Real Estate

Vancouver housing bubble?

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Deal Guru
Jan 27, 2006
12127 posts
5266 upvotes
Vancouver, BC
RxMills wrote: Ex-Mayor Greggor Robertson Refuses to Believe He Was At Fault for Any City Problems...


'People want to blame me': Outgoing Vancouver Mayor Gregor Robertson reflects on 10 years in office

“Collectively we’ve achieved a lot of great successes. But generally in politics and particularly being the mayor, you end up being in the blame game for when things do go wrong."

Victories:
(1) Greening Vancouver
(2) Bike Lanes

Failures:
- Soaring Home Ownership Costs
- Soaring New Rental Costs
- Near Zero Vacancy Rate
- Massively Increased Building Permit Times for New Home Construction (Doubling, Tripling)
- Lowest Rental Unit Construction in History
- No New Housing Coops
- Placed New Modular Homeless Shelters in Family Neighbourhoods and Near Schools
- Small Business and Retail Store Closures
- Mishandling Snow Crisis (Went on Vacation to the Caribbean with Girlfriend While City Shut Down by Snow)
- Massively Increased Homelessness
- Massively Increased City Property and Other Crimes
- Needles and Drug Use at All City Parks, Beaches and Schools
- etc.
- etc.

https://vancouversun.com/news/local-new ... -in-office
Those two 'victories' really depend on what perspective you look at them from and what your goalpost are...

For example - Greening Vancouver - you can say that a number of 'green' alternatives have been introduced (ie bike sharing, bike lanes, greening building practices....) but for each one of those alternatives, there's a dark and not so green side of things. Bike sharing has placed major pressures bike rental shops who depending on many of the customers that those bike sharing stands are targeting and has removed a lot of extra parking spots which have caused cars to 'circle the block' causing more pollution. Bike lanes have been terribly under utilized for the space dedicated and in spots, those bike lanes have taken away from the pedestrians walkaways making it harder for them to get around. The greening building practices have not increased housing affordability or availability... if anything, these practices have added thousands of extra cost to home ownership. To make matters worse, the level of redevelopment has created an environment where many of Vancouver's heritage homes have ended up either burnt or torn down resulting in not only a lost in culture and history but a filling of our landfills.
Sr. Member
User avatar
Nov 15, 2017
647 posts
429 upvotes
Bike lanes, huh? Shutting down a major road two summers in a row for glorious bike lanes.
Deal Fanatic
User avatar
Sep 8, 2007
7458 posts
7074 upvotes
Way Out of GTA
RxMills wrote: Ex-Mayor Greggor Robertson Refuses to Believe He Was At Fault for Any City Problems...


'People want to blame me': Outgoing Vancouver Mayor Gregor Robertson reflects on 10 years in office

“Collectively we’ve achieved a lot of great successes. But generally in politics and particularly being the mayor, you end up being in the blame game for when things do go wrong."

Victories:
(1) Greening Vancouver
(2) Bike Lanes

Failures:
- Soaring Home Ownership Costs
- Soaring New Rental Costs
- Near Zero Vacancy Rate
- Massively Increased Building Permit Times for New Home Construction (Doubling, Tripling)
- Lowest Rental Unit Construction in History
- No New Housing Coops
- Placed New Modular Homeless Shelters in Family Neighbourhoods and Near Schools
- Small Business and Retail Store Closures
- Mishandling Snow Crisis (Went on Vacation to the Caribbean with Girlfriend While City Shut Down by Snow)
- Massively Increased Homelessness
- Massively Increased City Property and Other Crimes
- Needles and Drug Use at All City Parks, Beaches and Schools
- etc.
- etc.

https://vancouversun.com/news/local-new ... -in-office

It was your only job to help reduce these problems.

Instead, you GREGGOR ROBERTSON focused on a GREEN CRISIS. There was no Green Crisis that needed solving.
That’s pretty much the elitist socialist manifesto right there. Looks like they achieved all their goals.
Deal Fanatic
Oct 7, 2007
5897 posts
2264 upvotes
Based on the dishonesty seen every where so far with the current Vancouver City Hall and staff and the media, I have a hard time totally believing the municipal election polls. Despite changes to campaign financing, there still seem to be big $ funding at least 3 if not all 4 of what are being presented as the top 4 mayoral candidates by such pollsters. However, I hope we have all learned to not accept what we are "told" without looking into the information made public such as the people who have donated to the campaigns. Much of this has been shared before the election. At least two of the candidates have been receiving funding from developers, one appears to be receiving big money from unions (and not sure who else) and the other seems directly connected to Vision (google some photos from the past and you will quickly see) though they want to call themselves an independent. I recommend ignoring what the polls are telling us and doing your own homework when voting this time around. In my opinion, any of the top 4 mayoral candidates is going to be the same or worse than what we have now.

As an added food for thought, two of the top 4 mayoral candidates rarely show up at any of the public debates and the other two appear to want to follow Vision's current policies when they actually respond to questions asked. I am sure these debates can be found on the internet as well.
Sr. Member
Aug 3, 2006
623 posts
404 upvotes
setsunafseiei wrote: Great news for property owners - another factor to chill developer sentiment in the GVRD. Expect to see rents continue to increase and supply stagnate.
"James did extend an olive branch to the development community by exempting companies holding multiple properties for new housing development if they can show they are moving forward on a regular permitting, consultation, financing and construction project schedule “without undue delay.”

Actually if you read it carefully, developers sitting on empty land will be hit the hardest with the speculation tax. Those who can tangibly show progress in their projects will be exempt from the tax. This is probably the most promising thing coming out of the tax.
Member
Jul 4, 2017
489 posts
100 upvotes
datoprookie wrote: "James did extend an olive branch to the development community by exempting companies holding multiple properties for new housing development if they can show they are moving forward on a regular permitting, consultation, financing and construction project schedule “without undue delay.”

Actually if you read it carefully, developers sitting on empty land will be hit the hardest with the speculation tax. Those who can tangibly show progress in their projects will be exempt from the tax. This is probably the most promising thing coming out of the tax.
I was referring to potential developers who may have considered getting into the Vancouver property development action, but may not re-consider.
Sr. Member
Aug 3, 2006
623 posts
404 upvotes
setsunafseiei wrote: I was referring to potential developers who may have considered getting into the Vancouver property development action, but may not re-consider.
Actually what it does is force the hand of those sitting on developmental property. They have to start their projects unless they want to be hit by the speculation tax every year.
Deal Fanatic
Oct 7, 2007
5897 posts
2264 upvotes
Just a reminder to those voting on Saturday to vote responsibly. Lots of sheep in wolf's clothing in the top 4 mayoral candidates in Vancouver. Do your homework and take a close look at who's backing them. Apparently, only 2 of the 21 mayoral candidates running for the City of Vancouver mayor position do NOT have ties to real estate developers. On the flip side, any of the top 4 mayoral candidates (as defined by the polls, if you believe them) look like they are going to give us a repeat of current council. Just saying, do your homework and vote responsibly. Check out donor lists and photos posted on the internet to see who is really who and who their "friends" are. An ounce of prevention is worth a pound of cure.
Deal Addict
User avatar
Dec 14, 2007
3087 posts
1501 upvotes
Some friends of mine own a condo that they rent out. Their main dwelling is renting out. They were given notice as the landlord's mom is moving in.

When they were searching for a place, they found a really nice furnished basement suite for a really good price. When asked about why it was furnished, landlords said they didn't want to deal with the hassles of AirBnB, (especially now that new regulations don't allow it). Since the layout was nice, and they were minimalists before when it came to furniture anyhow, they took the place and put some of their stuff into storage.

I know it's anecdotal and so it doesn't actually prove anything, but it DOES appear that the AirBnB regulations may be opening up supply in the rental market and in fact, many of the units are higher quality than they'd normally be as they were often done up for listing on AirBnB.
I'd love to write history... in advance.
AMEX Biz Plat 75K AGAIN! | Plat 60K | Biz Gold 40K | Gold 25K | SPG 20K
Member
Jul 4, 2017
489 posts
100 upvotes
atomiton wrote: Some friends of mine own a condo that they rent out. Their main dwelling is renting out. They were given notice as the landlord's mom is moving in.

When they were searching for a place, they found a really nice furnished basement suite for a really good price. When asked about why it was furnished, landlords said they didn't want to deal with the hassles of AirBnB, (especially now that new regulations don't allow it). Since the layout was nice, and they were minimalists before when it came to furniture anyhow, they took the place and put some of their stuff into storage.

I know it's anecdotal and so it doesn't actually prove anything, but it DOES appear that the AirBnB regulations may be opening up supply in the rental market and in fact, many of the units are higher quality than they'd normally be as they were often done up for listing on AirBnB.
My parents also bought a unit that was previously airBnB'ed for my partner and I to live in (we pay the mortgage). I'm not sure if that had more to do with the new regulations, or the fact that the strata recently voted to ban AirBnB, but here's another anecdote either way. Unit was nice, and they threw in the furniture as well for $1k.
Deal Fanatic
Oct 7, 2007
5897 posts
2264 upvotes
atomiton wrote: Some friends of mine own a condo that they rent out. Their main dwelling is renting out. They were given notice as the landlord's mom is moving in.

When they were searching for a place, they found a really nice furnished basement suite for a really good price. When asked about why it was furnished, landlords said they didn't want to deal with the hassles of AirBnB, (especially now that new regulations don't allow it). Since the layout was nice, and they were minimalists before when it came to furniture anyhow, they took the place and put some of their stuff into storage.

I know it's anecdotal and so it doesn't actually prove anything, but it DOES appear that the AirBnB regulations may be opening up supply in the rental market and in fact, many of the units are higher quality than they'd normally be as they were often done up for listing on AirBnB.
This is fantastic news. There are some 6000+ units in Vancouver that are tied up in airBnb that, if released to the rental market, would solve a lot of the housing crisis.
Deal Addict
Dec 4, 2016
1689 posts
760 upvotes
choclover wrote: This is fantastic news. There are some 6000+ units in Vancouver that are tied up in airBnb that, if released to the rental market, would solve a lot of the housing crisis.
Biggest effect would be a hit to tourism industry. Fewer visitors due to higher accommodation costs, which translates to fewer jobs overall, even if the jobs are lower paying. Bears elected leftist governments who promised to crash the economy, which then crashes RE.

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