Mayor Robertson Speculation Tax /Art Gallery Protest Over Housing Affordability

[DonLever]

from Global News:

Vancouver Mayor Gregor Robertson is calling for a new tax on real estate speculators to cool the city’s white-hot real estate market.

Debate has been raging over the impact of foreign investment on Metro Vancouver house prices. Robertson says speculators are to blame, forcing young people and the middle class out of the city. He says he’s asked Premier Christy Clark to impose a speculation tax to increase affordability.

“We definitely need taxation tools that discourage speculation on real estate,” said Robertson in a statement. “It’s clear that rampant speculation on real estate is driving up prices in Vancouver. Vancouver needs the B.C. government to take action on creating a speculation tax and recognize that we need a fair and level playing field to make housing more affordable for residents in Vancouver, and throughout the province.”

The province has not ruled out the idea of a speculation tax, but says changes must be weighed carefully and not destroy the equity owners have in their homes.

“By trying to move foreign buyers out of the market, housing prices overall will drop,” said Clark in the legislature earlier this month. “That’s good for first-time home buyers but not for anybody who is depending on the equity in their home to maybe get a loan or use that to finance some other projects.”

Robertson says Ottawa also needs to step in.

“Limiting speculation is an important action for the B.C. government but we absolutely need the federal government involved in affordable housing,” said Robertson. “Their complete absence in supporting low- and middle-income housing is making it extremely difficult for people, especially young people, to live and work in Vancouver.”

From the Province:

Hundreds gathered in downtown Vancouver on Sunday, calling on government to address increasing housing unaffordability in the city.

The rally, which drew politicians, academics, housing representatives and citizens to the Vancouver Art Gallery, had its roots with a Vancouver woman who took to social media to vent her frustration.

Eveline Xia, the rally’s organizer, wrote out her first-ever Tweet in March, kicking off a conversation about affordability and starting the hashtag, “#donthave1million.”

Xia, 29, heard from other professionals in their 20s, 30s and 40s — including engineers, accountants and medical professionals — who felt that without an extra $1 million lying around, they were bound to be priced-out of Vancouver.

The hashtag, for which the rally was named, picked up buzz on social and traditional media, and Xia unexpectedly found herself as a sort of spokeswoman for what’s become a top concern for her generation.

[ckamo]

For those like me who had no idea what real estate speculation is....http://en.wikipedia.org/wiki/Speculation

Doesn't the city already collect a tax from each real estate transaction?

[Ghostsof1915]

Isn't this kinda of ironic as this is the same guy who pushed for the Seaside Greenway, and wound up pushing up the value of the homes along Point Grey Road?

[Standing_Tall#37]

It'd be nice to see interest rates rise by about 15% that would cool off the market as well

[Grapefruits]

Isn't this kinda of ironic as this is the same guy who pushed for the Seaside Greenway, and wound up pushing up the value of the homes along Point Grey Road?

He just sold his house for a large profit because of that so it makes sense for him to try and drive down the price of real estate now.

[inane]

He just sold his house for a large profit because of that so it makes sense for him to try and drive down the price of real estate now.

Lol you guys are silly.

[Grapefruits]

Lol you guys are silly.

It's a hockey message board, you expect anything different?

[Offensive Threat]

speculation tax comes in 15 years late.....Yay!!

[John Tortorella]

Convieniently timed mayor. Nothing mentioned during elections so you can keep your foreign investment campaign dollars. Surprised your friend renney let you vocalize this opinion

[grandmaster]

He just sold his house for a large profit because of that so it makes sense for him to try and drive down the price of real estate now.

This

He is such a phoney

[Realtor Rod]

This is comical. You want to cool the market, raise interest rates.

[mpt]

This is comical. You want to cool the market, raise interest rates.

Problem is an election is coming up so nothing will happen until after that as Harper wants to attempt to get back in. He'll do anything to temporarily keep the dwindling economy going by driving down interest rates but in 2016/7 someone will have to raise interest rates to pull us out

[Realtor Rod]

Problem is an election is coming up so nothing will happen until after that as Harper wants to attempt to get back in. He'll do anything to temporarily keep the dwindling economy going by driving down interest rates but in 2016/7 someone will have to raise interest rates to pull us out

The irony of winning an election at the expense of people's livelihood and affordability.

[KoreanHockeyFan]

Problem is an election is coming up so nothing will happen until after that as Harper wants to attempt to get back in. He'll do anything to temporarily keep the dwindling economy going by driving down interest rates but in 2016/7 someone will have to raise interest rates to pull us out

Stephen Harper doesn't have the authority to control interest rates...if you're going to criticize Canada's monetary policy, then re-direct your disappointment to Stephen Poloz...

[El_Capitan]

Yeah because raising the interest rates will stop all these Canadians purchasing downtown real estate.

If you missed it I said Canadians.

Stop foreign investment and give Vancouver back to the people that spend their money here / live here.

[DonLever]

No sense starting a new thread over the same issue.

Today there was a protest at the Art Gallery protesting the unaffordability of housing;

from the Province:

Hundreds gathered in downtown Vancouver on Sunday, calling on government to address increasing housing unaffordability in the city.

The rally, which drew politicians, academics, housing representatives and citizens to the Vancouver Art Gallery, had its roots with a Vancouver woman who took to social media to vent her frustration.

Eveline Xia, the rally’s organizer, wrote out her first-ever Tweet in March, kicking off a conversation about affordability and starting the hashtag, “#donthave1million.”

Xia, 29, heard from other professionals in their 20s, 30s and 40s — including engineers, accountants and medical professionals — who felt that without an extra $1 million lying around, they were bound to be priced-out of Vancouver.

The hashtag, for which the rally was named, picked up buzz on social and traditional media, and Xia unexpectedly found herself as a sort of spokeswoman for what’s become a top concern for her generation.

Sunday’s event was co-hosted by Generation Squeeze, a group representing Canadians in their 40s and younger, called “the most-overdue lobby in the country” by Generation Squeeze founder Paul Kershaw.

Kershaw, a University of B.C. public-policy expert, said: “Vancouver has become a generational city. It’s so difficult for young people across the class spectrum to make a go of it here.”

Event organizers estimated the crowd to be between 300 and 400.

One group of men and women in attendance Sunday said they couldn’t remember having ever attended a rally of any kind. But, they said, this particular cause compelled them to come out. A man holding his six-month-old son in his arms said: “It’s the city that I love, and I feel that it’s kind of at a breaking point.”

Vancouver Mayor Gregor Robertson’s office issued a statement Sunday, saying: “Today’s #donthave1million rally for affordable housing is an important step to make the public aware of the negative impact that soaring housing prices are having on a younger generation in Vancouver.”

In the statement, Robertson said: “I hear on a daily basis from people who are struggling to stay in the city ... This conversation needs to happen and I hear the concerns loud and clear — and I hope the provincial and federal governments are listening, too.”

[Offensive Threat]

BTW the cash flowing out of China is increasing as the wealthy move it offshore. Hundreds of billions of dollars go from China into Hong Kong and from there it spreads outwards. Far too much of it ends up here in Vancouver. But that flow will not slow anytime soon as Asians continue to look to Vancouver as a great place to invest their cash in real estate.

Unless we make it unappealing to them. A tax on foreign owners will do that. At the very least it will increase Gov income.We dont need to lower values as much as we need to just stop the rise. A nice decade or so of values rising at 0 to 1 percent per year would be nice. A well implemented non residential ownership tax could cause that.

On the side: I met a young couple yesterday. both with degrees, both making great incomes, both leaving to take jobs in Australia because Australias nice enough and all but leaving because they want to own a house one day and have a family and no matter how they sliced the numbers it wouldnt happen in Vancouver ever. So they went to where it would.

EDIT: Every time Gregor Robertson says "we need to have this discussion" but doesnt ever do anything other than talk makes me hate him more. He acts like its not his problem to deal with.

[grandmaster]

I would like to know why there are so many people that think they have a right to live and own in Vancouver.

This communist attitude just blows me away.

So much damn sense of entitlement.

Yeah I don't like it either and if foreign investment is the cause then we should at least cash in on extra taxes. You will not see me argue government needs to do something more than that. All this whining is getting to be too much.

This is supposed to be a free and democratic society. If you can not live or own in Vancouver then don't. Live elsewhere. The government does not owe you anything.

[TOMapleLaughs]

[etsen3]

I would like to know why there are so many people that think they have a right to live and own in Vancouver.

This communist attitude just blows me away.

So much damn sense of entitlement.

Yeah I don't like it either and if foreign investment is the cause then we should at least cash in on extra taxes. You will not see me argue government needs to do something more than that. All this whining is getting to be too much.

This is supposed to be a free and democratic society. If you can not live or own in Vancouver then don't. Live elsewhere. The government does not owe you anything.

Actually yes the government does have a responsibility to taxpayers and citizens. I don't know what this issue has to do with freedom, domecracy, or communism. It's entirely reasonable for citizens that live here, have jobs here, have family and friends here, pay taxes here, are members of the community and contribute to society here to expect the government to give them preferential treatment over foreigners. A lot of the people protesting are intelligent, hardworking professionals who don't want to uproot their entire lives and move somewhere else. Is that whining? What if "Vancouver" were replaced by "Canada" or "the World"?