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Vancouver Off-Topic / Current EventsThe off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.
Vancouver's Director of Planning quits/fired after 4.5 years. It's a brutal job being the Director of Planning here - the bureaucracy doesn't want to change, city council says they want a grand vision but has no backbone, and we're one of the worst NIMBY cities in the world (next to SF).
I don't know if he was doing a good job or not as there were wins (more rental housing, city wide duplex rezoning) and losses (ridiculous permit process and little change in affordability). At the very least the lack of a central leader is bad - we need someone who can sell a grand vision to the citizens and has the skill to push through drastic changes if we're going to keep Vancouver liveable while increasing density and improving affordability.
Kaye Krishna was General Manager of development services, buildings and licensing between 2016 and 2019 and her primarily responsibility was to streamline the permitting and licensing process. Then she left in 2019 to work for the Province. Did she actually accomplish anything in those 3 years? I'm not sure since the permitting and licensing process still sounds like it is a major problem.
I agree that the institution and regulatory environment that the City of Vancouver has negates vision or innovative practices. I work in planning and development (private sector), and the CoV is not easy to deal with by any means. They also have a lot of churn in staffing from what I hear, not sure if it is true.
Kaye Krishna was General Manager of development services, buildings and licensing between 2016 and 2019 and her primarily responsibility was to streamline the permitting and licensing process. Then she left in 2019 to work for the Province. Did she actually accomplish anything in those 3 years? I'm not sure since the permitting and licensing process still sounds like it is a major problem.
I agree that the institution and regulatory environment that the City of Vancouver has negates vision or innovative practices. I work in planning and development (private sector), and the CoV is not easy to deal with by any means. They also have a lot of churn in staffing from what I hear, not sure if it is true.
This clip is pretty relatable to how CoV's Council perform in the past decade.
City staff are weighed down by the legislative requirements, NIMBYs and Council. 8 out of 10 innovations will get shot down by the time it goes to Council and then out of those, only a small percentage will be bound for failure due to a change in council or from budget cuts.
Here's a fun chart, data basically confirming that Canadian real estate is in a parabolic price growth that's accelerating faster than what we've seen in 2016/17. Factors driving growth according to BMO:
- Employment in higher-paying industries recovered swiftly, supporting incomes among potential homebuyers.
- Mortgage rates plumbed record lows and, while they’re backing up now, they're still below pre-COVID levels, while many buyers are likely still on pre-approvals with rates locked in.
- There’s has been a dramatic shift in preferences toward more space, further outside major urban centres (commuting requirements are down, and probably assumed to remain down).
- Limited travel has created historic demand for second (recreational) properties, and households have equity in existing properties to tap.
- Younger households are likely pulling forward moves that would have otherwise happened in the years ahead.
- There has to be some FOMO and speculative activity in the market at this point (which is, unfortunately, tough to show with hard data until after the fact).
I paid 15k over asking for my condo one year ago. My realtor thinks they priced it low to drum up interest and it worked. Now my neighbour across the hall has her place, which is the exact same layout as mine, listed for 93 thousand above what i paid and people are going to see it like mad.
I paid 15k over asking for my condo one year ago. My realtor thinks they priced it low to drum up interest and it worked. Now my neighbour across the hall has her place, which is the exact same layout as mine, listed for 93 thousand above what i paid and people are going to see it like mad.
lol less real estate fees, less bidding war on a new place, less closing costs and property transfer tax and moving fees and all the aggravation. Unless I decided to rent again or move far, far away it ain't doing shit for me.
Just got outbid on this pile of dirt. Sold for $1.655m (I bid $1.56m). Couldn't get access to see it and there weren't even pictures till yesterday afternoon so it's gotta be all developers bidding on it.
Just got outbid on this pile of dirt. Sold for $1.655m (I bid $1.56m). Couldn't get access to see it and there weren't even pictures till yesterday afternoon so it's gotta be all developers bidding on it.
Wow the land is sold for $1.6m + $800k-$1m to build. We looking at a $3m flip in South Vancouver?
Wow the land is sold for $1.6m + $800k-$1m to build. We looking at a $3m flip in South Vancouver?
Sketchy builders (like the one who built my duplex) can build for about $700-750k and they expect to make a 10-15% profit so they're expecting it to sell for at least $2.75m or so but yeah, don't be surprised if it goes for $3m when it's done in 18 months.
Teardown lots are now selling for as much as liveable houses so the profit must be there for these builders.
People are doing the same with bare lots here, asking double the assessed value and nearly as much as what the houses next to them are worth. A lot of them are just trying to flip them too, you can see in the sales history they bought it a couple months ago for what it's actually worth or sometimes a little under.
__________________ 1991 Toyota Celica GTFour RC // 2007 Toyota Rav4 V6 // 2000 Jeep Grand Cherokee
1992 Toyota Celica GT-S ["sold"] \\ 2007 Jeep Grand Cherokee CRD [sold] \\ 2000 Jeep Cherokee [sold] \\ 1997 Honda Prelude [sold] \\ 1992 Jeep YJ [sold/crashed] \\ 1987 Mazda RX-7 [sold] \\ 1987 Toyota Celica GT-S [crushed]
Quote:
Originally Posted by maksimizer
half those dudes are hotter than ,my GF.
Quote:
Originally Posted by RevYouUp
reading this thread is like waiting for goku to charge up a spirit bomb in dragon ball z
Quote:
Originally Posted by Good_KarMa
OH thank god. I thought u had sex with my wife. :cry:
Wow the land is sold for $1.6m + $800k-$1m to build. We looking at a $3m flip in South Vancouver?
I would be thinking the same thing, until I watched my parents neighborhood in Richmond transform before my own eyes, 6 different 1970’s houses on their block have sold for 1.2-1.4 in the last year and 5/6 of them got torn down and turned into a mansion and sold for anywhere from 2.5-2.8.
If it can be done in Richmond it most certainly can for 3+ in south Vancouver.
What I find crazy about Richmond is seeing those lot filling McMansions that replaced the old bungalows in the 90's now get torn down for new rowhouses. You can see this on Williams across from McRoberts/South Arm. Like, those weren't cheap houses when they were built, torn down in under 30 years.
I was working up in Powell River recently and even there the residents are complaining about houses going for over ask. On a $500k property, very typical to see offers between $30-50k over.
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