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WhipMaster
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Vancouver’s house prices still climbing

Sun Nov 24, 2013 9:34 am

Oh the torture!!!! :mrgreen:

...according to the Globe and Mail....November 4

Prices for single-family houses in Vancouver are on the rise again as the affordability gap widens between detached homes and multifamily units.

On Vancouver’s West Side neighbourhood, the benchmark price index last month for detached homes reached $2,086,800, up 1.2 per cent from October, 2012. On the city’s East Side, prices rose 1 per cent to $850,500.

Over the past five years, prices for West Side detached properties have surged 45.3 per cent while they have jumped 35.2 per cent on the East Side, according to statistics released Monday by the Real Estate Board of Greater Vancouver.

For Greater Vancouver as a whole, including suburbs such as Burnaby and Richmond, single-family detached prices climbed 24.4 per cent to $922,600 over the past five years. By contrast, prices for townhouses rose 7.8 per cent to $458,000 while condo prices increased 4.5 per cent to $365,600.

The Vancouver region’s single-family detached homes are on track to get ever-more expensive in the long term, while price hikes for townhouses and condos are forecast to be restrained by increased supply for those multifamily developments, said Cameron Muir, chief economist at the B.C. Real Estate Association.

“In the long term, single-family detached homes are going to become an increasingly smaller proportion of the housing stock because we’re building 80 per cent of new homes that are townhouses or condominiums,” Mr. Muir said.

“Over time, the housing stock will be shifting toward multifamily. Single-family detached homes are going to be a smaller proportion of the total number of homes in the marketplace. As such, theory tells us that prices of those particular home types are going to get bid up relative to the other ones because they are an increasingly finite and scarce resource,” he said.

October sales for detached homes, townhouses and condos in Greater Vancouver climbed 37.8 per cent from the same month last year as the real estate market finds its balance. There were 2,661 resale properties that changed hands last month on the Multiple Listing Service, up from 1,931 sales in October, 2012.

The increased activity marks the sixth consecutive month that Greater Vancouver has experienced a year-over-year gain in monthly sales, following a 19-month slump in volume.

Hani Lamman, vice-president of development and acquisitions with Cressey Development Group, said the City of Vancouver is facing opposition from long-time residents in historic neighbourhoods as civic politicians seek to encourage builders to pack more housing units onto lots traditionally zoned single-family detached.

Land is precious within the City of Vancouver due to mountains to the north and the ocean to the west, Mr. Lamman said. While it will be a slow process, Cressey intends to build townhouses and condos in the East Side neighbourhood that includes Commercial Drive, assuming city hall officials are able to rezone the area to make it easier to construct townhouses, row houses and condos.

Housing sales over the past six months look rosy when comparing the figures with last year’s slump. In July, 2012, Ottawa reduced the maximum period on government-backed mortgages to 25 years from 30 years, a move that contributed to the slowdown in housing sales and drop in prices in the second half of 2012 and early 2013. On Vancouver’s West Side in March this year, for instance, single-family detached prices were down 9.1 per cent, compared with the same month in 2012.

The sales volume in Greater Vancouver last month was 2.8 per cent above the 10-year sales average for October, said board president Sandra Wyant. Greater Vancouver’s MLS home price index for single-family detached houses, townhouses and condos was $600,700 last month, or a 0.5-per-cent decline from the same period in 2012. There were a total of 15,257 active listings last month, down 12.2 per cent from a year earlier.


http://www.theglobeandmail.com/report-o ... e15243231/
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Austin
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Re: Vancouver’s house prices still climbing

Sun Nov 24, 2013 12:23 pm

Flaherty is going to intervene again if this keeps up.
Redistribute consumption, not income.
 
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WhipMaster
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Re: Vancouver’s house prices still climbing

Tue Nov 26, 2013 9:57 pm

lez see... :mrgreen:
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Re: Vancouver’s house prices still climbing

Tue Nov 26, 2013 10:50 pm

So, what is going on, housing prices rise while B.C. ers become actually poorer. Recipe for Affordability disaster. In 2011 B.C. had 110,000 children living in poverty. Latest number is 153,000 children living in poverty, mainly because housing costs go up, while low income wages stagnate and never quite seem to keep us with the cost of living. On top of that Hydro rates will increase 25% over the next five years. For how long is all this a sustainable economy?
 
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Re: Vancouver’s house prices still climbing

Wed Nov 27, 2013 12:16 am

Houses are expensive here because the rich chinese buy them up as an investment vehicle (to store their money in rather than stocks).
The houses sit empty and thus aren't utilizing hydro thus hydro has less customers and therefore raise their rates because the houses that the rich chinese have bought sit empty. The rest of us have to pay the high fees for both real estate and hydro. Pretty soon the city will turn into a haven for the rich, crime lords or a ghetto of rich tourists....or worse yet, a ghost city 'like in china".
 
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WhipMaster
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Re: Vancouver’s house prices still climbing

Wed Nov 27, 2013 8:39 am

Houses are expensive here because the rich chinese buy them up as an investment vehicle (to store their money in rather than stocks).
The houses sit empty and thus aren't utilizing hydro thus hydro has less customers and therefore raise their rates because the houses that the rich chinese have bought sit empty.
...... :shock:

so much for affordability and the "law of gravity".

Maybe it is different here? :mrgreen:
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Re: Vancouver’s house prices still climbing

Wed Nov 27, 2013 8:49 am

The Teranet is all the way back up to mid-2011 levels! That's sorta kinda like a profit minus all the transfer and closing fees, right?
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Re: Vancouver’s house prices still climbing

Wed Nov 27, 2013 10:11 am

imo, this is a sign the city is in transition from an SFH norm to a MFH norm. And really, condos and townhouses ARE a lot more affordable than SFH, especially further out in the 'burbs. The inner city NIMBYs piss me off. IMO they shouldn't be allowed to derail much needed density just cos they don't liiiiiiike iiiit *insert self-entitled whine here*. Let's let everyone vote on whether east van or oakridge are densified - including people in teh burbs who might like the chance to move closer in. Not just people who have an interest in keeping things like they were in 1965.

Sure glad I got my SFH when i did though! :shock:
 
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Re: Vancouver’s house prices still climbing

Wed Nov 27, 2013 11:26 am

So, what is going on, housing prices rise while B.C. ers become actually poorer.
Hasn't this been happening for the past decade? So what else is new?
 
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Re: Vancouver’s house prices still climbing

Wed Nov 27, 2013 11:27 am

Houses are expensive here because the rich chinese buy them up as an investment vehicle (to store their money in rather than stocks).
The houses sit empty and thus aren't utilizing hydro thus hydro has less customers and therefore raise their rates because the houses that the rich chinese have bought sit empty. The rest of us have to pay the high fees for both real estate and hydro. Pretty soon the city will turn into a haven for the rich, crime lords or a ghetto of rich tourists....or worse yet, a ghost city 'like in china".
Rich foreigners buy houses and let them sit empty. They pay property tax for services they rarely use (garbage collection, sewage). That benefits the other homeowners.
 
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Re: Vancouver’s house prices still climbing

Thu Nov 28, 2013 3:02 pm

Houses are expensive here because the rich chinese buy them up as an investment vehicle (to store their money in rather than stocks).
The houses sit empty and thus aren't utilizing hydro thus hydro has less customers and therefore raise their rates because the houses that the rich chinese have bought sit empty. The rest of us have to pay the high fees for both real estate and hydro. Pretty soon the city will turn into a haven for the rich, crime lords or a ghetto of rich tourists....or worse yet, a ghost city 'like in china".
Rich foreigners buy houses and let them sit empty. They pay property tax for services they rarely use (garbage collection, sewage). That benefits the other homeowners.
But do they pay their fair share? There has been a lot of hoopla about how businesses are bearing the brunt. The current amount they pay may not reflect the true cost of servicing them. If they lived here, they would also support local business through consumption which would also contribute back to the tax base.
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Re: Vancouver’s house prices still climbing

Fri Nov 29, 2013 5:12 am

... and contribute to Canadian productivity by establishing business, contribute to federal and provincial tax dollars through income tax, raise the next generation, etc., etc., etc.. Flipping empty homes only benefits the real estate industry.
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WhipMaster
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Re: Vancouver’s house prices still climbing

Thu Dec 12, 2013 2:38 pm

... and contribute to Canadian productivity by establishing business, contribute to federal and provincial tax dollars through income tax, raise the next generation, etc., etc., etc.. Flipping empty homes only benefits the real estate industry.
...poor naive Regi... How does opening a business for other reasons than profit viability contribute to productivity?
All it does is kill legitimate business. And then, how does running a business which is not viable help contribute to the tax system? There are very little profits, if any, to tax. :shock:

Better stick to just sniggling, as real world s.a.v.v.y. Is not one of your strong suits as you have so illustriously demonstrated for the last 6 or 7 years, Freshie ... :P
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Re: Vancouver’s house prices still climbing

Sun Dec 15, 2013 2:51 pm

Help! I married a Huffer... :mrgreen:
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Re: Vancouver’s house prices still climbing

Sun Dec 15, 2013 6:31 pm

Houses are expensive here because the rich chinese buy them up as an investment vehicle (to store their money in rather than stocks).
The houses sit empty and thus aren't utilizing hydro thus hydro has less customers and therefore raise their rates because the houses that the rich chinese have bought sit empty.
...... :shock:

so much for affordability and the "law of gravity".

Maybe it is different here? :mrgreen:

I figured out what bugs me about you want to be "bulls."

You trumpet all this information like its somehow beneficial to the city we all live in. You claim the bears were rude on the way up.

How about punishing the elderly on the way up? How about punishing tax payers on the way up? How about punishing families on the way up? Punishing all the real productive members of this city, they are the real casualty.

You are the worst, because you know this is true, and often acknowledge that. You choose to continue to applaud the destruction of the average Vancouver family, and hide behind a lame meme of "poking the bears back."

The partisan ship is whats so demoralizing around here. All the posters who claim to be Re Experts should be on the forefront of leading a way for affordability in Vancouver, through lower prices, or whatever other means possible.

Even if it starts on this board, and only one good idea comes of it, thats more than nothing.

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