REVscene - Vancouver Automotive Forum

Tapioca · 07-20-2016, 11:58 AM

Wow, lots of hyperbole being thrown around here in the last few posts.

320i's girlfriend may seem like she's doing something silly, but it never hurts to get a dose of reality, especially if it's only costing her time and a credit check.

With respect to buying and selling, you don't need a realtor to sell your condo. All you need is a template purchase and sale agreement and your own representation, like a notary, who can be hired for 500-750 bucks. The only risk of selling privately in this market is that you could leave tens of thousands on the table by not knowing what the market will actually pay for your home. So, hiring a realtor and paying him/her 2-2.5% is the cost of doing business. If you're worried about losing money when it comes to sell, well this is why you live in your home for several years and build equity so when it comes time to sell, your equity will allow you to off-set some of the selling costs. No, you will no longer be able to make the leap from condo to detached, but if you play your cards right (and marry someone with a starter condo of their own), you can make the jump from condo to townhouse.

I don't know why people keep talking about detached homes in the City of Vancouver as some kind of realistic goal. My wife and I make above average incomes with good credit. I grew up in East Vancouver, but I realized a long time ago that owning a home like the same shitty, dilapidated vinyl-siding Vancouver special I grew up in will not be possible in my lifetime unless I win the lottery. So, we modified our expectations and bought a shitty vinyl siding townhouse in the burbs (albeit in an area where the median household income is 150K+). We did this because it was the best decision for our family. I wish the market were different, but it is what it is.

Is not owning a detached home the end of the world? Yeah, sometimes I think it sucks, but on the other hand, my wife and kid are happy with what we have. And as they say, happy wife, happy life. If owning a detached home is really, really important to you, there are lots of places in Canada where you can buy one on a yeoman's salary.

Hondaracer · 07-20-2016, 12:13 PM

how much do you guys think realtors make a difference as the selling agent in getting top dollar in this market?

i've interviewed 6 different realtors for selling a home, the 6th guy i interviewed was kinda slimey but insisted he would get me the most (which realtor wont say that i guess) however, among the 6 there are 2 who are part of "groups" who seemingly move a tonne of volume, 150+ properties each up to this point this year, all in the same area i am selling in.

However, the very first guy we interviewed and had a referral with is probably the nicest guy, hardest working, has maintained communication and been working on finding comparables, ideas for improvements, etc. over the last 2 months since meeting him, he is experianced in the area and has been in the game for just as long, if not longer than the "groups"

does dealing with a realtor who are part of these seemingly "power groups" increase the amount your home could potentially sell for? or as the selling agent will you essentially be dealing with these power groups anyways because they will be bringing clients who are looking at the area into your home regardless of which side they are on?

basically i'm concerned that with an agent who doesn't have the profile that some of these groups have, is the home getting out there enough to get top dollar?

quasi · 07-20-2016, 12:29 PM

Quote:

Originally Posted by Traum

If someone isn't in the position to buy, how can they possibly go through to do so? This is something I just couldn't understand.

When my income isn't anywhere close to being able to afford a $2M old timer bungalow; when I don't even have 1/4 of what I need as down payment, no amount of fudging the numbers can change that.

When I need to completely suck dry my parents retirement savings to afford a $900k townhouse, and confine myself to a 20 year daily ramen diet while pinching pennies like a hut yee, how can I possibly allow myself to go through with that?

Unless I am planning to stay single, 500 sq ft is totally inadequate for any practical living. Sure you can say you'll sell when the time comes to get married, but as soon as you factor in the misc fees (lawyer and RE agent fees) and run the numbers, you are going to realize that selling your 500 sq ft unit 2 years later is actually going to cost you money even though the unit's paper price might have gone up. Why would anyone want to do that?

I've been considering moving to a smaller house with a bigger lot but it's not really worth it because of all those costs you pointed out. It will cost me 30-40K to cover the realtor fees, moving/closing costs and property Transfer Tax on the new place. It's a hard pill to swallow even if the home I'm buying and selling are of similar value.

Timpo · 07-20-2016, 02:10 PM

Real estate council investigates Vancouver redevelopment video
STEPHANIE IP / VANCOUVER SUN
JULY 20, 2016 08:53 AM

Real estate council investigates Vancouver redevelopment video

This screen grab from a YouTube video ad produced by the Goodman Report (Mark and David Goodman), a Vancouver real estate firm specializing in commercial real estate, shows redevelopment renderings on Southview Gardens in Southeast Vancouver (3240 East 58th Ave.). Photograph By Vancouver Sun

The Real Estate Council of B.C. is investigating a marketing video which advertises “future redevelopment opportunities” that aren’t possible under current city zoning and policies.

However, the real estate agents behind the ad maintain they’ve done their due diligence, noting that the concern at City Hall over the video is just a distraction from the issues surrounding the city’s rental stock, in a highly politicized discussion on real estate.

“We’ve been writing about this issue for the last decade and City Hall does not like us because we’ve basically outed them,” said Mark Goodman of the Goodman Report, a Vancouver-based group specializing in commercial real estate which has been publishing regular reports on the real estate industry since the 1980s.

The news of the investigation came just days after Carolyn Rogers, the superintendent of real estate with the Financial Institutions Commission (FICOM) presented a report on behalf of the Independent Advisory Group on Real Estate Regulation in B.C. (IAG) to Vancouver City Council, where the topic of whose duty it is to regulate aggressive and misleading real estate advertising was discussed during question period. Rogers is the former chair of the IAG.

Rogers said the FICOM “recognizes the public’s concern about aggressive real estate marketing practices, and the Real Estate Council is increasing its focus on industry practices following the Report of the Independent Advisory Group.”

“We are making arrangements to meet with the City of Vancouver to discuss the marketing practices being observed in the city,” she said in a statement. “We look forward to working with them on ways to better inform and protect the public.”

The video released by the Goodman Report showcases an assembly known as Southview Gardens, located at 3240 East 58th Avenue. The 6.58-acre property is the site of a rental complex, housing 140 townhouse and apartment units across 16 buildings. Many of those rental suites are three- and four-bedroom family units. Advertising material accompanying the video boasts an annual holding income of approximately $1,420,000, and invites interested buyers to “capitalize on extreme demand for new market and rental housing in an established neighbourhood.”

In the video block renderings of “future redevelopment opportunities,” resembling condo towers and large buildings, are superimposed onto an aerial view of the property. The video notes that the area’s zoning allows for apartments, townhouses, seniors’ and public housing, retail, service and entertainment establishments, gas stations, public parks, as well as church and related schools.

The site featured in the video, which was posted to YouTube earlier this year, has been designated and protected for rental housing according to land-use policy developed by the city in the 1970s. It is also part of a group of sites, which includes the nearby Champlain Mall, all of which are under a single CD-1 zoning, which has no remaining capacity for further development.

“We have screened the marketing video submitted to our offices, and the Real Estate Council has opened an investigation,” said Rogers.

However, a lawyer representing the Goodman Report forwarded a statement from the Goodmans Tuesday, noting that no complaint was received.

“The information we have from the Real Estate Council of B.C. is that no formal complaint has been received by them with respect to the marketing or advertising of the subject property,” the statement read.

According to the City of Vancouver, there had been inquiries about the listing, but officials have put out the same information each time.

“It’s the speculation that’s associated with it that is inconsistent with our policies and bylaws,” said Susan Haid, the city’s assistant director of planning for Vancouver South, noting the redevelopment suggested in the video isn’t in line with the area’s community vision plan or the city’s rental housing stock development plan. The only development permitted under current zoning bylaws would be a “1:1 requisite replacement of rental housing along with tenant relocation strategies.”

“We would not entertain a rezoning of the site. It’s absolutely in contradiction to our policy and bylaws.”

Haid said if any changes were to occur, it would require “a major community initiative” and planning process be undertaken, something the city has no intention of pursuing at this time. She also said the city was happy to communicate with real estate agents and interested buyers seeking information about property and assemblies for sale in Vancouver.

“We really encourage and promote getting very accurate information from the city,” she said.

Mark Goodman says his firm has been in communication with the city and that there have never been any concerns expressed about the handling of the listing, which was sold about three weeks ago and is slated to close in the fall. The buyer plans to keep Southview Gardens as rental property for the foreseeable future.

“We’re not suggesting you can demolish anything now — we’re suggesting, in the future, it will make a very nice redevelopment opportunity for market housing, assisted social housing, affordable rental housing — all the initiatives that the city wants to see — and that’s what the developer is buying,” he said.

David Goodman, who founded the Goodman Report, said they were upfront with every interested party who inquired about the property, and directed them to the city for more information on applicable zoning policies.

“We have not represented this as a development site, it is a future redevelopment site and frankly, half of Vancouver is a future redevelopment site,” he said.

Of the city’s concerns over the Southview Gardens advertising, he called it a “witch hunt,” noting the Goodman Report has been “critical over the past six or seven years of the city’s housing policies.”

“We believe the city’s policies have been regressive and not pro-rental,” he said, noting the 140 rental units at Southview Gardens could be 500 or 600 rental units instead, if regulations were loosened by the city. “I think the city doesn’t like the fact that we’re tweaking their nose.”

Jon Stovell of Reliance Properties said his company was interested in the Southview Gardens listing but eventually decided it was not for them.

He said he understands how the video might alarm residents currently living in Southview Gardens, but that anyone in the discussion to purchase a multi-million dollar property would make no mistakes over something like zoning, and would obviously work with the city on any future development.

“We certainly never felt that we were presented with something that was a promise that would lead to an erroneous conclusion,” he said, noting that future redevelopment is not beyond the realm of possibility, as the city has rezoned large sites in recent years, to keep up with growing populations.

GLOW · 07-20-2016, 02:18 PM

can't be surprised. reminds me of this story

Condo marketing company admits it duped media | CTV Vancouver News

Digitalis · 07-20-2016, 03:52 PM

Having listed a couple of commercial properties by the viaducts. I can say the city is in permit/zone change limbo. The guy in charge apparently stepped down and now there are a bunch of developers holding onto land without approval of the housing mostly condo's that they want to build.

jing · 07-20-2016, 06:40 PM

Quote:

Originally Posted by Tapioca

Wow, lots of hyperbole being thrown around here in the last few posts.

320i's girlfriend may seem like she's doing something silly, but it never hurts to get a dose of reality, especially if it's only costing her time and a credit check.

With respect to buying and selling, you don't need a realtor to sell your condo. All you need is a template purchase and sale agreement and your own representation, like a notary, who can be hired for 500-750 bucks. The only risk of selling privately in this market is that you could leave tens of thousands on the table by not knowing what the market will actually pay for your home. So, hiring a realtor and paying him/her 2-2.5% is the cost of doing business. If you're worried about losing money when it comes to sell, well this is why you live in your home for several years and build equity so when it comes time to sell, your equity will allow you to off-set some of the selling costs. No, you will no longer be able to make the leap from condo to detached, but if you play your cards right (and marry someone with a starter condo of their own), you can make the jump from condo to townhouse.

I don't know why people keep talking about detached homes in the City of Vancouver as some kind of realistic goal. My wife and I make above average incomes with good credit. I grew up in East Vancouver, but I realized a long time ago that owning a home like the same shitty, dilapidated vinyl-siding Vancouver special I grew up in will not be possible in my lifetime unless I win the lottery. So, we modified our expectations and bought a shitty vinyl siding townhouse in the burbs (albeit in an area where the median household income is 150K+). We did this because it was the best decision for our family. I wish the market were different, but it is what it is.

Is not owning a detached home the end of the world? Yeah, sometimes I think it sucks, but on the other hand, my wife and kid are happy with what we have. And as they say, happy wife, happy life. If owning a detached home is really, really important to you, there are lots of places in Canada where you can buy one on a yeoman's salary.

True story. I had contact with a private seller who was trying to sell their 1br in the Royal Oak area for 325k. Sold for 380k once he had it listed on MLS.

Ronin · 07-20-2016, 06:46 PM

Quote:

Originally Posted by meme405

Jesus the number of fear mongering articles and media pieces is now reaching an epic peak.

This market isn't going to crash because the market can't bear it anymore. It's going to crash because the media is playing their fiddle and all the stupid people are dancing to their rhythm.

I mean, as long as it crashes, what's the difference? If the media is the catalyst that finally crashes the housing market around here...then great.

I've seen an increase in the number of "it's about to crash" articles lately, even some in the Chinese media.

Iceman_2K · 07-20-2016, 06:55 PM

Given how some of the groups are working right now, even with established names, you might not be getting as much as you would if the house was being circulated and flipped amongst realtors of the same group.

I just sold my place after holding onto it for 5 years. We've been on the market for 6 months at least, and switched two realtors. We had at most, just 2 offers with each realtor, and neither realtor is part of the New World group. The second realtor we used, Trevor Kwok, was able to get us more traffic than the first one, but it was still low compared to what we were expecting. Mind you, we're Burnaby (two blocks in from Boundary), and the average house sale was earning about $300+/- above assessment.

Quote:

Originally Posted by Hondaracer

how much do you guys think realtors make a difference as the selling agent in getting top dollar in this market?

i've interviewed 6 different realtors for selling a home, the 6th guy i interviewed was kinda slimey but insisted he would get me the most (which realtor wont say that i guess) however, among the 6 there are 2 who are part of "groups" who seemingly move a tonne of volume, 150+ properties each up to this point this year, all in the same area i am selling in.

However, the very first guy we interviewed and had a referral with is probably the nicest guy, hardest working, has maintained communication and been working on finding comparables, ideas for improvements, etc. over the last 2 months since meeting him, he is experianced in the area and has been in the game for just as long, if not longer than the "groups"

does dealing with a realtor who are part of these seemingly "power groups" increase the amount your home could potentially sell for? or as the selling agent will you essentially be dealing with these power groups anyways because they will be bringing clients who are looking at the area into your home regardless of which side they are on?

basically i'm concerned that with an agent who doesn't have the profile that some of these groups have, is the home getting out there enough to get top dollar?

Ludepower · 07-20-2016, 08:13 PM

Quote:

Originally Posted by meme405

Jesus the number of fear mongering articles and media pieces is now reaching an epic peak.

This market isn't going to crash because the market can't bear it anymore. It's going to crash because the media is playing their fiddle and all the stupid people are dancing to their rhythm.

I'm so sick of sensationalist news stories and click bait articles.

I mean just look at this junk:

Get Out Of Vancouver Real Estate, Now$|$Garth Turner

It's one thing to present facts, and to probe the reader into making conclusions themselves, based on if they believe or don't believe the logic behind your methodology. It's another thing entirely to instruct and entire city to list their houses for sale, and to "GET OUT".

Far too many people in this day and age have just become a pawn in the media's little game. There's a whole big world out there, and you have almost unrestricted access to it through your mouse and keyboard. I won't claim to know what will happen in our RE market, but for the love of god, don't read a news article on Huff post and then proceed to sell your home because it instructs you to.

Spoiler!

This Garth Turner guy is the extreme version of 4444. He profits from his daily blog babbling the incoming crash. Like you said, the people that listened to him (me being one of them) missed out on doubling their profit on real estate if they bought a couple years ago.

Now especially would probably be the worst time to buy but you cant live with regrets or fear or time the market.
Both couples need solid careers with help from the parents.

Timpo · 07-20-2016, 10:24 PM

Housing affordability: Why Burnaby and Vancouver are worlds apart
JEFF LEE
Published on: July 20, 2016 | Last Updated: July 20, 2016 7:50 PM PDT

http://vancouversun.com/news/local-n...e-worlds-apart

The Stop Demovictions Burnaby Campaign recently occupied a emptied apartment building on Imperial Street that is scheduled to be demolished. HANDOUT / PNG

They may wear the same social democratic cloth and run left-leaning councils, but Burnaby Mayor Derek Corrigan and Vancouver Mayor Gregor Robertson have vastly different ideals when it comes to housing affordability and their municipal roles in shaping it.

As RCMP moved in Wednesday to evict protesters from a low-rent Metrotown building about to be demolished and replaced with condos, Corrigan has come under fire for not adopting some of the rental development incentives Robertson has used to create more housing. Corrigan, who has held sway in Burnaby for 14 years, says he’s not about to give in to downloading what he says are provincial and federal responsibilities.

Vancouver’s Robertson has loudly pronounced that local governments have a moral responsibility to do everything they can, even when the federal and provincial governments don’t step up. His Vision Vancouver council has introduced a dizzying array of programs and incentives to try to create rental housing, some more effective than others.

Burnaby’s Corrigan, however, has drawn a firm line, arguing his municipality has neither the resources nor the mandate to take on the provincial and federal governments’ housing responsibilities. Instead, he insists that money his city gets from developers in return for bonus density should be spent on the amenities and services new populations will require.

Both men are career social democrats. Robertson served as an NDP MLA and his Vision Vancouver policies are all left of centre. Corrigan is a dyed-in-the-wool party-faithful New Democrat married to an NDP MLA.

Yet the two men and their cities have radically different approaches to the rising pressure on the region’s diminishing low-income and affordable housing. Even on housing the homeless Burnaby and Vancouver are worlds apart. Where Vancouver has pushed for homeless shelters and needled the province to fund emergency winter facilities, Burnaby has not a single shelter and has resisted provincial offers to set up a permanent shelter.

And Corrigan hasn’t helped, at one point telling a journalist that some who live in Vancouver’s shelters are the type of drug-addicted, mentally-ill and habitually criminal folks who would steal a dying person’s gold fillings.

For Corrigan, Wednesday’s police action, in which four “demoviction” housing activists were pried out of an Imperial Street building and later released after promising not to return, was disturbing because it directly challenged his council’s long-standing message.

“This is the first time we’ve had things like what happened on Imperial Street. I think all of us were in shock because for a long time we’ve thought that people understood that we were trying very, very hard and were perhaps the most aggressive in challenging the other orders of government about what they are failing to do,” he said.

“I am empathetic with the issues that (the protesters) are raising. The problem is they are focusing their attention on the wrong order of government.”

Under Robertson, Vancouver gave up those kinds of arguments. In 2011 it created a housing and homelessness strategy aimed at creating space wherever and however it could. It has since pumped more than $600 million into housing, watching as 12,000 rental units — a blend of secured market rentals, social and supportive housing, suites and laneway homes — were built by developers. In a controversial move, it rezoned part of the Downtown Eastside to give rental-only developers preference over condominium builders.

By contrast, Burnaby’s efforts are more subtle. It is legalizing secondary suites and it offers developers bonus density in return for 20 per cent of its profits going into a dedicated housing fund. But Corrigan says that money is earmarked for two things: purchasing bare social housing sites that still require provincial capital and operating funds, and the community amenities required, such as daycares, schools and parks. The city has also stepped in to buy and hold land it knows is needed for schools and social housing.

“I don’t agree, and I said this at the latest meeting we had of (Metro Vancouver’s) regional planning, that we should be subsidizing the market for market rental housing,” he said. “The idea that we would be giving a developer bonus density to build rental housing instead of getting bonus density money for amenities is in my view a waste.”

Corrigan said Burnaby and the Union of B.C. Municipalities have unsuccessfully lobbied the province for the right to zone for tenure, such as rental-only zoning. Such a policy would automatically protect existing rental stock but that doesn’t appeal to the Liberal government.

The new Trudeau Liberal government in Ottawa also has misplaced its priorities, he said.

“I find it ironic that they are sitting there arguing about spending $35 billion on fighter planes when the reality is that we can’t provide housing across Canada. That seems insane to us.”

But housing advocates say Burnaby’s stand, however principled, is wrong. Over the last four years Burnaby has lost at least 500 units of affordable rental housing, according to Kishone Roy, CEO of the B.C. Non-Profit Housing Association.

“What I am certain of is that if you continue to sit on your hands, nothing will ever happen. There is no excuse for a major city like Burnaby to go through this major period of growth and have a net loss of hundreds of units of rental housing,” Roy said. “They are holding back the whole region, and that is not even including social housing, which is critical.”

Two years of surveys by the association have shown that Burnaby has the worst municipal rating in Canada on its rental housing index. The interactive index factors in five categories, including affordability, overcrowding, income gap, shortfall of bedrooms and amount of income spent on rent.

“You get the choice as a community to build and design the kind of place you want to live in, and Burnaby is a fantastic place to live in,” Roy said. “But in those choices they haven’t made space for social housing or rental housing.

“I don’t see the City of Burnaby promoting the development of multi-bedroom family sites or having a policy that prevented the demolition of all those rental units. I don’t see them taking advantage of all those SkyTrain sites to have affordable housing.”

In NDP leader John Horgan’s thinking, both mayors are justified in their approach.

“Gregor … is speaking up for renters as Derek is speaking up for them, in different ways,” he said. “I think they’re both correct, and I think the moral responsibility rests with the provincial government.”

He made his comments in Coquitlam’s Burquitlam neighbourhood, in front of two complexes set to be demolished to make way for condo towers. A total of 122 rental units are facing the wrecking ball, and less than half will be replaced in the new development.

Hundreds of rental units are expected to disappear from the neighbourhood over the next few years as developers get set to cash in on the new Evergreen Line.

“It’s not just a Burnaby issue, it’s not just a Coquitlam issue. It’s a provincewide issue focused here in the Lower Mainland. What’s needed here is not action by municipal governments; it’s action by the province,” said Horgan.

Timpo · 07-20-2016, 10:29 PM

Housing for Victoria's homeless near music centre raises safety fears
Katherine Dedyna / Times Colonist

JULY 19, 2016 10:36 PM

Housing for Victoria's homeless near music centre raises safety fears

The former Central Care Home on Johnson Street. Photograph By DARREN STONE, Times Colonist

The Victoria Conservatory of Music is sounding the alarm over a housing complex due to open around the corner from its building next week.

Jane Butler McGregor, the conservatory’s CEO, congratulated B.C. Housing and the Portland Hotel Society on their work providing safe housing for homeless people, but said the 4,500 students who attend the conservatory and its staff also deserve safety.

“Homeless people with drug addictions and mental illness have rights, and so do we,” Butler McGregor told about 150 people gathered at community meeting about the project on Tuesday.

The former Central Care Home, at 844 Johnson St., was purchased by B.C. Housing to house people camping in the tent city on the Victoria courthouse lawn. The first residents in the 140-unit facility are scheduled to move in next week.

Kathy Springer said the conservatory’s board is concerned about the “amassing” of services for homeless people in close proximity to the conservatory. The music school is adjacent to Our Place, which provides services such as meals and a place to shower to poor and homeless people in the region.

“The neighbourhood is already under a tremendous amount of stress,” Springer said.

The conservatory spends close to $50,000 a year on security, Butler McGregor said, totalling several hundred thousand dollars over the last six or seven years.

Shelia Orr said that 1,800 students who attend music therapy classes at the conservatory have challenges that do not allow them to filter untoward behaviour around them. “My grandson is autistic,” she said. “If he sees someone shooting up, he’s likely to go over and ask if he can help.”

Dominic Flanagan, executive director of supportive housing for B.C. Housing, said activity on the sidewalks outside the Johnson Street site will be monitored.

“It’s not a drop-in — people will not be milling around outside.” Flanagan said, acknowledging the anxiety in the room. He said there will be security as the project starts up, and the situation will then be reviewed.

Dr. Christy Sunderland, medical director for the Portland Hotel Society, which will operate the project, said the building will have 24-hour staffing, offer food and employment and recreation programs, and have nurses on site. The front entrance will be secure and guests will have to sign in, she said.

“As a doctor, I feel very safe in all our buildings.”

Andy Bond, senior director of housing for the Portland Hotel Society, said there will be security at the site overnight, and Flanagan said day security could also be an option.

Victoria Coun. Charlayne Thornton-Joe, who represents the neighbourhood, said she knew of the conservatory’s concerns and that’s one of the reasons she called for the community meeting.

She said there needs to be as much clarity as possible about the housing project.

Victoria Mayor Lisa Helps noted that similar security concerns were voiced by parents before a temporary shelter opened across the street from Central Middle School.

“The neighbourhood has gotten better, not worse,” she said.

Timpo · 07-20-2016, 10:35 PM

West Vancouver mayor rejects empty home tax, favours non-resident levy
Smith says a non-resident tax is more easily enforced and more logical than a vacancy tax
By Richard Zussman, CBC News Posted: Jul 20, 2016 7:01 PM PT Last Updated: Jul 20, 2016 7:01 PM PT

West Vancouver mayor rejects empty home tax, favours non-resident levy - British Columbia - CBC News

Metro Vancouver mayors are exploring different options to cool the region's red hot housing market. (Associated Press)

Division is growing among some Metro Vancouver mayors over how to best cool the region's red hot housing market.

West Vancouver mayor Michael Smith has asked his area MLAs to lobby government for a municipal non-resident tax, rather than the vacancy tax proposed by Vancouver.

"If you own a house other than the purpose to live in with your family you would pay a different tax rate," said Smith.

"I pay a non-resident tax rate in Hawaii because I own a house there. It's a much more logical way to go than a vacancy tax because first of all how do you enforce it and everyone has a different definition of vacant."

The provincial government will be proposing changes to the Vancouver Charter next week that would allow the city to put an empty home tax in place.

West Vancouver mayor Michael Smith is proposing a non-resident tax for West Vancouver. (CBC News)

However, the province has not received any formal applications to open the Community Charter, which would allow other municipalities to explore taxation options.

West Vancouver is proposing non-residents pay a higher tax rate than those who use their home as a primary residence.

"I don't see anything wrong with allowing municipalities to raise taxes as they see fit," said Smith.

Smith says his research has found a "large percentage of the buyers in recent years have been non-residents."

He says affordability is such a problem that less than 10 per cent of West Vancouver staff live in the city in which they work.

Government asks other municipalities to wait

Peter Fassbender, B.C.'s minister of community, sport and cultural development, has asked municipalities outside of Metro Vancouver to delay requests to open the Community Charter until the province can get a better sense of how it might work in Vancouver.

"I have recommended to all local governments to wait and see how this evolves with Vancouver to see what works and possibly what doesn`t work. Once that`s happened we can look at what other steps we can take either provincially or in other regions," he said.

Vancouver Mayor Gregor Robertson (left) met with B.C. Finance Minister Mike de Jong on June 27 to discuss a proposed tax on empty homes. (CBC)

The provincial government is solely responsible for providing the statutory powers necessary within the Vancouver Charter to allow the city to implement an empty home tax.

It would then be up to the City of Vancouver to determine the tax rate and how to measure whether a home is empty or not. Vancouver Mayor Gregor Robertson calls it "a first step" and says he is not concerned about a patchwork of taxes that could emerge through out the region.

"I think we all share in a goal to make sure we are getting the best use out of our housing," said Robertson. "If people are using homes for business purposes, basically as an investment holding, they should be paying higher tax.

"How exactly we do that in different cities and communities, that will be for the future to decide. Ultimately, the provincial government needs to have a sensible system that works for all are communties."

The New Democratic Party has called for a speculation tax that would be region wide and collected by the province.

"The most fair, most effective, most efficient system would be one administered by the province across the entire region of Vancouver," said NDP housing critic David Eby.

Gululu · 07-21-2016, 12:06 AM

Should I continue to waste my time in Vancouver or Canada for that matter? That is the thought that goes through my head nowadays whenever I have time to reflect upon myself. Winds have changed. Chinese are used as pawns by politicians, and we are played by developers and the media. Currently, as I sift through Vancouver streets, I start to feel an ever strengthening Anti-Chinese sentiments from my daily encounters with the mainstream and other ethnics in Vancouver and its suburbs from various age groups. It's really starting to get to me. I feel this is the modern day exclusion act against Chinese really taking place now.

Does anyone else feel this way also? The way those blond haired blue eyed Caucasian look at us as if we are animals and sub-par humans. They will give us hard time wherever we go to. From retail clerks to restaurateurs to mortgage consultant, whenever they see us, they will always give us bad service. Why? Because deep down, they hate us, and I can feel it from their body language and poor attitude. Side by side, an Asian and a White walks in, I guarantee the white worker will 100% favour the White customer. While treating us Chinese as cash cows and pawns.

I'm really thinking of revoking my status in canada and go back home

Mr.Money · 07-21-2016, 01:07 AM

Well Gululu,i think white people have the issue of judging asians as "All the Same",from when they see mainlands "picking they're nose in public,Talking loud in Chinese,Rude manners"...and those fucking c-lai's who will walk up to any Asian & speak their language automatically expecting them to understand it,& try demand the store have somebody who speaks it come to her....None seem to understand Canadian values or Culture,there's 1000000's of elder's who dont speak english,heh...Canada finds that somewhat offensive.

What else?...the media loves to blow everything up about china,From Richmond Chinese language only signs on stores & park benches for realtors to the Housing market.

StylinRed · 07-21-2016, 01:27 AM

if you think asians are looked at as "cash cows", why would asians be unfavoured in business dealings you've been in then?

maybe it's just you? and you're trying to find excuses...

Hondaracer · 07-21-2016, 08:54 AM

Well when the media is always China china china, china is driving up prices, china is buying all the properties, china is conducting shady real estate deals, it's appealing to the lowest common denominator, the pawns who will buy into anything on the 6pm news.

then people perpetuate stereotypes and it really only hurts themselves lol..the other day walking to go get food i was stopped on the corner and these kinda skater/skid looking types were sitting on the hill above me, probably 10 people, then these two Asian kids roll up to the light in a Phantom V2, couldnt have been more than 22/23. For all you know their parents are legitimate business owners, hell, maybe even they have their own business for all we know. But everyone around them just sees the big RR on the hood and two kids driving a car worth a fucking house and the gears start turning in their heads lol..

a lot of people see shit like that and use it as example #1 why they cant afford a place to live.

personally i couldnt care less about your race etc. I'm always looking out for #1. With that said i'm not one of the ones on the outside looking in at the housing game, so if i was some bitter renter seeing 300 chinese people lined up outside a building im interested in, i might feel different.

GLOW · 07-21-2016, 09:00 AM

MarkyMark · 07-21-2016, 09:01 AM

Quote:

Originally Posted by Hondaracer

With that said i'm not one of the ones on the outside looking in at the housing game, so if i was some bitter renter seeing 300 chinese people lined up outside a building im interested in, i might feel different.

That's a pretty safe bet.

minoru_tanaka · 07-21-2016, 09:35 AM

Quote:

Originally Posted by Gululu

Should I continue to waste my time in Vancouver or Canada for that matter? That is the thought that goes through my head nowadays whenever I have time to reflect upon myself. Winds have changed. Chinese are used as pawns by politicians, and we are played by developers and the media. Currently, as I sift through Vancouver streets, I start to feel an ever strengthening Anti-Chinese sentiments from my daily encounters with the mainstream and other ethnics in Vancouver and its suburbs from various age groups. It's really starting to get to me. I feel this is the modern day exclusion act against Chinese really taking place now.

Does anyone else feel this way also? The way those blond haired blue eyed Caucasian look at us as if we are animals and sub-par humans. They will give us hard time wherever we go to. From retail clerks to restaurateurs to mortgage consultant, whenever they see us, they will always give us bad service. Why? Because deep down, they hate us, and I can feel it from their body language and poor attitude. Side by side, an Asian and a White walks in, I guarantee the white worker will 100% favour the White customer. While treating us Chinese as cash cows and pawns.

I'm really thinking of revoking my status in canada and go back home

You're not some dirt poor rice farming peasant being starved out of china by some rich chinese so why are you here? We had a good thing going finally and now you're here to ruin it too.

Explain yourself

buhdeh · 07-21-2016, 09:41 AM

Maybe it's you. I've literally never seen a mainlander hanging out with a white dude. Perhaps you need to break your routine of standing outside of bubble tea shops, blowing second-hand smoke into passer-bys, and yelling at your buddies in loud ass Mandarin.

Jokes aside, I'm Chinese and I seriously feel more discriminated against when I order in English at a mainlander-run restaurant than I do at a western restaurant.

4444 · 07-21-2016, 12:58 PM

Quote:

Originally Posted by Ludepower

This Garth Turner guy is the extreme version of 4444. He profits from his daily blog babbling the incoming crash. Like you said, the people that listened to him (me being one of them) missed out on doubling their profit on real estate if they bought a couple years ago.

Now especially would probably be the worst time to buy but you cant live with regrets or fear or time the market.
Both couples need solid careers with help from the parents.

it's like there's a cult around here.

a one asset strategy for building wealth is stupid. it will all crash / revert to mean, and people will be left with ruined lives.

outside forces will eventually make right the wrongs of this real estate market... eventually, your own government may even do something (don't hold your breath).

you live once, so what if something doubled - you only win if you sell and realize the gain. most are afraid to sell right now as they think they'll be priced out of another place due to all the questionable buying in vancouver.

don't be fooled by the media, joe normal isn't the victor here, questionable ethics and money wins in vancouver, not locals.. unless you've liquidated and fucked off elsewhere

6793026 · 07-21-2016, 01:43 PM

1) media is shit.

People buying everything, neighbour is empty blah blah blah. I never see report of that retired couple who just got $5 million dollars who was once house rich but living off CPP month to month for the last 10 yrs. They now never have to clean the house that's 6000 sq ft. which was way too big for them to begin with. I don't see them on Global news showing how they are enjoying their retirement life, giving their grandson their university tuition or the $100k down payment they just gave their son and daugther to help them out.

2) EXPECTATIONS.

i LOVE how some of you have adjusted your expectations. Something I seem to have to tell people. You DON'T need LV bag nor need a car payment that's $1000 for your C class just cause it's nice.

what people need is adjust their expectation. STFU about how your kid will have a tough time growing up in an apartment. LOOK at hongers who grew up with a family of 6 in a 400 sq ft house (myself included). I turned out ok.

3) WTF is emergency fund.

For those of you who are in their 30s, have you thought about losing your job? When shit hits the fan, that's when you realize WOW, my mortgage is HUGE.

I have a few people, mid careers, laid off. SWEATING bricks. You have to prepare for the worse sometimes. From a $100k job to EI, is a HUGE hit, you might have to rough it out for 8 months (i did) and bounce back on your feet.

2.5% interest is really low; try in the next 8 yrs when it goes up to 3.5% + inflation.

hud 91gt · 07-21-2016, 01:54 PM

Quote:

Originally Posted by meme405

Jesus the number of fear mongering articles and media pieces is now reaching an epic peak.

This market isn't going to crash because the market can't bear it anymore. It's going to crash because the media is playing their fiddle and all the stupid people are dancing to their rhythm.

I'm so sick of sensationalist news stories and click bait articles.

I mean just look at this junk:

Get Out Of Vancouver Real Estate, Now$|$Garth Turner

It's one thing to present facts, and to probe the reader into making conclusions themselves, based on if they believe or don't believe the logic behind your methodology. It's another thing entirely to instruct and entire city to list their houses for sale, and to "GET OUT".

Far too many people in this day and age have just become a pawn in the media's little game. There's a whole big world out there, and you have almost unrestricted access to it through your mouse and keyboard. I won't claim to know what will happen in our RE market, but for the love of god, don't read a news article on Huff post and then proceed to sell your home because it instructs you to.

Spoiler!

You don't feel this is just the other side of the coin? What do you think is fueling the market right now?

Harvey Specter · 07-21-2016, 03:27 PM

I own a few properties and decided to list one of my condos in Yaletown to see where the market is at and I can tell you first hand the market has slowed. Summer is usually the worst time to list but it's at the point where there's no offers are coming in and you have to list at what you want, not a low ball number so you get multiple offers.

My realtor told me around his office other realtors are having the same issues with no offers. It'll be interesting to see IF the market picks up in in the next month or two or if this is the new reality and the RE market is actually slowing down.