This is a friendly, interactive exchange of information on all Real Estate related subjects. Follow on Twitter: @RETALKS


Moderator: admin

  • 1
  • 2
  • 3
  • 4
  • 5
  • 12
 
jimtan
Real Estate Talker
Topic Author
Posts: 5407
Joined: Tue Jul 31, 2007 10:59 pm

New affordable housing policies for the young

Mon Mar 27, 2017 8:24 am

This is serious. Hope to hear from the non-trolls.

Vancouver City Hall is being goaded by high RE prices to step up. This is their latest initiative. As long as there is net positive immigration, prices will rise in the long run. Higher densification will result in more profits for a few. Though affordability policies may limit the profits of developers and landowners.

What will be the impact of this round of densification? Will it result in more affordable housing for the young people? Will it alleviate or create traffic congestion?

I don't know. So, let's hear from you (the real people who understand RE). Let's add to this thread over time in order to maintain cohesion on this topic. Trolls please keep away.

Let me point out that if this problem isn't handled with satisfaction, the backlash will likely result in something unpleasant. I'm sure we all don't want to see that.

"Vancouver unveils ambitious plan to match new housing to incomes

The city needs double the expected 16,000 new units that will be built over the next decade

..In Vancouver, if your income is anywhere below $150,000, you’ll have a hard time buying a new condo. If you make less than $50,000, good luck finding a rental that doesn’t eat up more than 30 per cent of your paycheque.

“We found a significant gap for people who are single and making less than $50,000 a year, we’re going to be producing less than half of the housing they need,” said Kathleen Llewellyn-Thomas, general manager of community services for the City of Vancouver. A new analysis from the City of Vancouver illustrates just how unaffordable housing has gotten for low to middle income earners...

"City staff say this is the first time they’ve analyzed housing need based on income levels. They say it was an important exercise because it shows the extent of the need for housing for occupations that are vital to the city’s economy. Many people in sales and service jobs, for instance, don’t make enough income to comfortably afford even an older one-bedroom rental.

The data is spurring a new effort from the city to require developers to include not just market rental or a social housing component in new buildings, but a percentage of units that would be rented or sold to people at various income bands..."

http://www.metronews.ca/news/vancouver/ ... risis.html
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am

Re: New affordable housing policies for the young

Mon Mar 27, 2017 8:37 am

jimtan wrote:
trolls.

takes 1 to know 1
 
eyesthebye2
Real Estate Talker
Posts: 1149
Joined: Sun Jul 27, 2014 6:41 am

Re: New affordable housing policies for the young

Mon Mar 27, 2017 2:22 pm

can start buy shutting down all those Air BnB suites. That's eaten up a good chunk of the rental stock. Rents have skyrocketed since due to the limited supply
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am

Re: New affordable housing policies for the young

Mon Mar 27, 2017 2:24 pm

having specific suites for specific incomes sounds like a great way to limit supply lol
 
2000sqft
Real Estate Talker
Posts: 37
Joined: Fri Jan 20, 2017 8:17 am

Re: New affordable housing policies for the young

Mon Mar 27, 2017 2:48 pm

jimtan wrote:
..In Vancouver, if your income is anywhere below $150,000, you’ll have a hard time buying a new condo. If you make less than $50,000, good luck finding a rental that doesn’t eat up more than 30 per cent of your paycheque.

thats not true...there are people making not even in the 6 figures and they can afford a condo...ive got a single friend looking and they dont make 6 figures and can support almost 750k in the van/bby area and even has the down payment to support it...the kicker here is that person isnt even 30! there are plenty out there that can afford the current city numbers...
however there is a bit of an affordability problem but the real problem imo is that a lot of people have entitlement issues...ive got another friend who can probably afford 400k cuz their income isnt that strong and doesnt have a lot of downpayment but refuses to buy because he wants all these luxurious things in a location close to downtown in a space big enough for probably 2 people within his budget...reality check there...and thats how most ppl nowaday feel...they want something worth twice as much as their budget...for pretty much half price...so they can keep going out to eat everyday, drive an expensive BMW, rack up that cell phone bill.....a lot of people can afford something...they just want dont want to sacrifice their lifestyle...people think that they should be able to afford their retired parents lifestyle but dont actually realize they are 30+ years older than them and they also made consessions lmao...affordability crisis...more like a lifestyle crisis if you ask me..
on the troll side...i thought there were no sales out there and prices were plumetting??? 
Last edited by 2000sqft on Mon Mar 27, 2017 2:51 pm, edited 1 time in total.
To the moon and beyond!...at $2000 per sq ft
 
reallyreal2
Real Estate Talker
Posts: 666
Joined: Fri Jun 03, 2016 11:30 am

Re: New affordable housing policies for the young

Mon Mar 27, 2017 2:51 pm

2000sqft wrote:
jimtan wrote:
..In Vancouver, if your income is anywhere below $150,000, you’ll have a hard time buying a new condo. If you make less than $50,000, good luck finding a rental that doesn’t eat up more than 30 per cent of your paycheque.

thats not true...there are people making not even in the 6 figures and they can afford a condo...ive got a single friend looking and they dont make 6 figures and can support almost 750k in the van/bby area and even has the down payment to support it...the kicker here is that person isnt even 30! there are plenty out there that can afford the current city numbers...
however there is a bit of an affordability problem but the real problem imo is that a lot of people have entitlement issues...ive got another friend who can probably afford 400k cuz their income isnt that strong and doesnt have a lot of downpayment but refuses to buy because he wants all these luxurious things in a location close to downtown in a space big enough for probably 2 people within his budget...reality check there...and thats how most ppl nowaday feel...they want something worth twice as much as their budget...for pretty much half price...so they can keep going out to eat everyday, drive an expensive BMW, rack up that cell phone bill.....a lot of people can afford something...they just want dont want to sacrifice their lifestyle
on the troll side...i thought there were no sales out there and prices were plumetting??? 

I know!  We should all be working every day to spend every penny on RE and commissions cheques for "professional" realtors!!!
LOL
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am

Re: New affordable housing policies for the young

Mon Mar 27, 2017 2:52 pm

2000sqft wrote:
jimtan wrote:
..In Vancouver, if your income is anywhere below $150,000, you’ll have a hard time buying a new condo. If you make less than $50,000, good luck finding a rental that doesn’t eat up more than 30 per cent of your paycheque.

thats not true...there are people making not even in the 6 figures and they can afford a condo...ive got a single friend looking and they dont make 6 figures and can support almost 750k in the van/bby area and even has the down payment to support it...the kicker here is that person isnt even 30! there are plenty out there that can afford the current city numbers...
however there is a bit of an affordability problem but the real problem imo is that a lot of people have entitlement issues...ive got another friend who can probably afford 400k cuz their income isnt that strong and doesnt have a lot of downpayment but refuses to buy because he wants all these luxurious things in a location close to downtown in a space big enough for probably 2 people within his budget...reality check there...and thats how most ppl nowaday feel...they want something worth twice as much as their budget...for pretty much half price...so they can keep going out to eat everyday, drive an expensive BMW, rack up that cell phone bill.....a lot of people can afford something...they just want dont want to sacrifice their lifestyle...people think that they should be able to afford their retired parents lifestyle but dont actually realize they are 30+ years older than them and they also made consessions lmao...affordability crisis...more like a lifestyle crisis if you ask me..
on the troll side...i thought there were no sales out there and prices were plumetting??? 

People going for a high ratio mortgage may have issues but a conventional 25% down is a lot easier to qualify for.

About the entitlement yes. People that look around know there are family style(meaning 3 bedroom) suites for cheap in other areas such as richmond near k7 schools and transit
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am

Re: New affordable housing policies for the young

Mon Mar 27, 2017 2:54 pm

reallyreal2 wrote:
2000sqft wrote:
jimtan wrote:
..In Vancouver, if your income is anywhere below $150,000, you’ll have a hard time buying a new condo. If you make less than $50,000, good luck finding a rental that doesn’t eat up more than 30 per cent of your paycheque.

thats not true...there are people making not even in the 6 figures and they can afford a condo...ive got a single friend looking and they dont make 6 figures and can support almost 750k in the van/bby area and even has the down payment to support it...the kicker here is that person isnt even 30! there are plenty out there that can afford the current city numbers...
however there is a bit of an affordability problem but the real problem imo is that a lot of people have entitlement issues...ive got another friend who can probably afford 400k cuz their income isnt that strong and doesnt have a lot of downpayment but refuses to buy because he wants all these luxurious things in a location close to downtown in a space big enough for probably 2 people within his budget...reality check there...and thats how most ppl nowaday feel...they want something worth twice as much as their budget...for pretty much half price...so they can keep going out to eat everyday, drive an expensive BMW, rack up that cell phone bill.....a lot of people can afford something...they just want dont want to sacrifice their lifestyle
on the troll side...i thought there were no sales out there and prices were plumetting??? 

I know!  We should all be working every day to spend every penny on RE and commissions cheques for "professional" realtors!!!
LOL

Educated people know that those commissions,. always well worth the money spent, are half of those in Ontaro, and the US as well.
 
2000sqft
Real Estate Talker
Posts: 37
Joined: Fri Jan 20, 2017 8:17 am

Re: New affordable housing policies for the young

Mon Mar 27, 2017 2:56 pm

tdma800 wrote:
2000sqft wrote:
jimtan wrote:
..In Vancouver, if your income is anywhere below $150,000, you’ll have a hard time buying a new condo. If you make less than $50,000, good luck finding a rental that doesn’t eat up more than 30 per cent of your paycheque.

thats not true...there are people making not even in the 6 figures and they can afford a condo...ive got a single friend looking and they dont make 6 figures and can support almost 750k in the van/bby area and even has the down payment to support it...the kicker here is that person isnt even 30! there are plenty out there that can afford the current city numbers...
however there is a bit of an affordability problem but the real problem imo is that a lot of people have entitlement issues...ive got another friend who can probably afford 400k cuz their income isnt that strong and doesnt have a lot of downpayment but refuses to buy because he wants all these luxurious things in a location close to downtown in a space big enough for probably 2 people within his budget...reality check there...and thats how most ppl nowaday feel...they want something worth twice as much as their budget...for pretty much half price...so they can keep going out to eat everyday, drive an expensive BMW, rack up that cell phone bill.....a lot of people can afford something...they just want dont want to sacrifice their lifestyle...people think that they should be able to afford their retired parents lifestyle but dont actually realize they are 30+ years older than them and they also made consessions lmao...affordability crisis...more like a lifestyle crisis if you ask me..
on the troll side...i thought there were no sales out there and prices were plumetting??? 

People going for a high ratio mortgage may have issues but a conventional 25% down is a lot easier to qualify for.

About the entitlement yes. People that look around know there are family style(meaning 3 bedroom) suites for cheap in other areas such as richmond near k7 schools and transit

exactly...you tell people to move from Vancouver to Richmond cuz thats all they can afford but yet dont want to then raise a fit about it how they cant afford to live in this city..cmon......the downpayment I can understand only if you're trying to save up money......some people you ask to cut off their Starbucks everyday in order to save about $2k/year they'll look at you like it's murder...yet still complain they cant afford to buy....I'll have sympathy for people who have tried their darnest and may be unlucky but I cant imagine how these people will talk when they start having kids and have to put their kids first...yikes!
To the moon and beyond!...at $2000 per sq ft
 
2000sqft
Real Estate Talker
Posts: 37
Joined: Fri Jan 20, 2017 8:17 am

Re: New affordable housing policies for the young

Mon Mar 27, 2017 2:58 pm

reallyreal2 wrote:
2000sqft wrote:
jimtan wrote:
..In Vancouver, if your income is anywhere below $150,000, you’ll have a hard time buying a new condo. If you make less than $50,000, good luck finding a rental that doesn’t eat up more than 30 per cent of your paycheque.

thats not true...there are people making not even in the 6 figures and they can afford a condo...ive got a single friend looking and they dont make 6 figures and can support almost 750k in the van/bby area and even has the down payment to support it...the kicker here is that person isnt even 30! there are plenty out there that can afford the current city numbers...
however there is a bit of an affordability problem but the real problem imo is that a lot of people have entitlement issues...ive got another friend who can probably afford 400k cuz their income isnt that strong and doesnt have a lot of downpayment but refuses to buy because he wants all these luxurious things in a location close to downtown in a space big enough for probably 2 people within his budget...reality check there...and thats how most ppl nowaday feel...they want something worth twice as much as their budget...for pretty much half price...so they can keep going out to eat everyday, drive an expensive BMW, rack up that cell phone bill.....a lot of people can afford something...they just want dont want to sacrifice their lifestyle
on the troll side...i thought there were no sales out there and prices were plumetting??? 

I know!  We should all be working every day to spend every penny on RE and commissions cheques for "professional" realtors!!!
LOL

then buy a presale directly from a developer?? besides..you dont pay for commission when you buy....the seller pays the buy side...
To the moon and beyond!...at $2000 per sq ft
 
reallyreal2
Real Estate Talker
Posts: 666
Joined: Fri Jun 03, 2016 11:30 am

Re: New affordable housing policies for the young

Mon Mar 27, 2017 2:58 pm

Vancouver = 3rd world country  :D
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am

Re: New affordable housing policies for the young

Mon Mar 27, 2017 3:01 pm

reallyreal2 wrote:
Vancouver = 3rd world country  :D

vancouver = the best place on earth
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am

Re: New affordable housing policies for the young

Mon Mar 27, 2017 3:03 pm

2000sqft wrote:
tdma800 wrote:
2000sqft wrote:
thats not true...there are people making not even in the 6 figures and they can afford a condo...ive got a single friend looking and they dont make 6 figures and can support almost 750k in the van/bby area and even has the down payment to support it...the kicker here is that person isnt even 30! there are plenty out there that can afford the current city numbers...
however there is a bit of an affordability problem but the real problem imo is that a lot of people have entitlement issues...ive got another friend who can probably afford 400k cuz their income isnt that strong and doesnt have a lot of downpayment but refuses to buy because he wants all these luxurious things in a location close to downtown in a space big enough for probably 2 people within his budget...reality check there...and thats how most ppl nowaday feel...they want something worth twice as much as their budget...for pretty much half price...so they can keep going out to eat everyday, drive an expensive BMW, rack up that cell phone bill.....a lot of people can afford something...they just want dont want to sacrifice their lifestyle...people think that they should be able to afford their retired parents lifestyle but dont actually realize they are 30+ years older than them and they also made consessions lmao...affordability crisis...more like a lifestyle crisis if you ask me..
on the troll side...i thought there were no sales out there and prices were plumetting??? 

People going for a high ratio mortgage may have issues but a conventional 25% down is a lot easier to qualify for.

About the entitlement yes. People that look around know there are family style(meaning 3 bedroom) suites for cheap in other areas such as richmond near k7 schools and transit

exactly...you tell people to move from Vancouver to Richmond cuz thats all they can afford but yet dont want to then raise a fit about it how they cant afford to live in this city..cmon......the downpayment I can understand only if you're trying to save up money......some people you ask to cut off their Starbucks everyday in order to save about $2k/year they'll look at you like it's murder...yet still complain they cant afford to buy....I'll have sympathy for people who have tried their darnest and may be unlucky but I cant imagine how these people will talk when they start having kids and have to put their kids first...yikes!

3 bedrooms   and close to a strip mall and schools and transit..
312 8011 RYAN ROAD, South Arm, Richmond, $196,000.00
 
jimtan
Real Estate Talker
Topic Author
Posts: 5407
Joined: Tue Jul 31, 2007 10:59 pm

Re: New affordable housing policies for the young

Mon Mar 27, 2017 4:24 pm

2000sqft wrote:
on the troll side...i thought there were no sales out there and prices were plumetting??? 

Actually, we were just discussing the lack of sales in the SFH Vancouver market. 

There are lots of condo sales. Multiple offers for starter condo. That's how desperate the renters have become. In Burnaby, there has been a net loss of rental units  :!:

In order to change the game, metro Vancouver has to move to a different model. Did you know that Germany has one of the western world's highest proportion of rental housing. See the first chart (Aggegate Home ownership Rates) in this article...

"Most Germans don’t buy their homes, they rent. Here’s why"

https://qz.com/167887/germany-has-one-o ... hip-rates/

In Austria, they are complaining that rents have risen a whooping 15% in 5 years.

"Rents in Austria up 15 percent in five years

... According to Statistik Austria around 21 percent of households in Austria have taken out a loan to help with rental costs - and 38 percent of these households have children..."

https://www.thelocal.at/20150624/rents-in-austria-up-15-percent-in-five-years

The interesting thing is that Vienna's resident housing is 75% rental  :!:
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am

Re: New affordable housing policies for the young

Mon Mar 27, 2017 4:27 pm

jimtan wrote:
2000sqft wrote:
on the troll side...i thought there were no sales out there and prices were plumetting??? 

Actually, we were just discussing the lack of sales in the SFH Vancouver market. 

There are lots of condo sales. Multiple offers for starter condo. That's how desperate the renters have become. In Burnaby, there has been a net loss of rental units  :!:

In order to change the game, metro Vancouver has to move to a different model. Did you know that Germany has one of the western world's highest proportion of rental housing. See the first chart (Aggegate Home ownership Rates) in this article...

"Most Germans don’t buy their homes, they rent. Here’s why"

https://qz.com/167887/germany-has-one-o ... hip-rates/

In Austria, they are complaining that rents have risen a whooping 15% in 5 years.

"Rents in Austria up 15 percent in five years

... According to Statistik Austria around 21 percent of households in Austria have taken out a loan to help with rental costs - and 38 percent of these households have children..."

https://www.thelocal.at/20150624/rents-in-austria-up-15-percent-in-five-years

The interesting thing is that Vienna's resident housing is 75% rental  :!:

^---- irrelevant foreign news
  • 1
  • 2
  • 3
  • 4
  • 5
  • 12

Who is online

Users browsing this forum: No registered users and 1 guest