows back in the opposite direction, the NDP is going to have no one to blame but themselves.

[Jalapeño Chips]

You people should stop defending criminals. The real estate market has been fueled by the dirty and murderous Chinese, their gangs and corrupt officials. I say raise the foreign and speculation taxes to triple digits until we clean up this shit. This will fuel huge divisiveness and yes, racism. It's fucked up, and anyone defending this is a douche. We need this stopped and out of our country.End of story.

Read the article before posting a reply.

"The stately $17-million mansion owned by a suspected fentanyl importer is at the end of a gated driveway on one of the priciest streets in Shaughnessy, Vancouver’s most exclusive neighbourhood.

A block away is a $22-million gabled manor that police have linked to a high-stakes gambler and property developer with suspected ties to the Chinese police services.

Both mansions appear on a list of more than $1-billion worth of Vancouver-area property transactions in 2016 that a confidential police intelligence study has linked to Chinese organized crime."

https://globalnews.ca/news/4658157/f...-police-study/

[whatnext]

Originally Posted by fredinno

Uhh- the rental price cap is being lowered from 4% to 2%.

The price cap you refer to is for increases for existing tenants. It doesn't apply to the landlord if a tenant vacates and he re-rents the suite.

Originally Posted by fredinno

I can see 10% being considered price spike territory. But this is a shortage situation we're in. Vacancy is now below 1% across the region.

https://www.cbc.ca/news/canada/briti...tudy-1.3726641
The rent price increases are already at least 1.66%/month due to lack of vacancy. (this article is from 2016, it's even worse now). The last thing you want to do in a supply crunch is enforce stricter price controls- in fact, I would probably loosen the controls to 6%.


I am aware what this would mean for the current renters. But I don't want to see people homeless either.

Why would this not affect new supply? It might not decrease the total number of required units built, but it will make it less profitable for smaller landlords to bring supply onto the market, reducing overall rental supply.

++++

If this blows back in the opposite direction, the NDP is going to have no one to blame but themselves.

Studies don't bear that out:

....Every time rent control is proposed, the landlord-lobby communications playbook kicks into high gear with the same refrain: rent control stops landlords from building rental housing. Costs are said to be going up. Profits are never mentioned.

From Ontario last year to B.C., Illinois and California today, every time rent control is raised, armeggedon in the rental housing sector is promised.

The only problem is, there’s zero empirical evidence to back this up.

When Harris gutted rent control in the 1990s he promised “thousands and thousands of rental units” and of course, they never emerged — housing development totally flatlined.

Similarity, rent control was expanded in Ontario last year we were told the usual stories: 1,000 units were lost, projects were cancelled, and landlords would stop renting. But reality is a funny thing: one year later, far from cratering rental housing development it has surged to its highest levels in decades.....

https://www.thestar.com/opinion/cont...trols-yes.html

[misher]

Originally Posted by Jalapeño Chips

You people should stop defending criminals. The real estate market has been fueled by the dirty and murderous Chinese, their gangs and corrupt officials. I say raise the foreign and speculation taxes to triple digits until we clean up this shit. This will fuel huge divisiveness and yes, racism. It's fucked up, and anyone defending this is a douche. We need this stopped and out of our country.End of story.

Read the article before posting a reply.

"The stately $17-million mansion owned by a suspected fentanyl importer is at the end of a gated driveway on one of the priciest streets in Shaughnessy, Vancouver’s most exclusive neighbourhood.

A block away is a $22-million gabled manor that police have linked to a high-stakes gambler and property developer with suspected ties to the Chinese police services.

Both mansions appear on a list of more than $1-billion worth of Vancouver-area property transactions in 2016 that a confidential police intelligence study has linked to Chinese organized crime."

https://globalnews.ca/news/4658157/f...-police-study/

Yes Chinese are responsible for all our problems from drugs to real estate prices to high rents.

Does this remind anyone of who was blamed during the 1920-30's for the German depression?



Even if Chinese are responsible for all our drug problems (they aren't), it feels to me like this is just justice after we forced China to let us sell opium to their addicts less than 200 years ago?

First Opium War
Main article: First Opium War
The First Opium War, fought over opium trade,[4] financial reparations,[5] and diplomatic status,[6] began in 1839 and was concluded by the Treaty of Nanking (Nanjing) in 1842. The treaty ceded the Hong Kong island to the United Kingdom in perpetuity, and it established five treaty ports at Shanghai, Canton, Ningpo (Ningbo), Foochow (Fuzhou), and Amoy. Another treaty the next year gave most favored nation status to the United Kingdom[citation needed] and added provisions for British extraterritoriality.[citation needed] Then France secured concessions on the same terms as the British, in treaties of 1843 and 1844.[citation needed]

In the late 18th century, the British East India Company started smuggling opium from India into China through various means and became the leading suppliers by 1773.[7] By 1787, the British were sending 4,000 chests - one chest weighed 170 lbs - of opium to China.[8] The Chinese Emperor passed many decrees/edicts against opium in 1729, 1799, 1814 and 1831, but the trade flourished.[9] Even some Americans entered the trade by bringing opium from Turkey into China. Some of the American opium traders included the great-grandfather of US President Franklin D. Roosevelt and ancestors of US Secretary of State John Forbes Kerry.[10] By 1833, the number of chests of opium trafficked into China soared to 30,000.[8] According to United Nations Office on Drugs and Crime, the British sent the opium to their warehouses in the free trade region of Canton (Guangzhou), from where Chinese smugglers would take the opium into mainland China.[9] The opium trade resulted in 4-12 million Chinese addicts and devastated especially the large coastal Chinese cities.[8] In 1839, after having a letter to the queen of England, pleading for a halt to the import of opium ignored, the emperor issued an edict ordering the seizure of all the opium in Canton, including that held by foreign governments.[citation needed] British traders alone lost 20,000 chests (1,300 metric tons) of opium, without compensation.[9]

Second Opium War
Main article: Second Opium War

Depiction of the 1860 Battle of Taku Forts
During 1856–1860, British forces fought towards legalization of the opium trade, to expand trade in coolies (cheap laborers),[11] to open all of China to British merchants, and to exempt foreign imports from internal transit duties[citation needed]. France joined the British. The war is also known as the "Arrow War"[citation needed], referring to the name of a vessel at the starting point of the conflict. The war resulted in the second group of treaty ports being set up; eventually, more than 80 treaty ports were established in China, involving many foreign powers. All foreign traders gained rights to travel within China[citation needed].

https://en.wikipedia.org/wiki/Opium_Wars

[Jalapeño Chips]

Originally Posted by misher

Yes Chinese are responsible for all our problems from drugs to real estate prices to high rents.

Does this remind anyone of who was blamed during the 1930's for the German recession?

Are you defending the criminals?

[Vin]

Originally Posted by whatnext

More likely that Vancouver contains the homes of more wealthy people who have the clout to preserve their neighbourhoods. Vancouver is also unusual in that the
Central city contains many of the best natural attractions such as beaches so there’s not much incentive for the wealthy to decamp for the burbs.

And with that in mind, you only blame the Chinese for everything that goes wrong with this city?

[240glt]

I do wonder if there aren’t different cultural norms and values at play here, maybe things seen as unacceptable here are not taboo over there

In Edmonton a large majority of the slumlords in this city are Chinese, and generally they are awful people who take advantage of vulnerable people and don’t care about the impacts that their businesses have on others, and many have criminal ties. They are extremely greedy and entitled. I’m in no way saying that all Chinese people are like that but there does seem to be a certain proclivity for some subsets of that population to do these types of things.

[Vin]

Originally Posted by Jalapeño Chips

You people should stop defending criminals. The real estate market has been fueled by the dirty and murderous Chinese, their gangs and corrupt officials. I say raise the foreign and speculation taxes to triple digits until we clean up this shit. This will fuel huge divisiveness and yes, racism. It's fucked up, and anyone defending this is a douche. We need this stopped and out of our country.End of story.

Read the article before posting a reply.

"The stately $17-million mansion owned by a suspected fentanyl importer is at the end of a gated driveway on one of the priciest streets in Shaughnessy, Vancouver’s most exclusive neighbourhood.

A block away is a $22-million gabled manor that police have linked to a high-stakes gambler and property developer with suspected ties to the Chinese police services.

Both mansions appear on a list of more than $1-billion worth of Vancouver-area property transactions in 2016 that a confidential police intelligence study has linked to Chinese organized crime."

https://globalnews.ca/news/4658157/f...-police-study/

Well, let them buy up the expensive houses, then come swoop in and confiscate those houses when they can't show where they get the proceeds from. It would be a huuuge bonanza for our city and province!

Why so negative? Don't you trust your own elected officials to do the right thing?


Or would you rather be transported back in time to the 1930s Nazi Germany where it was so easy to place the blame on one single group of people? Just pray you're not born a Jew then.

Originally Posted by 240glt

I do wonder if there aren’t different cultural norms and values at play here, maybe things seen as unacceptable here are not taboo over there

In Edmonton a large majority of the slumlords in this city are Chinese, and generally they are awful people who take advantage of vulnerable people and don’t care about the impacts that their businesses have on others, and many have criminal ties. They are extremely greedy and entitled. I’m in no way saying that all Chinese people are like that but there does seem to be a certain proclivity for some subsets of that population to do these types of things.

That's how it all started in Nazi Germany: "My neighbours are Jews and I have good Jewish friends, but those loansharks out there in central Berlin are just so greedy and murderous, preying on the poor folks that just went through the depression!".


Read this:

Adolf Hitler Had Jewish Landlord for Over a Decade, German Historian Says
According to the research, Hitler treated his Jewish landlord 'with courtesy' despite harboring strong anti-Semitism
https://www.haaretz.com/world-news/e...says-1.5459123

According to a German historian, Nazi leader Adolf Hitler lived in a house owned by a Jewish merchant for almost a decade.

Hitler lived at Thierschstrasse 41 in Munich's Lehel district from 1920 until 1929, interrupted by a year spent at Landsberg prison for staging a failed coup in Bavaria, historian Paul Hoser said.

Writing in the quarterly VfZ, Hoser said the house was bought in 1921 by Hugo Erlanger, who lost the house in 1934 after falling behind on mortgage payments.

According to the research, Hitler treated his Jewish landlord "with courtesy" despite harboring strong anti-Semitism that would later contribute to the Nazi's murderous policy toward Jews.

Erlanger survived the war and was able to get his house back in 1949.

The research was first reported on Saturday by Der Spiegel magazine.

[s211]

Originally Posted by Jalapeño Chips

Read the article before posting a reply.

"The stately $17-million mansion owned by a suspected fentanyl importer is at the end of a gated driveway on one of the priciest streets in Shaughnessy, Vancouver’s most exclusive neighbourhood.

A block away is a $22-million gabled manor that police have linked to a high-stakes gambler and property developer with suspected ties to the Chinese police services.

Both mansions appear on a list of more than $1-billion worth of Vancouver-area property transactions in 2016 that a confidential police intelligence study has linked to Chinese organized crime."

https://globalnews.ca/news/4658157/f...-police-study/

Yes, it's now being suggested that some of the very new development groups out there have ties to dirty money. I wouldn't be surprised if several of the new projects along Cambie would fall into that group. How many developers out of nowhere have suddenly appeared the last few years?

[Jalapeño Chips]

Originally Posted by 240glt

I do wonder if there aren’t different cultural norms and values at play here, maybe things seen as unacceptable here are not taboo over there

In Edmonton a large majority of the slumlords in this city are Chinese, and generally they are awful people who take advantage of vulnerable people and don’t care about the impacts that their businesses have on others, and many have criminal ties. They are extremely greedy and entitled. I’m in no way saying that all Chinese people are like that but there does seem to be a certain proclivity for some subsets of that population to do these types of things.

Those are the dirty ones. The criminals and scammers and slumlords, whose values don't mesh with our long standing Canadian values. Who have affected the real estate and gambling. The rest, and the majority, are great people that add vibrancy and culture to our cities, and have been part of the Canadian landscape for a long, long time. No issue with that. Like I said, anyone supporting and defending the dirty Chinese CRIMINALS is a douche.

[Jalapeño Chips]

Originally Posted by Vin

Well, let them buy up the expensive houses, then come swoop in and confiscate those houses when they can't show where they get the proceeds from. It would be a huuuge bonanza for our city and province!

Why so negative? Don't you trust your own elected officials to do the right thing?


Or would you rather be transported back in time to the 1930s Nazi Germany where it was so easy to place the blame on one single group of people? Just pray you're not born a Jew then.

Read my reply above. Nothing to do with Nazi's, all to do with crime.

I agree it should all be confiscated and all those involved sent to jail, and deported.

[Vin]

Originally Posted by Jalapeño Chips

Read my reply above. Nothing to do with Nazi's, all to do with crime.

I agree it should all be confiscated and all those involved sent to jail, and deported.

Agree with your last statement!

But what about those who got greedy with the allure of such dirty money and invited these criminals to this city and country in the first place? Shouldn't they also be sent to jail and be "deported"?

[Jalapeño Chips]

Originally Posted by Vin

Agree with your last statement!

But what about those who got greedy with the allure of such dirty money and invited these criminals to this city and country in the first place? Shouldn't they also be sent to jail and be "deported"?

Like Westbank?

[misher]

Originally Posted by Jalapeño Chips

Those are the dirty ones. The criminals and scammers and slumlords, whose values don't mesh with our long standing Canadian values. Who have affected the real estate and gambling. The rest, and the majority, are great people that add vibrancy and culture to our cities, and have been part of the Canadian landscape for a long, long time. No issue with that. Like I said, anyone supporting and defending the dirty Chinese CRIMINALS is a douche.

"dirty Chinese CRIMINALS"...do you hear yourself? This is blatant racism, way to copy the common "Dirty Jew" racial slur.

I love how many of you say Chinese are more likely to commit crime, your even saying by defending Chinese I'm defending criminals? What the fuck is wrong with you. This is so funny because in Richmond you can walk safe down the street at night without seeing any homelessness or crime while in Downtown Vancouver or Surrey you seem crime and homelessness everywhere. Funny that the municipality with the most Chinese is also the safest, kind of kills your Chinese cause our crime theories. Hard to find crimes by ethnicity information for Canada so I looked at America's statistics which you assume will be similar. Did you know white people are 3x more likely to commit crime? I think dirty White CRIMINALS is more appropriate if we're going to be throwing racist insults based on criminal propensity. And if we're going by actual cleanliness lets go downtown and see whether there are more dirty Chinese homeless on the street or Whites? Or lets go off to UBC and see which ethnicity students work the hardest and get the top marks? Lets go to all the illegal weed stores and see what ethnicity is selling the drugs and which ethnicity is buying them? Hell lets go to a concert and see what ethnicity is shooting up.

0.0102% of Black or African American population (4,379/42,975,959)
0.0023% of American Indian or Alaska Native population (98/4,200,658)
0.0019% Hispanic American population (1,096/57,516,697)
0.0014% of White American (3,799/198,077,165)
0.0010% of Native Hawaiian or Other Pacific Islander population (6/646,255)
0.0005% of Asian American population (101/18,418,268)[52][54]

https://en.wikipedia.org/wiki/Race_a..._United_States

And btw, we invented scammers and slumlords. Speaking to Chinese slumlords, isn't the most famous slumlord in Vancouver the Indian Sahotas downtown?


I am deeply disappointed that any Canadian could try to blame an entire race for our problems (though my nationality/race has been disappointing me since elementary school so I can't say I'm surprised). Seriously, saying that a race had a proclivity to being "extremely greedy and entitled? I googled this and found a very similar antisemitic comment, perhaps this will wake you up to the fact that your talking like a Neo-Nazi

The Jews are hated because they are greedy and selfish people who always want more for themselves and less for the Goys (none jews).

http://www.kabbalah.info/bb/why-do-people-hate-jews/

[whatnext]

Originally Posted by misher

"dirty Chinese CRIMINALS"...do you hear yourself? This is blatant racism, way to copy the common "Dirty Jew" racial slur.

I love how many of you say Chinese are more likely to commit crime. Which is funny because in Richmond you can walk safe down the street at night without seeing any homelessness or crime while in Downtown Vancouver or Surrey you seem crime and homelessness everywhere. Funny that the municipality with the most Chinese is also the safest, kind of kills your Chinese cause our crime theories. Hard to find crimes by ethnicity information for Canada so I looked at America's statistics which you assume will be similar. Did you know white people are 3x more likely to commit crime? I think dirty White CRIMINALS is more appropriate if we're going to be throwing racist insults based on criminal propensity. And if we're going by actual cleanliness lets go downtown and see whether there are more dirty Chinese homeless on the street or Whites? Or lets go off to UBC and see which ethnicity students work the hardest and get the top marks? Lets go to all the illegal weed stores and see what ethnicity is selling the drugs and which ethnicity is buying them? Hell lets go to a concert and see what ethnicity is shooting up.


https://en.wikipedia.org/wiki/Race_a..._United_States

And btw, we invented scammers and slumlords. Speaking to Chinese slumlords, isn't the most famous slumlord in Vancouver the Indian Sahotas downtown?

Sounds like you're pretty unhappy with the apparently violent-ridden state of things here. You could always leave.

[misher]

Originally Posted by whatnext

Sounds like you're pretty unhappy with the apparently violent-ridden state of things here. You could always leave.

I'm pretty happy with how Vancouver has gone for the past 10 years. However, rather recently racism and socialism is on the rise which frightens me. Its very similar to 1920's Germany.

I notice that you've been bitching and complaining about Chinese, real estate prices, corruption, etc. so why don't you just move instead of bitching?

[whatnext]

Originally Posted by misher

I'm pretty happy with how Vancouver has gone for the past 10 years. However, rather recently racism and socialism is on the rise which frightens me. Its very similar to 1920's Germany.

I notice that you've been bitching and complaining about Chinese, real estate prices, corruption, etc. so why don't you just move instead of bitching?

I was born here, I see no reason to move just to give those wishing to move money out of their shithole country a safe place to stash their loot.

[misher]

Originally Posted by whatnext

I was born here, I see no reason to move just to give those wishing to move money out of their shithole country a safe place to stash their loot.

Your so racist and dumb its disgusting. Maybe move somewhere with a significant population of like minded Neo-Nazis?

[scryer]

Your so racist and dumb its disgusting. Maybe move somewhere with a significant population of like minded Neo-Nazis?

misher, I am surprised at you. In the past you have made posts with a greater intellectual impact on these forums. Playing the over-played racism card is just corny these days, especially on the internet where you don't really know who you're talking to. You should take a time-out. I've done it myself (no shame in it).

But all you MF's have jumped to neo/Nazism (?), racism, the holocaust, and anti-semitism way too quickly; which is typical of mediocre internet snowflakes these days. Now that you've said it let's take on a new progressive narrative.

Why not discuss solutions and policies aimed to prevent criminals (not nationals) and other people cheating the system, from cleaning their money via real estate? Surely we can all agree on that?