The Decline of Vancouver.

Local municipalities love the rise in home values - more money is brought in on property taxes. They won't make any changes to purchase rules and give that up. Province and feds don't have to give as much money to the municipalities, so they aren't going to change any rules.

Your blame is misdirected. Blame it on the Canadian owning classes for enabling it and enriching themselves in the process.
It just another example of how Canadians allow themselves to be fleeced.
Just like we pay more than south of the border when in reality there are actually few items tariffed at a rate requiring a higher Cdn. price.

the blame isn't misdirected, in fact it's not even blame; i'm just stating what has caused it.
you right on where the blame needs to be placed though.

Local municipalities love the rise in home values - more money is brought in on property taxes. They won't make any changes to purchase rules and give that up. Province and feds don't have to give as much money to the municipalities, so they aren't going to change any rules.

So ignore the mill rate? Cuts both ways, right? Or do you really not understand property tax vs assessed value?

Sounds like a bunch of sour grapes to me. I am one of the " owning class " , and I got here through a combination of hard work , good timing, and a bit of luck. I consider myself incredibly fortunate but don't feel bad about the position I am in that's for sure. I do feel sorry for people just starting out in their careers and trying to break into the market though. Definitely going to be harder for my kids than it has been for me.

LOL "High Inflation Trudeau Years". People (especially those in Alberta) love to in the blame on Trudeau for everything. Did Trudeau also cause the US Prime Lending rate to spike in the early 80s as well? This was actually a Global phenomenon.

LOL "High Inflation Trudeau Years". People (especially those in Alberta) love to in the blame on Trudeau for everything. Did Trudeau also cause the US Prime Lending rate to spike in the early 80s as well? This was actually a Global phenomenon.

To the same end: did Alberta actually do a good job managing their finances as compared to the have-not Provinces?

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It annoys me that I can only purchase one residence in China but Chinese citizens in Canada can buy as many as they want. Silly thing about not wanting their housing market to be affected by foreign speculation…

So ignore the mill rate? Cuts both ways, right? Or do you really not understand property tax vs assessed value?

It's easier to justify a higher tax when the value of the home goes up, especially easy up.

Sounds like a bunch of sour grapes to me. I am one of the " owning class " , and I got here through a combination of hard work , good timing, and a bit of luck. I consider myself incredibly fortunate but don't feel bad about the position I am in that's for sure. I do feel sorry for people just starting out in their careers and trying to break into the market though. Definitely going to be harder for my kids than it has been for me.

I agree that good timing and luck play a large part in any housing market. I bought a house in Edmonton in 2001 for $190k, (gladly) accepted a transfer to Vancouver in 2007 and sold the same house for $540k. Two weeks later, the market in Edmonton tanked and it would have been worth $300. Timing and luck allowed me to buy a house in the lower mainland for about the same money. The situation in Edmonton illustrates that most cities other than Vancouver are susceptible to huge fluctuations, because they rely on industry to drive the economy, and go through peaks and valleys. Vancouver on the other hand is recognized worldwide for its beauty, proximity to all it offers and quality of life. I agree that something should be done about offshore owners holding empty properties, and not contributing their fair share to the economy. But I also think that people will continue to flock to our fair city regardless, although a lower cost of entry would be nice.

Sounds like a bunch of sour grapes to me. I am one of the " owning class " , and I got here through a combination of hard work , good timing, and a bit of luck. I consider myself incredibly fortunate but don't feel bad about the position I am in that's for sure. I do feel sorry for people just starting out in their careers and trying to break into the market though. Definitely going to be harder for my kids than it has been for me.

pretty much my situation,except I cashed out and left for northern pastures.

The real tale will be told 20 years from now when my generation tries to retire in Van. Good luck with that when all your cash has gone into your house.

It's easier to justify a higher tax when the value of the home goes up, especially easy up.

Some people understand the difference between capital and income. Others get confused because both start with $.

Sounds like a bunch of sour grapes to me. I am one of the " owning class " , and I got here through a combination of hard work , good timing, and a bit of luck. I consider myself incredibly fortunate but don't feel bad about the position I am in that's for sure. I do feel sorry for people just starting out in their careers and trying to break into the market though. Definitely going to be harder for my kids than it has been for me.

it's not sour grapes at all, it's reality. as prices on the westside have risen uproariously fast that has put pressure on all home markets east of there. the people that used to be able to just afford westside properties are squeezed ouot and buying east side. those who used to buy east side are now squeezed out and possibly having to go as far out as coquitlam/poco/surrey to be able to afford a detached home.

for those who have been following the market for the past 15 or so years it's easy to see. high demande, limited supply and cash buyers willing to pay full price before the first open house or buyers willing and able to overbid are driving the market away from the often qualified buyer. when the avg price of an east side detached home is at or near $1 million there is someting seriously wrong with the vancouver r/e market. the avg salaries in metro simply do not support these sorts of home prices.

question for you, when did you get in and at what price did you buy in? would you be capable of buying the same home at it's current market value. the avg van price has DOUBLED in the past 10 years.

I am one of the " owning class " , .

Uh, I wasn't referring to "homeowners" per se.

Perhaps you should liaise with Couch_Surfer, he can fill you in on how to find commies under the bed.

it's not sour grapes at all, it's reality. as prices on the westside have risen uproariously fast that has put pressure on all home markets east of there. the people that used to be able to just afford westside properties are squeezed ouot and buying east side. those who used to buy east side are now squeezed out and possibly having to go as far out as coquitlam/poco/surrey to be able to afford a detached home.

Which leads us onto the current arguments I read most weeks in the North Shore News regarding development. In most of the of the cities I've lived in since leaving my parent's home a long time ago, The vast majority of housing was apartments and town houses (or terrace streets in the UK). I don't think detached homes are a possibility for most people in the developed world now, or at least in places where there is plentiful work and/or people want to actually live there.
I do totally understand the situation that people are in now with the crazy price of housing here, and I said a while back on a different thread that I was lucky enough to benefit from a shared ownership scheme in the UK and that's the only reason I could buy a home somewhere I wanted to live 15 years later, but that house is a townhouse, not detached. I think I actually prefer it this way, we have all the room we need and I'm not on the hook individually for potentially expensive repairs to the actual building that may pop up out of the blue.