TOMapleLaughs Posted May 13, 2015 Share Posted May 13, 2015 The right to affordable housing in Vancouver does not exist. Affordable housing may be available to you in Saskatchewan. SEE ya. Link to comment Share on other sites More sharing options...
inane Posted May 13, 2015 Share Posted May 13, 2015 I agree. I was just trying to relate this topic to Surrey because I got off track. I agree with that as well. Gregor is hyper pro-developer. The developers will continue to build as long as they can sell out the buildings to foreign owners. It wouldn't be that hard turn this into extra revenue by taxing non-resident owners a token amount. I doubt it would even slow the pace of development. Christy is on glue on this...in my opinion. I agree. I was just trying to relate this topic to Surrey because I got off track. I agree with that as well. Gregor is hyper pro-developer. The developers will continue to build as long as they can sell out the buildings to foreign owners. It wouldn't be that hard turn this into extra revenue by taxing non-resident owners a token amount. I doubt it would even slow the pace of development. Christy is on glue on this...in my opinion. lol Surrey is as pro developer as anyone, don't kid yourself. I'd say even more so. It's just that they can develop fields rather than existing houses so it gets less noise. Of course the issue of foreign ownership and things that can be done lies at the feet of the federal government or provincial, but not municipal to any significant degree. Link to comment Share on other sites More sharing options...
aliboy Posted May 13, 2015 Share Posted May 13, 2015 Ya, people who don't own want prices to drop, people who do own don't. We own, no thanks. Link to comment Share on other sites More sharing options...
WilliesStache14 Posted May 13, 2015 Share Posted May 13, 2015 Taxing them won't stop them from investing here, it might deter a few of them but many have so much damn money that they won't care A house in Shaughnessey just sold for 2 million dollars above the listing price lol Link to comment Share on other sites More sharing options...
taxi Posted May 13, 2015 Share Posted May 13, 2015 That's just where the issue is at its worst. My friend bought a house at the far end of PoCo a couple of years ago. A 50 year old rancher with a typical yard, needed plenty of work, too. He paid just over 450,000 for it. With income to housing ratio being ideally 4:1, his family income would have to be over 100k per year (luckily it's just about there). However, the average family income in BC being ~72,000, his house on the outskirts of a Vancouver suburb would still be around 7:1, nearly double what an average family can afford comfortably. Things are out of whack in the lower mainland. Most of my friends have moved to PoCo due to housing prices, and many are business owners making north of 150,000. I can imagine how an average family feels trying to live in a place like New West or Surrey. $450 k for a rancher is perfectly acceptable. And unfortunately, if you have a combined family income of $72,000 you should not be buying a rancher as a first home. You should be looking at a townhouse and then saving up equity until you have about $150,000+ and then upgrading. It's a serious problem if people with low incomes are buying property with no sizeable down payments (see the sub-prime mortgage crisis). With current rates, a $300,000 mortgage should work out to about $1400-1500/month. That's totally doable even with extra expenses on top. Also, those stats on average income are always skewed down, as they are based on reported taxes. Not all income is reported on income tax returns. The issue is in places like Vancouver where the price of a decaying eastside home has skyrocketed from 800-900 up to 1.5 million. Link to comment Share on other sites More sharing options...
taxi Posted May 13, 2015 Share Posted May 13, 2015 Taxing them won't stop them from investing here, it might deter a few of them but many have so much damn money that they won't care A house in Shaughnessey just sold for 2 million dollars above the listing price lol Taxing will at least bring some benefit back into the economy. A house generates very little for the local economy if its foreign owned. In fact, it can suck money out pretty quickly if they are collecting rent from locals. If it's just sitting there empty, it does nothing. Link to comment Share on other sites More sharing options...
-DLC- Posted May 13, 2015 Share Posted May 13, 2015 Ya, people who don't own want prices to drop, people who do own don't. We own, no thanks. I own, and I'm fed up with it all. Money isn't everything (see my previous post)...quality of life matters too. And in Richmond, that's deteriorating as fast as house prices are rising. Plus, so I sell my place then what? I have to move away because nothing will be available within my budget as there no longer are "family" homes...there are mansions and villas. They're knocking down perfectly good houses to stick these monstrosities up. I don't want to live in a castle, thanks...I like ranchers. They have gone the way of the dinosaur here. Link to comment Share on other sites More sharing options...
37yrsncounting Posted May 13, 2015 Share Posted May 13, 2015 For everyone who is complaining about the real estate prices in Vancouver, Although it may be true that foreigners have pushed up the price of ownership, the amount of dollars and jobs this industry has created for people living here is enormous. From developers, marketers, to construction workers to all the trades people. Where would our economy be without our robust real estate market. Further, many empty nesters are now able to sell their house and enjoy real retirement. Vancouver is a major world city and just like New York, Hong Kong, Toyko, Los Angelas, etc. Real estate prices will continue to grow until there are abnormal restrictions set in place. Every issues has two sides, without all the jobs provided by the robust real estate industry, where do all the jobs come from? From less people buying starbucks to tim hortons, to less jobs available in the financial or other industries, how does our economy grow? Im not saying something should not be done about the affordability of housing, but thats where the government should try and institute programs to help out. I mean why not allow first time home owners to write off their down payment against their income or give supplemental income help to first time home owners. Or force developers to build per certain density, some type of housing that is only available to people with certain income brackets and down payment capabilities. Also, force the banks to lend money to first time home owners at an advantages rate and ratios they use to calculate funds borrowed. Limiting foreign ownership doesn't solve anything, its best the gov't somehow support the citizens with lower income and less downpayment ability to enter the market and participate in the growth of the real estate industry here in greater vancouver. Just think about all the crazy property and development taxes that the city is collecting. At least the foreigners are paying for something. Where would all that money come from? At the end of the day, it always comes out of our pockets one way or another. Its just my point of view, you can't win either way. Nowhere has there ever been a place where everyone could be happy. I guess if we weren't complaining about unaffordable real estate, we'd probably be complaining about low pay and unemployment or something. Just one more thing, what would happen if nobody bought our real estate and Mr aquillini couldn't afford our Canucks anymore? Who would we cheer for? You really think a city with low to average real estate prices could afford a hockey team with such a huge payroll? Link to comment Share on other sites More sharing options...
Armada Posted May 13, 2015 Author Share Posted May 13, 2015 Not limiting. Taxing, so at least BC residents are benefited by Foreign Investment. ^ Link to comment Share on other sites More sharing options...
CanadianLoonie Posted May 13, 2015 Share Posted May 13, 2015 Not limiting. Taxing, so at least BC residents are benefited by Foreign Investment. ^ A Internet-usage tax...or skil/snowboarding tax would raise more revenue... Link to comment Share on other sites More sharing options...
vavoom Posted May 13, 2015 Share Posted May 13, 2015 I believe there is such a thing as land transfer tax. Everytime a $1M house sells, the BC government gets $18K. Link to comment Share on other sites More sharing options...
Armada Posted May 13, 2015 Author Share Posted May 13, 2015 A Internet-usage tax...or skil/snowboarding tax would raise more revenue... Not you again... Link to comment Share on other sites More sharing options...
CanadianLoonie Posted May 13, 2015 Share Posted May 13, 2015 Not you again... Not another anti-foreign-ownership-of-local-real-estate thread... Link to comment Share on other sites More sharing options...
taxi Posted May 13, 2015 Share Posted May 13, 2015 I believe there is such a thing as land transfer tax. Everytime a $1M house sells, the BC government gets $18K. That's a small one time benefit. There are ongoing costs to having increased housing prices and supporting the housing once they are there. The city has to maintain the roads to the houses, electrical wiring, policing the area, etc... Foreigners do not contribute and should have increased ongoing taxes. Link to comment Share on other sites More sharing options...
taxi Posted May 13, 2015 Share Posted May 13, 2015 For everyone who is complaining about the real estate prices in Vancouver, Although it may be true that foreigners have pushed up the price of ownership, the amount of dollars and jobs this industry has created for people living here is enormous. From developers, marketers, to construction workers to all the trades people. Where would our economy be without our robust real estate market. Further, many empty nesters are now able to sell their house and enjoy real retirement. Vancouver is a major world city and just like New York, Hong Kong, Toyko, Los Angelas, etc. Real estate prices will continue to grow until there are abnormal restrictions set in place. Every issues has two sides, without all the jobs provided by the robust real estate industry, where do all the jobs come from? From less people buying starbucks to tim hortons, to less jobs available in the financial or other industries, how does our economy grow? Im not saying something should not be done about the affordability of housing, but thats where the government should try and institute programs to help out. I mean why not allow first time home owners to write off their down payment against their income or give supplemental income help to first time home owners. Or force developers to build per certain density, some type of housing that is only available to people with certain income brackets and down payment capabilities. Also, force the banks to lend money to first time home owners at an advantages rate and ratios they use to calculate funds borrowed. Limiting foreign ownership doesn't solve anything, its best the gov't somehow support the citizens with lower income and less downpayment ability to enter the market and participate in the growth of the real estate industry here in greater vancouver. Just think about all the crazy property and development taxes that the city is collecting. At least the foreigners are paying for something. Where would all that money come from? At the end of the day, it always comes out of our pockets one way or another. Its just my point of view, you can't win either way. Nowhere has there ever been a place where everyone could be happy. I guess if we weren't complaining about unaffordable real estate, we'd probably be complaining about low pay and unemployment or something. Just one more thing, what would happen if nobody bought our real estate and Mr aquillini couldn't afford our Canucks anymore? Who would we cheer for? You really think a city with low to average real estate prices could afford a hockey team with such a huge payroll? The disparity between income and housing prices in Vancouver is out of control. Obviously these benefits aren't reaching the citizens like you claim. Link to comment Share on other sites More sharing options...
CanadianLoonie Posted May 13, 2015 Share Posted May 13, 2015 That's a small one time benefit. There are ongoing costs to having increased housing prices and supporting the housing once they are there. The city has to maintain the roads to the houses, electrical wiring, policing the area, etc... Foreigners do not contribute and should have increased ongoing taxes. Are foreign-owned properties exempt from property taxes? And if they are unoccupied yet still have to pay property taxes...that's like buying a gym membership but not actually going to the gym and using it? Link to comment Share on other sites More sharing options...
Sedintwinpowersactivate Posted May 13, 2015 Share Posted May 13, 2015 My lawyer friend has a client who is a realtor that has a single international client that has purchased over 70 homes in Vancouver. These homes are left empty. It sickens me that my city is being used as a haven to hide cash by some rich foreigner that contributes nothing to the community that I live in. House prices are unlikely to decrease even with taxes applied to foreign investors. What I would like to see happen is bylaws imposed that require residency of these properties. Young families and young persons want to still live in Vancouver can rent and still contribute to the community and the schools. What would that involve for a foreign investor? Hire a local property manager/ company to manage all their properties keeping them rented for a 30% fee and take 70% for doing nothing but owning property/hiding money. It's a no brainer. This would only solve the ghost town problem, but not the house affordability problem. When will politicians realize that this world is not an equal global village, but a world of have and have not people. When you allow an extreme outlier to come in to an balanced market and run wild you have our current situation. This is an example of disrupting an equilibrium by adding an aggressive species to a delicate ecosystem. Certain systems can not function without regulation. Remember the rich and poor NHL teams prior to salary cap regulations. Now look at league parity. We have to protect our Canadian way of life! That is the job of our government that we elect. Three solutions to this problem include, 1) Higher taxes for international investors after the purchase of a single home. Increasing the taxes as more homes are purchased. 2) Create residency laws which require a home to be occupied. 3) Place limits on the number of international homes purchased. There will still be international business ownership unregulated which pumps billions of dollars in to our economy. Vancouver is a highly desirable place to live and do business and this will not ever change. The problem is with affordable housing for local residences. I don't see how implementing these 3 regulations would hurt our economy? It may give young people a fighting chance at home ownership. Is it up to government! Link to comment Share on other sites More sharing options...
Cpt.Clutch Posted May 14, 2015 Share Posted May 14, 2015 People with Mortgages are happy. No one here is a homeowner? I own a home and I sure don't have the equity to lose if the market drops. I'd have a house worth less than I paid for/am paying for. All us home owners would lose out. She is in a no win situation here - piss off homeowners or piss off those hoping to get in. Link to comment Share on other sites More sharing options...
CanadianLoonie Posted May 14, 2015 Share Posted May 14, 2015 My lawyer friend has a client who is a realtor that has a single international client that has purchased over 70 homes in Vancouver. These homes are left empty. It sickens me that my city is being used as a haven to hide cash by some rich foreigner that contributes nothing to the community that I live in. House prices are unlikely to decrease even with taxes applied to foreign investors. What I would like to see happen is bylaws imposed that require residency of these properties. Young families and young persons want to still live in Vancouver can rent and still contribute to the community and the schools. What would that involve for a foreign investor? Hire a local property manager/ company to manage all their properties keeping them rented for a 30% fee and take 70% for doing nothing but owning property/hiding money. It's a no brainer. This would only solve the ghost town problem, but not the house affordability problem. When will politicians realize that this world is not an equal global village, but a world of have and have not people. When you allow an extreme outlier to come in to an balanced market and run wild you have our current situation. This is an example of disrupting an equilibrium by adding an aggressive species to a delicate ecosystem. Certain systems can not function without regulation. Remember the rich and poor NHL teams prior to salary cap regulations. Now look at league parity. We have to protect our Canadian way of life! That is the job of our government that we elect. Three solutions to this problem include, 1) Higher taxes for international investors after the purchase of a single home. Increasing the taxes as more homes are purchased. 2) Create residency laws which require a home to be occupied. 3) Place limits on the number of international homes purchased. There will still be international business ownership unregulated which pumps billions of dollars in to our economy. Vancouver is a highly desirable place to live and do business and this will not ever change. The problem is with affordable housing for local residences. I don't see how implementing these 3 regulations would hurt our economy? It may give young people a fighting chance at home ownership. Is it up to government! Did your lawyer friend tell you this personally? Link to comment Share on other sites More sharing options...
Sedintwinpowersactivate Posted May 14, 2015 Share Posted May 14, 2015 Yes. Link to comment Share on other sites More sharing options...
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