Canada's 'housing bubble' deemed close to bursting

[milomilo]

Originally Posted by yaletown_fella

This is one of the few times I agree with the NIMBY.

It could be my bias because I grew up in the area and feel it's important to preserve our Jewish heritage. Much like The Ward, it was a thriving epicenter until the community shifted north to Bathurst/Lawrence, Bathurst/Sheppard and at one point York Mills to Parkwoods later in the 20th century.

I think if I hypothetically lived in this area, I could meetup for coffee with this NIMBY who put together this fundraiser, and we could come to an agreement that we (as a community and council representives) agree to defend important heritage sites in Harbord Village, but this would come in exchange for automatically greenlighting all laneway unit permits that meet pre-set requirements.

For example, the laneway behind this former shul and basement could fit at least 5 units.

As far as addressing the housing crisis, I think it'd be more efficient to sell off prime TCHC downtown real estate to private developers and then use these funds to build new affordable and/or modular housing in new mixed income developments on the fringes of the city for cheaper. Speaking on behalf of others, I dont think most people who want affordable housing expect to be in prime locations. In the future, if I could somehow qualify for a reduced rent brand new subsidized $900 apartment with a balcony , Id be more than happy to commute everyday from the West Mall and Burnhamthorpe in Etobicoke or even Malton for such a great deal.

If it matters that much to them they should buy it. If not, too bad, so sad.

This is the problem with NIMBYs, they don't care about what isn't what is outside of their backyard (for the most part, we have BANANAs and CAVE people also). They'll claim "oh I'm not a NIMBY, I want affordable housing. Just not THAT affordable housing, that happens to be near my house".

[WarrenC12]

Originally Posted by milomilo

If it matters that much to them they should buy it. If not, too bad, so sad.

This is the problem with NIMBYs, they don't care about what isn't what is outside of their backyard (for the most part, we have BANANAs and CAVE people also). They'll claim "oh I'm not a NIMBY, I want affordable housing. Just not THAT affordable housing, that happens to be near my house".

Exactly. Full Bingo to you.

[lio45]

Let me try to recall what a BANANA is... "Build Absolutely Nothing Anywhere Near Anything", right? That's really awesome Whoever came up with it, kudos

[rofina]

Originally Posted by lio45

Let me try to recall what a BANANA is... "Build Absolutely Nothing Anywhere Near Anything", right? That's really awesome Whoever came up with it, kudos

BANANAS, CAVES, and NIMBYS.

We have built an entire culture around and terms about why we shouldn't build shelter for humans.

Crazy time to be alive. But its foreign buyers that are the single issue here. For sure.

[whatnext]

Originally Posted by rofina

BANANAS, CAVES, and NIMBYS.

We have built an entire culture around and terms about why we shouldn't build shelter for humans.

Crazy time to be alive. But its foreign buyers that are the single issue here. For sure.

Foreign buyers a problem? Why, whatever do you mean sir?

Ex-student aims for near-record Vancouver mansion deal
HANYING CHEN RUNS A BOUTIQUE THEATRE PRODUCTION COMPANY AND COULD SET A RECORD SALE FOR A SINGLE RESIDENTIAL LOT SALE IN VANCOUVER SHOULD NEGOTIATIONS EXCEED EXPECTATIONS
By Graeme Wood | August 20, 2021

A Vancouver mansion listed for a near-record price is not being sold by a student, according to the listing’s realtor.

The $39.9 million listing for 4868 Drummond Drive raised eyebrows on social media this month not just because of the price but because the owner’s stated occupation is a “student.”

However, Hanying Chen was only a student in 2012, when she paid $14.68 million cash for the seven-bedroom home in West Point Grey. While she continued to be a student in 2015, according to the most recent land title record, Chen is no longer in school, says her realtor Vivian Li of Sutton Group-West Coast Realty.

Rather, the title was never updated and Chen now works as the founder and director of Circle Bright Productions, a live theatre and arts company that launched in 2018...

....The top residential deal in Vancouver continues to be the $51.8 million sale of 4787 Drummond Drive in 2015 to Chinese tycoon Mailin Chen, a developer and hotelier who is also a member of a member of the Chinese People’s Political Consultative Conference (CPPCC), which directs the United Front Work Department, a foreign propaganda and influence network of the Chinese Communist Party.

However, Mailin Chen’s property on Drummond (In 2015 he owned 13 Vancouver-area properties) is situated on three lots, so realtors do not consider it a record price for one single lot, as is the case for the one on Belmont.

Mailin Chen’s home is kitty corner to Chen’s home, which Li said is a “family holding.”

Asked if the two Chens are related, Li said she could not disclose personal information.

Li said she does not expect a bidding war on the property but rather negotiations among those interested.

The 58,632 square-foot lot comes with an annual tax bill of $101,897.

A realtor’s commission on a $40 million sale would be $653,255.(bold mine)

https://biv.com/article/2021/08/ex-student-aims-near-record-vancouver-mansion-deal?amp

[casper]

Originally Posted by whatnext

Foreign buyers a problem? Why, whatever do you mean sir?

Ex-student aims for near-record Vancouver mansion deal
HANYING CHEN RUNS A BOUTIQUE THEATRE PRODUCTION COMPANY AND COULD SET A RECORD SALE FOR A SINGLE RESIDENTIAL LOT SALE IN VANCOUVER SHOULD NEGOTIATIONS EXCEED EXPECTATIONS
By Graeme Wood | August 20, 2021

A Vancouver mansion listed for a near-record price is not being sold by a student, according to the listing’s realtor.

The $39.9 million listing for 4868 Drummond Drive raised eyebrows on social media this month not just because of the price but because the owner’s stated occupation is a “student.”

However, Hanying Chen was only a student in 2012, when she paid $14.68 million cash for the seven-bedroom home in West Point Grey. While she continued to be a student in 2015, according to the most recent land title record, Chen is no longer in school, says her realtor Vivian Li of Sutton Group-West Coast Realty.

Rather, the title was never updated and Chen now works as the founder and director of Circle Bright Productions, a live theatre and arts company that launched in 2018...

....The top residential deal in Vancouver continues to be the $51.8 million sale of 4787 Drummond Drive in 2015 to Chinese tycoon Mailin Chen, a developer and hotelier who is also a member of a member of the Chinese People’s Political Consultative Conference (CPPCC), which directs the United Front Work Department, a foreign propaganda and influence network of the Chinese Communist Party.

However, Mailin Chen’s property on Drummond (In 2015 he owned 13 Vancouver-area properties) is situated on three lots, so realtors do not consider it a record price for one single lot, as is the case for the one on Belmont.

Mailin Chen’s home is kitty corner to Chen’s home, which Li said is a “family holding.”

Asked if the two Chens are related, Li said she could not disclose personal information.

Li said she does not expect a bidding war on the property but rather negotiations among those interested.

The 58,632 square-foot lot comes with an annual tax bill of $101,897.

A realtor’s commission on a $40 million sale would be $653,255.(bold mine)

https://biv.com/article/2021/08/ex-student-aims-near-record-vancouver-mansion-deal?amp

Someone is trying to paint a picture. Headline describes a business owner as an "ex-student". that helps paint a certain narrative. Not good.

The reality is some people come from rich families and being able to spend that much money on a home for their kids when there were going to school is rare but not illegal. I would also say it is poor judgment but that is just me.

It does look like a nice home.

[milomilo]

Aren't many people an "ex student"? I am.

[whatnext]

Originally Posted by casper

Someone is trying to paint a picture. Headline describes a business owner as an "ex-student". that helps paint a certain narrative. Not good.

The reality is some people come from rich families and being able to spend that much money on a home for their kids when there were going to school is rare but not illegal. I would also say it is poor judgment but that is just me.

It does look like a nice home.

LOL, you seem to be skating around a couple points in the article (I wonder why) One the former student’s business is registered to a condo unit in Trump Tower. So that’s at least two properties she’s hoovered up. Two: the realtor refuses to divulge whether the ex-student is related to the Chinese propaganda puppet who owns the property kitty corner and up to 15 other Vancouver properties! If you’re trying to minimize the effect of that kind of property ownership thanks to foreign money, one has to question your motivation for doing so.

[milomilo]

Now that whatnext is back in the thread blaming the Chinese, I'm yet again going to pose the same question:

Originally Posted by milomilo

Here we go - whatnext, can you please show how these numbers show Vancouver building more supply than population growth?

Sources:

https://www03.cmhc-schl.gc.ca/hmip-pimh/...&DisplayAs=Table&GeograghyName=Vancouver
https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1710013501

[Denscity]

Did we celebrate the 10th anniversary of this thread yet?

[milomilo]

We didn't. Let's wait until 2031!

[Architype]

Originally Posted by milomilo

Aren't many people an "ex student"? I am.

Ex-student, and former child here.

[whatnext]

Originally Posted by Architype

Ex-student, and former child here.

Ah, but are you an ex-student with a $39 million mansion for sale? (And a million plus Trump Tower condo on the side).

Milomilo seems to think that’s a fairly common occurrence. He might do week to acquaint himself with the definition of the marginal buyer.
http://www.jnrealty.ca/buyers/what-is-a-marginal-buyer-/

[CivicBlues]

LOL whatnext is so butthurt he goes and follows milomilo into another thread and engages him in a non-sequitur argument about China in a completely unrelated discussion.

[whatnext]

Originally Posted by CivicBlues

LOL whatnext is so butthurt he goes and follows milomilo into another thread and engages him in a non-sequitur argument about China in a completely unrelated discussion.

Winnie the Pooh is treating you well.

[CivicBlues]

Originally Posted by whatnext

Winnie the Pooh is treating you well.

Completely juvenile and asinine retort, I don't know what else I expected.

But since you asked nicely, if I push your buttons specifically one more time this week, Xinnie the Pooh says I'm in line to get another Westside mansion for my efforts.

[rofina]

Originally Posted by CivicBlues

LOL whatnext is so butthurt he goes and follows milomilo into another thread and engages him in a non-sequitur argument about China in a completely unrelated discussion.

Everyone should be — hurt about China under the CCP but especially Xi. History wont be kind to sympathizers.

[CivicBlues]

Originally Posted by rofina

Everyone should be — hurt about China under the CCP but especially Xi. History wont be kind to sympathizers.

No one here is sympathetic to the CCP, but scapegoating entire ethnic groups should not be tolerated.

[rofina]

Originally Posted by CivicBlues

No one here is sympathetic to the CCP, but scapegoating entire ethnic groups should not be tolerated.

Completely the same page. Its important to make a distinction between the Chinese people and the CCP/Xi.

Welcome with open arms to all democracy loving Chinese.

No such welcome extended to those that for whatever reason, I only see malicious ones, immigrate to Western democracies to spew communist propaganda.

If the going is that great under the CCP, by all means, please stay in China.

[rbt]

Residential construction inflation in Canada (Page 10) is up between 7% (Calgary) and 10% (Toronto) from April 2020 to April 2021.

https://s31756.pcdn.co/americas/wp-content/uploads/sites/4/2021/06/Q2-2021-QCR-1.pdf

New build costs naturally increase housing prices in a growing population (or static population with decreasing number of people per household).