Shard

No. Other than more home building, I don't think a 'solution' is required. Plenty of space in the Lower Mainland for all types of housing.

scilly

but that is the problem in Vancouver, and that is where so many want to live.

......... to build new homes means that existing homes have to be bought, demolished and new ones built in their place


The main streets such as Oak, Granville, Cambie are full of "sold" signs .......... realtors signing up neighbours in 7 or 8 houses, then aiming to sell on to a developer willing to hang on to the properties until they can get it rezoned from single family to apartment, and put together the money needed. They will then demolish and build row houses or apartments ranging in height from 6 to 8 storeys.

That's a process that will take several years from start to finish, especially looking at some of the areas being targeted.

Those apartments will not be for low rental or lower income buyers ......... not at the prices being asked right now by the realtor

One accumulated block of 7 houses on Granville in the area of 43rd was advertised for sale a few weeks ago at over $31 million

That was between $1 and $2 million more per house than the owners would get if they sold individually.

That part of Granville is not zoned for anything other than single family homes, nor is it near a major transit hub (ie Skytrain station), and that it where the city wants to concentrate development and where they are allowing 20+ storey apartments.

So it is going to take years to get any proposal through planning ............ and neighbourhood acceptance.

scrubbedexpat091

True, but the jobs tend to not be in the burbs. At least jobs that don't pay poorly.

It's not local workers for example in Squamish buying homes, it's the city commuters coming here because they can't afford Vancouver, local jobs pay nowhere near what is needed to own or even rent a home in this town.

scrubbedexpat091

Just have to find a city with 2 things, jobs where we can make enough, and housing that is affordable.

I am looking into a admin course as BCIT but the stats for it are not great pay wise, median wage reported for graduates is only 2 more per hour then I make now, so not really sure if the debt is worth the return.

That is where the benefit of medical jobs comes into play, almost all pay well, but its so competitive to get into a program that I have to accept that I can't do it.

I just don't know how to make 22-25 per hour in the private employment sector or what kind of jobs that is not management one could get, or what education one needs.

The private sector is tricky no obvious way to make a decent income like government sector.

Shard

Sounds good to me. Vancouver is a growing city and more row houses and density in Cambie would not be a bad thing.

scilly

I agree!

BUT it is not going to be a quick fix!

There is massive development going on at Marine and Cambie, several high rise apartment buildings are finished or almost completed, some 36 storeys high. BUT I think most of them are for sale, not rental ........... and they are within close smelling distance of the Vancouver Transfer Station.

Most of those units were pre-sold, even before construction began .... and that is where flipping and speculation seems to be occurring. There is some evidence that people buy pre-sale, then sell after the building has been completed some 2-3 years later .......... when the price is higher.

Major development is going to go in at Oakridge Mall, on top of the mall ......... it includes 290 units of social housing, 290 market rental units, and 2,334 condo units.

There are planned to be 11 residential towers ranging between 19 and 44 storeys, and three buildings between 9 and 13 storeys.

The first phase of construction is set to begin this year (2015), and is expected to be completed by December 2023, with the rooftop park added by June 2024.

We were there yesterday ....... no sign of any construction beginning at the Mall, although there are buildings going up across 41st.

Rezoning down Cambie from about 16th south, and Oak and Granville from about 54th south, will allow for apartment buildings either 6 or 8 storeys high depending on the area. These are the areas where realtors are trying to cash in by signing up neighbours in a block, then selling on the amassed land to developers. Some of the home owners have been offered cash bonuses for taking up the offer to buy .......... one was reported to be receiving $1000 a month from now until demolition.

BUT the rezoning has not actually been done ........ it is still all single family housing.

All that has been done is that the City Plan for that area allows for certain areas to be rezoned for multi-family housing, or for duplexes or for town (row) houses.

So the houses have got to be bought up, applications made to City Hall to actually change the zoning for that specific block from single family to multi-family, then financing has to be arranged, etc etc.

That will take 4 or 5 years AT LEAST

That doesn't do much for the people wanting to buy now .......... and those wanting to buy single family homes with a bit of grass and garden!

scrubbedexpat091

Its kind of sad we are turning into box dwellers with no personal outdoor space.

Shard

Interesting update. Condo flipping is pure speculation, and that particular bubble can burst...

Single family homers need to go Tri-Cities even Langley.

Shard

Yes, agree with this. I recall my first visit to Hong Kong in the Eighties, and being naively stunned at the living conditions, with so many families being crammed into high rise apartments. Ironically, ever-richer Western countries are now creeping toward that model. In over crowded Britain there is some rationale, but in spacious Canada, less so.

scilly

I do keep up with what is happening in Vancouver, especially south of about 41st as it could directly impact on us traffic-wise.

We've been involved in Citizen's Committees regarding planning twice now.


There could be as many as 10,000 people moving in to the south part of Vancouver from 41st to the Fraser, and between Granville and east of Cambie within the next 5 years

Almost all of them will be moving into very high rise condos, most of them being built for sale at market value.

You just have to look at a map of Vancouver for the area I'm talking about .......

The Shannon Mews development at Granville and 57th ........ 735 prestige apartments on a 10 acre site, possibly 1500-1600 people

Oakridge Mall development at 41st and Cambie

Marine Drive and Cambie development ........ I think the whole development in that area was estimated to be close to 4,000 people

Safeway site development at Granville and 70th Avenue .... high end (over $750,000) apartments and townhouses in a 19-storey residential tower, a 14-storey residential tower and a 7-storey slab residential building comprised of 13 townhouses at street level, retail, and condominium units above. In total there are 357 residential units --- 31 rental units, and 326 condo/townhouse units. Completed. Possibly 1,000 people

proposed development of the Pearson hospital site at 57th and Cambie

further development of Langara Gardens at 57th and Cambie



It's incredible ............ BUT they are mainly for sale, with few rental units.

The opportunity for "investing" then flipping and / or buying to rent to others is enormous!

scrubbedexpat091

Mos bid's came from local residents, 9 bid in total, the winning bid 1.1 million over asking is an offshore buyer who already owns a home in the city, he may build a home for himself, or build one to resell, he doesn't know according to the realtor.

West Vancouver Home Sells For $1.1 Million Over Asking

scilly

???????

according to that report ..........


1955 is 60 years ago .......... that's a long time for one owner occupancy!

scrubbedexpat091

I'd imagine the real estate agents knows who the buyer is, I have no reason to doubt the person.

Not sure what your ????? mean exactly.

Regardless those who buy multiple properties are not living in them an that jacks the cost of housing up for everyone.

http://www.vancouversun.com/business...034/story.html

scilly

In 1972, emigrants from Hong Kong bought the house next door about 6 months after we'd moved into ours.

They had 1 son born in Canada and a second son was born soon after they bought the house. After about 10 years in that little house, they bought a lot out towards UBC and built their own house. They moved to that house in about 1983 or so, but held on to the house next door, renting it out to a succession of tenants, some good some horrendous.

We saw them occasionally and knew that they bought a 3rd house in east Vancouver that they were also renting out .........

These people were not wealthy, he had a reasonable job and she taught piano at home, but they were very careful with their money, and Chinese custom is to provide a house for each of their children on a child's marriage.

They probably did make money on the house rentals ........ although we know they had problems with some tenants next door, from the ones who caused much damage that cost thousand of dollars to put right, to the ones who skipped out owing 4 months rent.


Now the children are both married and each has a house, just as custom dictated should happen ......... the elder son married first, and chose the east Van house which was re-furbished for him

The younger son, who was about 6 when they left next door, wanted to be back in this neighbourhood, so that is what has happened EXCEPT the old house was in pretty bad shape, so it was demolished and a new one built.

Son, new wife and baby moved in next door about 6 years ago.


Now ........... were the parents investors, speculators, or just doing what Chinese parents do?

If they did it, how many other lower and middle class Chinese parents are also doing it?

You can't really call them "overseas" buyers or speculators.

scrubbedexpat091

That has nothing to do with the articles which specifically specify by the realtor that the person who bought it lives oversea's, and certainly is wealthy considering he/she just spent several million on a house.

Modern Vancouver is a wealthy city, no doubt about that in my mind.