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The solution is expropriation.
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Jun 6, 2019 18:58
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Yeah, Vienna model all the way. As an aside, just lol that the standard workflow is to sell 50% of units, then get financing to actually build.
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Jun 6, 2019 21:18
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Femtosecond posted:Wow shocking news. These idiot developers with their vague bullshit claims of 'jobs, everyone wants to be here, huge demand' with no substantiating information should be held to account for their nonsense. I disagree that development slowdown will increase rents. If anything, there will be supply increases of market housing at lower prices as empty places are looked to be liquidated by 'investors'. Plus, most of these places are geared towards the Chinese market, so this absence of supply is unlikely to affect anything. If locals were the target market, they'd have sales and be going ahead with the project.
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Jun 6, 2019 22:05
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Man can't believe people aren't lining up to catch falling knives
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Jun 6, 2019 23:43
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New listing in my neighborhood at 33% off last assessed. I'm hoping that comp leaves a smoking crater for all the other listings who refuse to go past 10% under... despite nothing selling in six months.
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Jun 7, 2019 01:48
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Mandibular Fiasco posted:I disagree that development slowdown will increase rents. If anything, there will be supply increases of market housing at lower prices as empty places are looked to be liquidated by 'investors'. Plus, most of these places are geared towards the Chinese market, so this absence of supply is unlikely to affect anything. If locals were the target market, they'd have sales and be going ahead with the project. The vacancy rate is still around 1% and the low hanging fruit of investors putting up their empty homes for rent is probably exhausted since the empty homes tax and provincial speculation tax has now been implemented. I've seen commentary on twitter by real estate industry people suggesting that rent increases have sort of levelled off, but it's still tough to find a place. There's poo poo tons of multi-unit buildings under construction so in the short term I expect vacancy to increase some and rents to decrease, but if developers don't build for a few years, and we don't get some substantial public housing under development as a replacement, then we'll eventually get back where we started, with an absurdly low vacancy rate, rising rents and strong benefits to renovicting people.
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Jun 7, 2019 04:09
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Femtosecond posted:The vacancy rate is still around 1% and the low hanging fruit of investors putting up their empty homes for rent is probably exhausted since the empty homes tax and provincial speculation tax has now been implemented. I've seen commentary on twitter by real estate industry people suggesting that rent increases have sort of levelled off, but it's still tough to find a place. There's poo poo tons of multi-unit buildings under construction so in the short term I expect vacancy to increase some and rents to decrease, but if developers don't build for a few years, and we don't get some substantial public housing under development as a replacement, then we'll eventually get back where we started, with an absurdly low vacancy rate, rising rents and strong benefits to renovicting people. I think a big part of it is that developers know/believe they can ride this out and wait for a vacancy crisis and get more breaks/handouts (and make more money that way.) They are basically taking their ball (well, lego blocks) and going home. With how slow local income growth is and how the investigation on foreign money/casinos/etc is still in its infancy, I think that might be naive on their part. They can disappear for a few years, but locals won't have any more money. And investors may be wary after previous legislation (empty homes/speculation tax.) Eventually I think they will have to come back, and probably without the glory days of the post-Olympics development boom. (We can hope, anyway, that the city/province does not just cave to them.)
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Jun 7, 2019 15:50
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You really think the boom started after the Olympics? I'd call it the Hong Kong handover boom if anything. 2008 was barely a blip, then around 2012 it got soft again for reasons I'm not sure of. But very briefly.
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Jun 7, 2019 21:55
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UnfortunateSexFart posted:You really think the boom started after the Olympics? I'd call it the Hong Kong handover boom if anything. 2008 was barely a blip, then around 2012 it got soft again for reasons I'm not sure of. But very briefly. Yes? Detached houses in east van were still selling for half a million in the early 2000's (which was then considered to be insane, funny how fast that Overton window shifted). Prices virtually doubled overnight around the Olympics. Provincially, not just in the lower mainland. The house I grew up in was purchased by the owner for $90k in 1996, built as project housing for BC Hydro in the 70's. It sold for $480k in 2008.
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Jun 7, 2019 22:08
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There was a mini-bust that happened post handover. The mid 90's handover boom (and bust) are easy to not notice, because your 225K condo became 260K and returned to 225K, instead of the insanity of the last 10-15 years.
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Jun 7, 2019 22:57
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Rime posted:Yes? Detached houses in east van were still selling for half a million in the early 2000's (which was then considered to be insane, funny how fast that Overton window shifted). Prices virtually doubled overnight around the Olympics. Right, $500k in East Van was insane in 2005 because it was already on a steep upward slope. My parents bought a 4 bedroom house near the Capilano Suspension Bridge for $230k in 1987. The downtown condo boom definitely was mid 90s, I remember Yaletown being nothing but warehouses.
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Jun 8, 2019 02:24
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FWIW for the past few months, there have around 9 detached houses in East Van/North West Burnaby (give or take 1 or 2) listed on rew.ca for under a million. This week, that number spontaneously jumped to 18, by far the highest it's been since before prices went parabolic. Reality is setting in for people it seems.
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Jun 8, 2019 05:41
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qhat posted:FWIW for the past few months, there have around 9 detached houses in East Van/North West Burnaby (give or take 1 or 2) listed on rew.ca for under a million. This week, that number spontaneously jumped to 18, by far the highest it's been since before prices went parabolic. Reality is setting in for people it seems. This is good, although it's still pretty far disconnected from salaries. Also all of those sub-$1mil houses are max 4 bedrooms (even counting the basement), so if you actually have a family you either need to build a new house (for at least another half-mil) or buy something bigger and more expensive.
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Jun 8, 2019 08:17
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UnfortunateSexFart posted:My parents bought a 4 bedroom house near the Capilano Suspension Bridge for $230k in 1987. What up Edgemont buddy 
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Jun 8, 2019 08:34
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Lead out in cuffs posted:This is good, although it's still pretty far disconnected from salaries. What's wrong with having a family in a 4bed? Also yeah it's still pretty expensive, the sub million houses have still been failing to sell after multiple months, but such a sudden increase in inventory in that bracket indicates the market is definitely in the process of correcting, which is good for everyone (except the flippers).
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Jun 8, 2019 09:42
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Franks Happy Place posted:What up Edgemont buddy Edgemont Village area could've been amazing by now if anyone under 60 could afford to live anywhere near it. 
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Jun 8, 2019 13:25
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Lead out in cuffs posted:This is good, although it's still pretty far disconnected from salaries. Or, you know, live a reasonable lifestyle and not have five kids? Who the gently caress needs a four bedroom house? Except the sort of people who are currently killing our planet?
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Jun 8, 2019 15:20
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Per capital, their emissions are in line.
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Jun 8, 2019 15:31
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Lead out in cuffs posted:This is good, although it's still pretty far disconnected from salaries. My two sisters and I were raised in a three bedroom, how many rooms should we have had?
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Jun 8, 2019 16:29
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UnfortunateSexFart posted:Edgemont Village area could've been amazing by now if anyone under 60 could afford to live anywhere near it. Rip torchies
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Jun 8, 2019 16:50
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Poldarn posted:My two sisters and I were raised in a three bedroom, how many rooms should we have had? Well obviously every child needs their own bedroom, plus an office, an art room, a rumpus room, a foyer, a library, a ball room and a bowling alley.
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Jun 8, 2019 16:53
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UnfortunateSexFart posted:Edgemont Village area could've been amazing by now if anyone under 60 could afford to live anywhere near it. I grew up there for 20 years and I would neutron bomb the whole place with no hesitation.
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Jun 8, 2019 17:33
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Franks Happy Place posted:What up Edgemont buddy Hello. I was closer to Capilano down the hill close to the Chevron but was up at Edgemont all the time as a kid
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Jun 8, 2019 17:38
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As a forest hills resident it is my sworn duty to look down on all of you edgemont plebs, as in turn abase myself before the montroyal overlords.
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Jun 8, 2019 17:42
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I actually grew up way high on Montroyal / Highland and it was less "fancy" and more "there is nothing to do up here I am so bored". I think growing up in that Ewok village surrounded by the neanderthal offspring of realtors is why I went online so hard- it was that or alcoholism, which seems to be the choice most of those dumb kids picked instead.
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Jun 8, 2019 18:13
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Yeah it's really weird seeing the exact same crew from highschool doing the exact same things in facebook photos that I remember from grade 11. In hindsight our overprivilege was ridiculous.
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Jun 8, 2019 18:16
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A whole generation of North Van failsons who lived their entire lives in an equity bubble, suckling off the HELOC teat
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Jun 8, 2019 18:21
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Fuzzy Mammal posted:As a forest hills resident it is my sworn duty to look down on all of you edgemont plebs, as in turn abase myself before the montroyal overlords. Did you go to Handsworth? I was the poor kid there since I was only like a dozen blocks north of the village (Wentworth Ave). I'm now close to the same age my parents were when they moved to the north shore from Sydney. If I had made as many disastrous financial decisions as them I'd be living in a cardboard box, but housing equity allowed them to fail upwards. Edit: yeah most of my high school classmates are alcoholics/coke fiends. They all went to UBC for engineering, then went to the oil sands. UnfortunateSexFart fucked around with this message at 06:25 on Jun 9, 2019 |
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Jun 9, 2019 06:23
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I had no idea North Van was such a goon magnet.
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Jun 9, 2019 16:22
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Heners_UK posted:I had no idea North Van was such a goon magnet. You mean white magnet.
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Jun 10, 2019 03:45
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Poldarn posted:My two sisters and I were raised in a three bedroom, how many rooms should we have had? OK I give up. The solution to the housing crisis isn't to correct a situation in which lovely, falling-apart, two-bedroom houses are selling for $900K. The solution is for everyone to start living in single-room dwellings.
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Jun 11, 2019 04:42
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Lead out in cuffs posted:OK I give up. The solution to the housing crisis isn't to correct a situation in which lovely, falling-apart, two-bedroom houses are selling for $900K. The solution is for everyone to start living in single-room dwellings. I’m terminally infected with giving people the benefit of the doubt, but your position was easier to do that with before you made this galactically stupid rebuttal. 80% of multi-person family households in Canada had 4 or fewer people in them in 2016, and BC has tended to be in the lower half of provinces and territories for household size. “Can’t find a McMansion with 5 bedrooms” isn’t really holding back a lot of people.
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Jun 11, 2019 05:32
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Lead out in cuffs posted:OK I give up. The solution to the housing crisis isn't to correct a situation in which lovely, falling-apart, two-bedroom houses are selling for $900K. The solution is for everyone to start living in single-room dwellings.  I'm no math wizard but I suspect 3 =/= 1, can anyone else double check my work here?
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Jun 11, 2019 06:00
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Lead out in cuffs posted:OK I give up. The solution to the housing crisis isn't to correct a situation in which lovely, falling-apart, two-bedroom houses are selling for $900K. The solution is for everyone to start living in single-room dwellings. Yeah it is a bit of a weird meme. All the single mom welfare kids I knew growing up still had 3+ rooms in their rented house because homes weren't being built for 23 year old single college grads then. The cheers for our descent into dystopian living conditions are just millennials version of walking to school 15 miles in the snow, uphills both ways.
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Jun 11, 2019 06:13
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There's absolutely no reason people shouldn't have a bedroom each and a bathroom for every 1.75 people or so, we have the resources for it and space isn't an issue when you're willing to build towering hives of upwards of 4 stories. What's ridiculously wasteful are Mcmansions and suburbia. A 1,500 sqft 4br row-house with a little 20x30 back yard is absolutely suitable for mass-housing for 4-5 person families. You could fit 5 of those on a typical large suburban lot. Build them around transit and safe streets and thick shared walls and you're looking at an extremely energy efficient family friendly environment. This whole push that we just need to accept micro-housing and co-housing and 4 kid families living in 2 bedroom condos as some new austerity we need to accept in the name of economy or "the planet" should not be swallowed unquestioned. The commodification of housing is doing this to us, horrible land-use and transport policies (often highly motivated by said commodification of housing), and the laughably inefficient distribution of resources brought to you by capitalism is why so many people don't have a roof over their head, let enough enough bedrooms for their preteen kids to grow into. Baronjutter fucked around with this message at 07:00 on Jun 11, 2019 |
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Jun 11, 2019 06:58
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My favorite Urban Planner trope is "everyone should live near where they work" and then they define "affordable rent" as $2,056 for a 1br. It's obvious who's more important here isn't it?
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Jun 11, 2019 07:12
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*sigh* When I said maximum four bedrooms, what I meant was that there were 2-bedroom $900K houses for sale in East Van. Also most of the 3-4 bedroom houses have 1-2 of those tied up in a separate basement suite which you would have to rent out, so the actual main living space is 700-800 sqft. Sure you can squeeze a family with two parents and a kid into a 700 sqft two-bedroom, but it's gonna feel cramped, especially when the kid becomes a teenager, or if you decide to have more kids. Edit: and all of this "a separate bedroom for every kid is such a luxury" bullshit is just that. Sure there are parts of the world where a whole family lives in a single room, and that was the norm for the average mediaeval peasant, but can we please not idealise that? Lead out in cuffs fucked around with this message at 08:09 on Jun 11, 2019 |
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Jun 11, 2019 08:05
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Lead out in cuffs posted:When I said maximum four bedrooms, what I meant was that there were 2-bedroom $900K houses for sale in East Van. You can see, I hope, how that could easily have been misinterpreted as you talking about 4-bdrm houses. (I lived in a basement suite as a young teenager for a couple of years, and it was fantastic. You don’t have to rent them out just because you could.)
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Jun 11, 2019 11:25
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incontinence 100 posted:My favorite Urban Planner trope is "everyone should live near where they work" and then they define "affordable rent" as $2,056 for a 1br. It's obvious who's more important here isn't it? I mean I can “afford” to pay $2,056 a month if I forget about those pesky things like food, electricity, clothing, medicine etc.
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Jun 11, 2019 13:07
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ARACHTION posted:I mean I can “afford” to pay $2,056 a month if I forget about those pesky things like food, electricity, clothing, medicine etc. You see if you weren't eating so many avocados then you'd probably be scraping by
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Jun 11, 2019 14:38
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