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Originally Posted by whatnext
Yes, as usual Misher is full of shit.
It was a StatsCan fact that foreign buyers accounted for up to 20% of presale condo buyers in several areas at the peak. There are so many condos coming into the market that projects are being cancelled while under construction in Richmond, the hotbed of offshore buyers.
Misher has made a fool of himself so many times here, but equating the NDP with Nazis is his piéce de resistance of shit-spewing.
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Yes. At one specific moment in history of new condos foreign buyers made up a decent amount. However, they only made up 3% of the "total" market except for the 1-2 month before the FBT came in, and currently they make up 1-2% of the market yet get all the blame?
Luckily our real estate market is composed of new and old condos. If someone is willing to pay more for new, that doesn't really affect your purchase of an old place. Infact, that brings down the prices of old places as it spurs development and leads to an oversupply of used condos. Except we suddenly screwed development by putting fees, taxes, and restrictions in. It became the government cash cow.
And this is why Vancouver has a below 1% residential vacancy rate, the lowest in the nation. This is why Vancouver's office vacancy, hotel vacancy, industrial vacancy rate also leads the nation.
If this problem is only because of foreigners, how come every bloody city in America that has more foreign buyers as a % isn't experiencing the same issues? Miami went up to 80% foreign buyers at one point and while prices did go up, they didn't go up like Vancouver. London has around 20% of buyers being foreign, 10x Vancouver.
I know many Vancouerites are incredibly self centered and think this is a problem that only Vancouver faces, but it isn't. Stuff like this happens everywhere, infact its much worse in many places. Yet somehow we have the highest housing price increases, why?
To the rest of Canada, I present to you whatnext, the typical racist Vancouverite who blames blames blames instead of looking at our own policies and how they differ from the city 230km South to see why were failing while their succeeding. Instead of admitting there wrong, they just push more blame and say that what we tried isn't enough, we need more taxes! We obviously weren't trying hard enough before! In 2008 Vancouver elected a NDP mayor and NDP allied Council. In 2018 they elected another NDP mayor. Don't have sympathy for Vancouverites, they shoot themselves in the foot and keep shooting its all self inflicted.
https://www.vancourier.com/real-estate/o...sed-its-rental-housing-crisis-1.23362023
Quote:
Opinion: How Seattle reversed its rental housing crisis
Our southern neighbour is now awash with available apartments, with landlords lowering rents and offering incentives
With Metro Vancouver creaking under the strain of sub-1 per cent apartment vacancy rates and Canada’s highest rents, it’s eye-opening to look just south of the border at what’s happening in Seattle.
The Emerald City – once itself struggling with low vacancies (although not as low as ours) due to its Amazon-centric tech boom – is now awash with available apartments. Which means rents are falling.
In downtown Seattle, the vacancy rate is a whopping 25.7 per cent, according to the Seattle Times. And in newly completed downtown apartment buildings, around 40 per cent of units are currently empty. In surrounding areas of the city it is not quite as extreme, but still high – South Lake Union vacancies (both new and older units) are now at 13.9 per cent, and in Central/South Seattle they are 11 per cent...
Rather than taking the dripfeed approach that has been characteristic of Vancouver’s new rental housing supply in recent years, Seattle has completely flooded the market with new-build apartments in a very short space of time. In the 2015-2019 period, the city has opened or is opening more new apartments than in the previous 50 years combined. And in 2016, Seattle spent more per-capita on new multi-family construction than any other U.S. city, according to a study by ApartmentList.
Faced with nation-leading population growth and a major tech industry boom led by the Amazon HQ in downtown Seattle, developers threw everything they had at building new rental units. From their point of view, they seem to have overshot, as the new supply was enough to outpace the projected population growth and demand surge. After that, it’s just supply-and-demand economics that leads to lower rents.
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Btw I often post the below image. Look at what whatnext is complaining about being responsible for all the real estate woes in Vancouver, that tiny gray part of the bars. Does anyone here agree with whatnext that the tiny grey part is 100% to blame for Vancouver's housing market? I've seen people say foreign buyers are hiding it after the FBT. But you'll see that even before the FBT (that jump in grey in 2016) foreign buyers only made up 1-2% of the market. So it doesn't make sense that foreign buyers are to blame, so we put a tax in, and suddenly there's a ton of secret foreign buyers who find our real estate more attractive as there's a tax they have to avoid?
The reason for Vancouver's housing market, the reason that has always made logical and economic sense, is that we're an attractive place with high demand and supply has not kept up with demand. And government is whats hindering supply. Also I never got how people manage to blame foreign buyers for our low rental vacancy rate. You'd think a sub 1% vacancy rate would clue people in that we need more homes. But they then made up this theory that all foreign owned homes are empty. This despite research showing that the average vacancy rate in Canada for homes is 5% yet in Vancouver its around 2%. Somehow Vancouverites convinced themselves that its speculators and investors making homes empty that caused a 1% vacancy rate, yet this argues against reasonable logic that says no one is going to leave a home empty they could be making money off by renting.
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