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Vancouver Off-Topic / Current EventsThe off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.
All the data was there, politicians just refused to look at it and admit what was happening. Or they looked at it but knew exactly what was happening since it was Gregor and Christie.
Of course they knew.
Gregor has been pretending to be a left-wing hippie all these years whilst secretly (or not so secretly if you actually follow the news rather than his empty promises) being in the pockets of developers.
It's just a lot easier to play the race card instead of look after hardworking Canadian citizens. Especially when you're making a big payoff from it....
Very frustrating that council approved this despite the long established view corridor protection policies. But for anyone that has dealt with municipal governments (not necessarily just CoV, but I have found CoV to be esp ruthless in these matter), this is pretty much the norm.
So true, too much blame on chinese money, not enough blame on all the locals and corrupt politicians selling out our city for a quick buck.
The blame should fall completely on the shoulders of the politicians, the local development community, and groups such as Rennie Marketing that continue to act like nothing is wrong and milk it for all it's worth.
I don't care if the investors are from China, Russia, or Mars; it doesn't matter where the money is coming from as long as our housing stock is used for investing purposes.
reads most threads with his pants around his ankles, especially in the Forced Induction forum.
Join Date: Mar 2004
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Quote:
Originally Posted by Liquid_o2
The blame should fall completely on the shoulders of the politicians, the local development community, and groups such as Rennie Marketing that continue to act like nothing is wrong and milk it for all it's worth.
I don't care if the investors are from China, Russia, or Mars; it doesn't matter where the money is coming from as long as our housing stock is used for investing purposes.
But what country's housing market isn't use for investing purposes? As far as I recall most country where the economy is booming their real estate have been use as investment in one form of another.
Just image if the housing market never took off in Vancouver would we have the economy we have today? Will this many people have jobs? What business that boom because of this? Would the skytrain every be built from DT to Richmond and now to Coquitlam?
Is all part of the cycle and the only way to make the negative effect less is for the gov to know when is the right time to slow down the investment of real estate. Given how our federal gov and prov gov acted I doubt they want to do anything to it. Most likely they will just come up with some band aid solution that use tax payers dollars to give more hand outs (more rental housing, more support for low income family, or even start building gov owned rental housing much like Hong Kong.) and call it a day while filling their own pockets from developers money.
Just image if the housing market never took off in Vancouver would we have the economy we have today? Will this many people have jobs? What business that boom because of this? Would the skytrain every be built from DT to Richmond and now to Coquitlam?
Did you really think people are blaming the Chinese? I bitch about it all the time, but it's not the Chinese who make the rules. It's our idiots. lol
Which is exactly my point. I hear too many people blaming the wrong people for this disaster because of their ignorance; we are on the same side of the argument.
FYI Kevin Falcon is now running Anthem Capital / Properties.
He was the former Finance Minister of BC during Olympics - helped developed Sea2Sky.
No surprise, somehow Anthem gets land deals faster than anyone else beside Vancouver Golf Course. Next thing you know Disclosure Stmt filed - and voila you have Wynwood Green 2 towers at $900/ft in West Coquitlam =)
Former B.C. finance minister and deputy premier Kevin Falcon has found a job with real-estate developer Anthem Properties, the company announced today.
Falcon will join Anthem as an executive vice-president, responsible for growing the company's business portfolio and raising equity funds from banks and investors.
Falcon served as an MLA for 12 years. Prior to holding the finance portfolio, he was minister of transportation and then minister of health.
In 2010, Falcon ran for leadership of the B.C. Liberal party after the resignation of Premier Gordon Campbell, but lost to current Premier Christy Clark. In August 2012 he announced he would step down, citing family commitments.
Wynwood land approved by Supreme Court in late 2017. Sales start early this month - Tower 1 sold out already. City of Lougheed is still mired in delays after Tower 1 out of 23 sold December 2017.
Let's do some Property Development 101 here for sec:
Anthem paid $32M land deal.
Tower 1 x 180 units at avg of $500K per unit (likely more) = $90M.
25% deposit works out to $22.5M cool cash deposited by buyers in 12 months.
Rest is financed through a cohort of Coast Capital and various big banks at low interest rates. Payable at completion by clients that bought in.
Developer (Anthem) in this case generates a cool 1.5% on PTT for Province on nearly $200M (2 towers) so about $3M in tax and donates and builds some amenities.
Win-win- even for the older residents that got bought out at a huge premium for their tear-down low rise multi-family.
Anthem Properties has closed a deal to buy the Coquitlam housing complex Brandywine for $32 million.
B.C. Supreme Court approved the sale of the 58-unit condominium project at 585 Austin Avenue earlier this year.
This is one of the first strata developments to sell to a developer using a new method for winding up strata corporations since the B.C. government implemented Bill 40 last year.
The new law allows strata corporation members to vote to wind up the corporation and sell assets to developers with a minimum of 80% of the members voting in favour. The catch is that the sale has to be approved by B.C. Supreme Court – something that is not the case if selling assets is unanimous.
At Brandywine, 84.5% of owners voted to wind up the strata corporation.
“The process was long but it was fair, and even though we had to increase the price to match the growing market over that time, we are happy with the outcome,” said Anthem’s vice-president of acquisitions and development, Steve Forrest in a release.
Anthem has applied to the City of Coquitlam to redevelop the property, which it will call Wynwood Green. The company wants to replace the 41-year-old complex with two buildings that are 23 and 28 storeys tall and contain 379 homes.
The site borders the Vancouver Golf Club and Brookmere Park and is about 500 metres from the Lougheed Town Centre SkyTrain station, where riders can ride on the Expo, Millennium and Evergreen lines.
Anthem aims to launch construction in early 2018.
As an aside, in any major city around the world - politics work with businesses. And any major city it's usually:
Finance
Insurance
Real Estate
You think politicians don't get insider access to these presales in friends & family round at discounts? You'd be truly delusional if you think the world is that fair.
Just image if the housing market never took off in Vancouver would we have the economy we have today? Will this many people have jobs? What business that boom because of this? Would the skytrain every be built from DT to Richmond and now to Coquitlam?
An economy where hardworking Canadians making double or triple the national average can't afford to buy a home?
What are these "jobs" that everyone keeps talking about? We don't have a crazy manufacturing, engineering, software, or business industry. Outside of your "typical" professional careers such as doctor, lawyer, architect, etc. Vancouver does not have the employment base to cater to such expensive housing.
Easy to blame the Chinese but at the end of the day they're not doing anything wrong. Blame falls squarely on Christie, Moonbeam, and guys like Rennie who happily sold out our province at the expense of hardworking Canadians.
Easy to blame the Chinese but at the end of the day they're not doing anything wrong.
Oh fuck off with this whole "don't blame the chinese" garbage. The fuerdai are a parasitic culture who are taking full advantage of the liberal Canadian laws put in place years ago. There is a lot wrong with folks who buy up houses to park their ill gotten gains. Who cares about the locals right? They don't need a place to live. They can go east while the newcomers tear down heritage homes to build ugly box homes that stay vacant.
Blame the foreigner scapegoat Reddit rhetoric.
I scraped through with my place a couple years ago and I'm up a pretty penny.
Dog eat dog world. Life sucks in general. Deal with it.
Blame the foreigner scapegoat Reddit rhetoric.
I scraped through with my place a couple years ago and I'm up a pretty penny.
Dog eat dog world. Life sucks in general. Deal with it.
Blame the foreigner scapegoat Reddit rhetoric.
I scraped through with my place a couple years ago and I'm up a pretty penny.
Dog eat dog world. Life sucks in general. Deal with it.
This is the new attitude in Vancouver, I got mine, fuck everyone else.
I want everyone to be able to have theirs. But I worked hard to get mine, In the current climate, and I shouldn't have to take a dump on that so that you can get yours.
Dump on what, your house going up 50% in a few years? You worked hard for you place, not it going up some insane amount because the government turned a blind eye.
Dump on what, your house going up 50% in a few years? You worked hard for you place, not it going up some insane amount because the government turned a blind eye.
Dump on what, your house going up 50% in a few years? You worked hard for you place, not it going up some insane amount because the government turned a blind eye.
The problem is that the value of money itself is dropping. Whether it's dinner downtown, fuel, or housing, our costs have gone up much higher and faster than our income. I think the reason everyone in Vancouver is so greedy is because it's such a competitive city.
Also, I went off a little ago about the Chinese. It was a little harsh and I would like to apologize for pissing on a billion people. Emotions are high these days, and it's hard to not take notice when you see the changes around you. Peace and love
"It was dirty money – stuffed in the trunk of their Mercedes and behind a seat in their Range Rover. The rest was squirrelled away in a safe and a night table, at a condo they were using.
Small bills – $660,970 in all – covered with traces of deadly fentanyl and other street drugs. Police seized the cash in the spring of 2016, when they arrested Ying Zhang, Zhi Guang Zhang and Wei Zhang, after putting them under surveillance and watching them conduct business in parking lots in and around Vancouver
A Globe and Mail investigation has discovered that the Zhangs and other local residents associated with drug-related crime are effectively parking their riches in Vancouver-area real estate, where it is rendered clean and secure, without actually owning any of the properties. They call themselves private lenders – issuing millions of dollars in registered mortgages and short-term loans"
reads most threads with his pants around his ankles, especially in the Forced Induction forum.
Join Date: Mar 2004
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Quote:
Originally Posted by originalhypa
The problem is that the value of money itself is dropping. Whether it's dinner downtown, fuel, or housing, our costs have gone up much higher and faster than our income. I think the reason everyone in Vancouver is so greedy is because it's such a competitive city.
Also, I went off a little ago about the Chinese. It was a little harsh and I would like to apologize for pissing on a billion people. Emotions are high these days, and it's hard to not take notice when you see the changes around you. Peace and love
I mean is not just Chinese that's parking their money here, the Russians, European, Americans. In fact European did it much much longer than the Chinese just that Chinese like to flash all their $$$ so it feels is all Chinese.
This is what it is. Vancouver is consider to be one of more pleasurable city to live in and is almost the top 3 best city in world to visit so what do you expect? Compare Vancouver to Regina. Sure housing in Regina is cheap literally 500k gets you almost 3000sq ft house but you won't enjoy living there. Is a reason why people love Vancouver. I mean if Vancouver is so bad and terrible we all would be moving to somewhere nicer. This happens to every major city not just Vancouver. Either you go with it or give up.
Quote:
Originally Posted by Tone Loc
An economy where hardworking Canadians making double or triple the national average can't afford to buy a home?
What are these "jobs" that everyone keeps talking about? We don't have a crazy manufacturing, engineering, software, or business industry. Outside of your "typical" professional careers such as doctor, lawyer, architect, etc. Vancouver does not have the employment base to cater to such expensive housing.
Easy to blame the Chinese but at the end of the day they're not doing anything wrong. Blame falls squarely on Christie, Moonbeam, and guys like Rennie who happily sold out our province at the expense of hardworking Canadians.
I don't make a ton of money save with my friends. Somehow we all ended with some sort of property. I wonder how that happen..... Oh right I work OT whenever I have the chance, I don't go on yearly vacation and certain don't go shopping every weekend or go out for dinner often. I just watch a youtube video about payday loans and it is not the people making min wage that use it but rather people who made over 4k monthly. So is not the poor that's having money issue is rather people who earn a much higher income. Maybe it have something to do with poor planning, bad financial choices being made? I don't know but I am sure if you make over 50k a year and have the right attitude to save and have a good financial plan you could at least get an apartment. it might be older but hey people have to start somewhere. I mean do we really need to spend 4k+ on a vacation every year? Or buy that brand new LV bag for $3k? Is about what you really want and what you are willing to sacrificefor it.
This is the new attitude in Vancouver, I got mine, fuck everyone else.
That's the attitude within all humans. Is just now is more on the surface than before. Human tends to be greedy and selfish. Is the same when people line up and order online for their new shiny iPhones, limited edition Jordans, Nintendo Switch etc etc..... Is human nature.
Also, I went off a little ago about the Chinese. It was a little harsh and I would like to apologize for pissing on a billion people. Emotions are high these days, and it's hard to not take notice when you see the changes around you. Peace and love
Well there you go now upsetting Doughboy
__________________
Gold is the money of kings;
Silver is the money of gentlemen;
Barter is the money of peasants;
But debt is the money of slaves.
-Norm Franz
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