28 yo female moving from London UK to Vancouver...help!
Oct 10th 2017, 8:18 pm
#31
Forum Regular
Joined: Jun 2017
Posts: 232
Re: 28 yo female moving from London UK to Vancouver...help!
I completely agree, I feel this is because house prices became so out of sync with the market that speculative investors turned to Condos which were comparative cheaper and have now driven these costs through the roof.
There are plans to shut the pre-sale market to anyone outside of Vancouver for 90 days but not sure how that it going to help when brand new condos in false creek are being advertised at 'a modest $1.9M'.
Developers have taken advantage of the city making permits easier to get (after developers complained this was the reason for the shortage and high costs) and have used it to reduce their own costs whilst still helping to inflate the market (i.e. more profit). Until the city/province cracks down on developers building nothing but luxury condos the situation is not going to get any better. Another option would be to force developers to build a certain % of their development units as low cost rental units as a condition of permitting. City and province need to stop cozying up to developers and start serving the population as a whole.
And this isn't even starting to go into the recent reports that the BC casino system has been used as a giant money laundermat for real estate speculation.
There are plans to shut the pre-sale market to anyone outside of Vancouver for 90 days but not sure how that it going to help when brand new condos in false creek are being advertised at 'a modest $1.9M'.
Developers have taken advantage of the city making permits easier to get (after developers complained this was the reason for the shortage and high costs) and have used it to reduce their own costs whilst still helping to inflate the market (i.e. more profit). Until the city/province cracks down on developers building nothing but luxury condos the situation is not going to get any better. Another option would be to force developers to build a certain % of their development units as low cost rental units as a condition of permitting. City and province need to stop cozying up to developers and start serving the population as a whole.
And this isn't even starting to go into the recent reports that the BC casino system has been used as a giant money laundermat for real estate speculation.
DONATIONS $$$ should be reviewed.
Look in Port Moody: the Councillor says most Councillors considered developers BEFORE the well being of the City. Unbelievable...
Oct 10th 2017, 9:54 pm
#32
Account Closed
Joined: Jan 2006
Posts: 0
Re: 28 yo female moving from London UK to Vancouver...help!
City's should also make developers upgrade roads, build schools when necessary etc when permitting new developments.
This was done in parts of California where I am from, in order to develop and build thousands of new homes, the city required the developers to foot the bill in building new streets, and schools to accommodate the massive amounts of new residents.
This was done in parts of California where I am from, in order to develop and build thousands of new homes, the city required the developers to foot the bill in building new streets, and schools to accommodate the massive amounts of new residents.
Oct 11th 2017, 2:24 am
#34
BE Forum Addict
Joined: Feb 2014
Location: Done with condescending old hags
Posts: 1,194
Re: 28 yo female moving from London UK to Vancouver...help!
Typical for a large development is for the developer to claim they can only put in about 50% as much affordable housing as is required, or the whole thing won't be 'viable' (this is the word used, and test applied). Planning committee approves it, because 50% of something is better than 100% of nothing. As development is built out, the developer 'realizes' they'd love to build as much as they promised, but they just can't do it while still being viable. Govt has decided they have a legally mandated profit margin, so that argument wins. Developers had the benefit of the slowing up, which helps drive prices up, and still don't deliver the affordable housing, which wouldn't be affordable even if they built it.
