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The Decline of Vancouver.

Sept. 24, 2016, 1:27 p.m.
Posts: 14115
Joined: Nov. 19, 2002

well, our illustrious prime minister recently announced that he will be entering discussions with China to put an extradition treaty in place. Since Canada is one of 3 countries without one, we have become a "safe" place to hide corrupt money, namely from China.

My hope is that the mere mention of a potential extradition treaty will be enough to finally spook these money launderers away from using Canada as a mattress, and (best case scenario) cause a panicky sell-off of real estate, thereby crashing our artificially inflated housing market, bringing it down to normal levels where the tax paying citizens can almost afford it again.

Probably wishful thinking.

that would be a dream come true for alot of people here… but i have ZERO faith that actually happens

Sept. 24, 2016, 2:19 p.m.
Posts: 1084
Joined: May 29, 2003

thats why it has to be black n white…

no citizenship, no purchase… simple as that..

other countries do it for a reason.

Make Vancouver Great Again ?

Sept. 24, 2016, 3:40 p.m.
Posts: 1600
Joined: Jan. 20, 2003

Make Vancouver Great Again ?

I hope you're not insinuating that our affordability crisis is a race issue by adapting the slogan of a narrow-minded bigot and applying it to Vancouver.

:canada: :swiss:

Sept. 24, 2016, 5:16 p.m.
Posts: 1084
Joined: May 29, 2003

I hope you're not insinuating that our affordability crisis is a race issue by adapting the slogan of a narrow-minded bigot and applying it to Vancouver.

It's not a race issue, more of a "swiss" nationalistic mentality that seems to be developing. :P

But getting serious; I was highlighting the general and implied risk of IFOs' black and white comment.

The MAGA slogan is basically a euphemism call based on the separation of 'us' and 'them'. Where getting rid of or dealing with 'them' means that 'us' will be better off in some way. It's a black and white slogan frame to a perceived threat. In that context it's generic enough to mean whatever you want it to mean; From the hopeful desires to bigoted actions. It stirs motivation and anger to fuel desires of changing something back to a better time that we've seemingly have now "lost".

It's a slippery slope these things. And that's what I commented on. While we're frustrated at the cost of GVRD ownership the flavor-train we're all angry on is the 'foreigner, or the investor, the realtor, or the million dollar housewife/student' on the perception that they are making it hard for us normals from achieving our expectation of home ownership in a place they call home. But add in Chinese/Asian in front of those previous terms or just mention Realtors to your friends and we might as well be making the Vancouver housing crisis's slogan "Make Vancouver Great Again".

For nearly everyone, even rich foreigners, its required to have a Canadian mortgage when buying in Canada. Simplifying a lot of things; if the interest rate is cranked up the expensive housing problem is broadly solved, the problem with that is that everyone is effected. Instead, because Provinces can't set mortgage rates and even our Feds are at the mercy of the US treasury, we do what we can in the most populist way that allows us to feel as if something is being done without losing the staggering sums of equity our years of inaction has allowed. We get angry at shady realtors and rich immigrants that buy, sell and flip the houses in the most desirable parts of the country. Slap a tax here, replace the realtor board with the public, chase the loopholes every election cycle just enough to win the next election, and ignore the real long term issue - access to cheap money at the margins that far outstrip incomes.

For better and worse years of QE monetary policy (eg: super low, 0% interest borrowing) means that there is WAY more money in the world that is, at the margins, too easy to access. And if you believe the doomsayers about how a 1% interest rate increase will put 1mil CDNs under water then we all better hope there are rich immigrants/students/investors to take up the slack when those who are screwed all go to sell. Imagine happens when mortgages go up above a paltry 1% increase?

My point on commenting to IFO is that this "Make Vancouver Great Again" /black and white/ sentiment we ALL seem to be on wont go away until us normals dont need $+1 million to buy what our parents raised us to believe we should have, in the city we want to be in. Since changing those generational expectations or really addressing the root cause, we creep into blaming the Chinese shadow-flipping real-estate student until the inevitable mortgage rate creeps up and solves it for us with great pain. At best, our local and provincial abilities will mean that prices can be contained to go up at reasonable rates, but the reality is that the damage is done. The bar to get into ownership is too high for domestic incomes and ppl will remain pissed and blame 'them'. Eventually the crisis will come, those at the margins will be screwed and we'll all be in a bit pickle because owning even a +500k place for the median two person family income of 76k/yr means your probably not well diversified and everything you have is going into your home.. ahem.. I mean condo.

Sept. 24, 2016, 6:14 p.m.
Posts: 7707
Joined: Sept. 11, 2003

The real problem is demand for housing (at all levels and all types - investment, rental and owner-occupied) has outstripped supply ….

Sept. 24, 2016, 6:51 p.m.
Posts: 1084
Joined: May 29, 2003

The real problem is demand for housing (at all levels and all types - investment, rental and owner-occupied) has outstripped supply ….

And why has demand outstripped supply? I bet supply wouldn't be an issue if, say, mortgage rates were +10%.

The real problem is that it's been years of both access to miniscule rates that enable those at the margins to participate AND a housing supply that seamingly just doesn't exist.

But good point on the supply side; my crystal ball says the next popular fight will be with large investment developers (with a focus on foreign ones) and Van's rather crazy backlog of building applications that are stuck in the pipeline. That might actually help give us plebs to a chance at affordable median and modest ownership/renting that is move in line with incomes within the GVRD without tanking the those on the recent equity rocket. But, then again, this assumes that the collective us can get off the Make Vancouver Great Again scapegoat boat and move beyond the tax on Chinese housewives studying to be a realtors :P

Sept. 24, 2016, 11:58 p.m.
Posts: 0
Joined: Dec. 27, 2002

www.makevancouvergreatagain.org

Sept. 25, 2016, 4:18 a.m.
Posts: 1084
Joined: May 29, 2003

www.makevancouvergreatagain.org

Huh.

And here I was thinking I was being hyperbolic about that.

😐

Sept. 25, 2016, 7:15 a.m.
Posts: 8242
Joined: Dec. 23, 2003

…STOP selling to foreigners in the first place and in fact make them sell back and GTFO of the local housing market.

commie…

Sept. 25, 2016, 2:32 p.m.
Posts: 1600
Joined: Jan. 20, 2003

http://www.straight.com/news/702206/martyn-brown-essay-bcs-housing-crisis-and-what-do-about-it

A pretty long read, but worthwhile. (pre-15% tax implementation)

Also interesting is the fact that PEI has had limits on foreign real estate ownership in place since 1972. This clearly shows that the power to do this lies within provincial jurisdiction, contrary to the incessant drivel Christy and Mike keep spewing.

http://www.irac.pe.ca/document.aspx?file=legislation/LandsProtAct.asp

Frustrating, to say the least.

:canada: :swiss:

Sept. 25, 2016, 2:51 p.m.
Posts: 1759
Joined: Nov. 23, 2002

http://www.straight.com/news/702206/martyn-brown-essay-bcs-housing-crisis-and-what-do-about-it

A pretty long read, but worthwhile. (pre-15% tax implementation)

Also interesting is the fact that PEI has had limits on foreign real estate ownership in place since 1972. This clearly shows that the power to do this lies within provincial jurisdiction, contrary to the incessant drivel Christy and Mike keep spewing.

http://www.irac.pe.ca/document.aspx?file=legislation/LandsProtAct.asp

Frustrating, to say the least.

great article, but…

"The writer of this article, Martyn Brown, was chief of staff to ex-B.C. premier Gordon Campbell."

the author has been part of the system that allowed this debacle to unfold so i don't think he in the position now to be placing blame on governments.

Luck is what happens when preparation meets opportunity ~ Seneca

Sept. 25, 2016, 3:10 p.m.
Posts: 1600
Joined: Jan. 20, 2003

great article, but…

"The writer of this article, Martyn Brown, was chief of staff to ex-B.C. premier Gordon Campbell."

the author has been part of the system that allowed this debacle to unfold so i don't think he in the position now to be placing blame on governments.

True, he was part of Gordo's gongshow, but that doesn't necssarily mean he was supportive of the sell-out of our province at that time, and he clearly is not at this time. You could say the same of anybody who becomes disenchanted with a system, or who finally sees things for what they really are. His past employment does in no way diminish what he has to say now.

I used to work in a slaughterhouse that directly supportd the mistreatment of animals on a grand scale. Having experienced that first-hand, I now have my own chickens to produce the eggs I consume and I do my utmost to source my proteins from nonfactory sources that considers the animals' welfare.

Should I not be allowed to rally against animal abuses in factory farming because at one time I was part of that system?

:canada: :swiss:

Sept. 25, 2016, 3:33 p.m.
Posts: 3558
Joined: May 23, 2006

Clearly, former insiders often (and sometimes inadvertently) have the most salient things to say on a given issue.

Freedom of contract. We sell them guns that kill them; they sell us drugs that kill us.

Sept. 25, 2016, 11:05 p.m.
Posts: 15019
Joined: April 5, 2007

He's either written a few articles on the topic as of recent. Or I continue to read the same one

Why slag free swag?:rolleyes:

ummm, as your doctor i recommend against riding with a scaphoid fracture.

Sept. 26, 2016, 12:52 a.m.
Posts: 1668
Joined: Aug. 6, 2009

Also interesting is the fact that PEI has had limits on foreign real estate ownership in place since 1972. This clearly shows that the power to do this lies within provincial jurisdiction, contrary to the incessant drivel Christy and Mike keep spewing.

For BC, there is a huge amount of irony in how that came to be in PEI.

The Prince Edward Island lands protection act: the art of the possible

Restrictions on recreational developments in British Columbia's Gulf Islands had turned developers' attention to Canada's east coast, and advertisements in off-Island newspapers and magazines solicited buyers for large blocks of Island land for recreational use.

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