Coquitlam West RM-3 Multi-Storey medium density Development Opportunity / Land Assembly East of Lougheed Highway and North Road. The site falls within the core and shoulder area of Coquitlam’s Transit-Oriented Development Strategy. The properties are located along major transit nodes in the centre of Coquitlam, near the new Evergreen SkyTrain expansion. OCP allows for a Medium Density Development Site 7-8 Stories with an FSR of 2.45 or a 4-6 story development with an FSR of 2.3 Please go to Realtors web site for feature sheet and more info including Site Video
5-bedroom. 4-bathroom home in East Central Maple Ridge. Located in a great location this rancher with basement features 3 bedrooms and 3 bathrooms on main level. Two master bedrooms on main. Basement finished with suite - separate entrance. Deck off the rear to enjoy the private backyard which backs onto greenbelt and ravine. Located within walking distance to shopping, transit, schools and recreation. Newer finishings throughout the home. Basement is a with 2 bedrooms. Main floor consists of 2 master bedrooms, and a third bedroom that has an ensuite. Double-garage with a large driveway. Located within walking distance to shopping, transit, schools and recreation. Measurements from BC Assessment Professionally measured by Excelsior. Saturday/Sunday Open House 2-4 pm--masks required.
Open House on Saturday, October 17, 2020 2:00PM - 4:00PM
5-bedroom. 4-bathroom home in East Central Maple Ridge. Located in a great location this rancher with basement features 3 bedrooms and 3 bathrooms on main level. Two master bedrooms on main. Basement finished with suite - separate entrance. Deck off the rear to enjoy the private backyard which backs onto greenbelt and ravine. Located within walking distance to shopping, transit, schools and recreation. Newer finishings throughout the home. Basement is a with 2 bedrooms. Main floor consists of 2 master bedrooms, and a third bedroom that has an ensuite. Double-garage with a large driveway. Located within walking distance to shopping, transit, schools and recreation. Measurements from BC Assessment Professionally measured by Excelsior. Saturday/Sunday Open House 2-4 pm--masks required.
Open House on Sunday, October 18, 2020 2:00PM - 4:00PM
5-bedroom. 4-bathroom home in East Central Maple Ridge. Located in a great location this rancher with basement features 3 bedrooms and 3 bathrooms on main level. Two master bedrooms on main. Basement finished with suite - separate entrance. Deck off the rear to enjoy the private backyard which backs onto greenbelt and ravine. Located within walking distance to shopping, transit, schools and recreation. Newer finishings throughout the home. Basement is a with 2 bedrooms. Main floor consists of 2 master bedrooms, and a third bedroom that has an ensuite. Double-garage with a large driveway. Located within walking distance to shopping, transit, schools and recreation. Measurements from BC Assessment Professionally measured by Excelsior. Saturday/Sunday Open House 2-4 pm--masks required.
Spotless, and every-amenity-you-need condo, in a quiet, concrete building near Kingsway and Nanaimo. Modern chef's kitchen with gas range, granite countertops, and stainless steel appliances. Fully tiled European spa bathroom with soaker tub. Balcony with mountain views. Fantastic opportunity in the city! Extremely well laid out Jr 1 Bed. Solid well managed building with fitness center, lounge/games room, and a sunny rooftop terrace! Located in a PRIME LOCATION steps to Skytrain! Downtown Vancouver, Burnaby/Metrotown and Richmond for all your shopping, dining and entertainment needs within minutes! Live-in caretaker. 1 parking and 1 storage locker included.
647, 651 & 655 Harrison Avenue, Coquitlam. $7,050,000. More Details · Foster Assembly Cover Drone Sold Pending Completion ...
Coquitlam Land Assembly - 700 Block Quadling
www.quadling.ca
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phased, medium density residential development project in the rapidly growing. Coquitlam market. THE OFFERING. BURQUITLAM LAND ASSEMBLY.
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Anchor Point 3. 1330 Burrard Street, Vancouver, V6Z 2B8. Downtown West. Related Addresses: 950 Drake Street 1333 Hornby Street.
Plans for 450' ft. hotel and condo tower at Anchor Point ...
www.urbanyvr.com › News
Nov 2, 2019 — Part of the Anchor Point complex in downtown Vancouver could soon be redeveloped into a mixed-use hotel and residential tower.
One million dollars for 460 square feet at Anchor Point ...
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Mar 9, 2018 — Million dollar condos in downtown Vancouver aren't what they used to be. Case in point: three new listings in the aging Anchor Point complex ...
Anchor Point - Vancouver Real Estate by Les Twarog 604 ...
bccondos.net › 1330-burrard-st
Building Info. Anchor Point - 1330 Burrard Street, Vancouver, BC V6Z 2B7, VAS1182 - located in Downtown area of Vancouver West, near the crossroads ...
Anchor Point Condos of Vancouver | 1330 Burrard St, 950 ...
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Anchor Point is a condominium complex located in Downtown Vancouver. Anchor Point offers a long list of amenities including concierge service, private ...
1330 Burrard St | Anchor Point Condos | 3 Condos for Sale ...
condos.ca › Vancouver › Central › Downtown
You will find Anchor Point near the intersection of SB Burrard St FS Burnaby St in Central's Vancouver area. Anchor Point is a 9 storey condo, located at ...
950 Anchor Point No.1, Vancouver, BC V6Z 2B9 1 Bedroom ...
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or. Start a new search. 950 Anchor Point No.1 - Photo 1. 7 more photos. P. Property Manager. Downtown Vancouver · Starting from $1,550. 1 Bed. 1 Bathroom.
Anchor Point apartment for rent 320-1330 Burrard St Vancouver
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Anchor Point - 1333 Hornby, Vancouver - Sonja Pedersen
Anchor Point - 1330 Burrard Street, Vancouver - Residencity
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Anchor Point - 1330 Burrard Street, Vancouver (DOWNTOWN VW) near Burrard Street & Harwood Street with 1 listing for sale with prices starting from $545000.
The City of Vancouver is moving ahead with a multi-million effort to house homeless residents.
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VANCOUVER -- Ari Newman has called Vancouver’s Strathcona neighbourhood home for the last three years, but that’s about to change.
“It’s been an increasingly bad experience living in Strathcona,” he told CTV News. “I’m seeing an escalation of violent crime, I’m seeing an escalation of violent assault.”
He himself has been assaulted twice while living in the neighbourhood.
“It was out of the blue,” he said of the first time it happened, recalling being blindsided by someone looking for money.
The second time, just a few months ago, he was assaulted by someone riding a bike, again over money.
“I was stopped and, you know, kind of shaken down for money,” he said.
Newman’s negative experiences in the neighbourhood started before the tent city went up in Strathcona Park, but he says the situation has gotten worse in recent months. He listed his condo in the spring, and has spent months calling local and federal politicians trying to get action taken in his neighbourhood.
“There really hasn’t been any action,” he said.
Newman is far from the only Strathcona resident frustrated by a rise in crime in the neighbourhood and calling for an end to the homeless camp. In late September, concerned residents held a rally calling on politicians to find homes for camp residents and dismantle the camp.
While residents like Newman look to sell their homes, real estate agents are seeing interest slow in areas such as Strathcona, Yaletown and Gastown.
“I personally have listings in like the Science World area and Gastown area, so areas close to Strathcona, and we are seeing the spillover effect into those neighbourhoods too, where people aren’t as drawn to come and see those properties and the listings are sitting longer,” said Gary Serra, a real estate agent with Remax.
Since the pandemic started, with so many people working from home, Serra said he has noticed interest in condos dying down.
“The detached market is very high at almost 25 per cent. Townhomes are the highest at almost 31 per cent. And condos are sitting at around 21 per cent,” he said.
While anything over 20 per cent is considered a seller’s market, he said he’s seeing a large downturn on condos that’s resulting in an almost “balanced” market.
In neighbourhoods like Yaletown, which have typically been highly sought after, he’s says found buyers “steering away.”
“People like the character, they like that it’s right in the city core and the grit,” said Serra. “It’s gone beyond that now and people feel unsafe.”
Like Strathcona residents, some who live in Yaletown have expressed frustration with a rise in crime and violence they say started when homeless people who had been living in a tent city in Oppenheimer Park were moved into the Howard Johnson hotel on Granville Street.
In early July, Vancouver police said they had received “an overwhelming number of messages” from Yaletown residents and promised more patrols and new safety measures in the community in response.
Serra said the real estate market has largely stayed strong despite the COVID-19 crisis, and this latest “bump,” but action on homelessness in the city needs to happen soon.
“Maybe after couple of months, if there’s really a concerted effort on the city’s part that is really doing something positive, then, you know, people’s perception will start to change,” he said.
The City of Vancouver has voted in favour of spending $30 million on housing tent city residents and other homeless people during the pandemic. Mayor Kennedy Stewart told reporters Friday the city expects to move forward on the plan “within weeks.”
For Newman, he’s ready to move even if he has to take a loss in the sale.
“I don’t think I’ll get what I want just given what’s happening in the community,” he said. “I’ll get way below my assessed value.”
But it comes down to wanting to live somewhere and feel safe, he said.
“It’s one of those things were you just have to understand all the variables that are involved in it and then make your decision,” he said.
RELATED IMAGES
Ari Newman has called Vancouver’s Strathcona neighbourhood home for the last three years, but that’s about to change. (CTV)
Ari Newman has called Vancouver’s Strathcona neighbourhood home for the last three years, but that’s about to change. (CTV)
TORONTO -- If you’ve found yourself enticed by a better mortgage rate or another lender offering something more competitive, there’s something you should ask yourself.
Does it make sense to break my current mortgage and lock it in at a lower rate?
Some families are also looking to free up cash due to layoffs associated with COVID-19 and may need to refinance their mortgage, while others might just decide to sell their home.
Regardless of the reason you might have to break your current mortgage, you will likely have to pay a penalty.
A pre-payment penalty protects your lender who was counting on interest payments from you for a specified period. When you pay your mortgage off quickly, no matter how you do it, your lender is getting less than they anticipated in interest payments and you have to pay a price for changing or opting out of the contract.
If you have a variable rate mortgage, you will have to pay a three-month interest penalty. However, if you have a fixed rate mortgage you will have to calculate three months of interest and the interest rate differential (the rate you have compared to the rate you will get) and pay the greater of the two options.
Let's break it down in a back of the envelop calculation: Assume you have a $200,000 variable rate mortgage at 3 per cent. You would have to pay a three-month interest penalty of $1,500.
If, however, you had a fixed rate mortgage at 4.29 per cent with 23 months remaining in your term and wanted a new rate of 2.39 per cent, you would have to calculate the interest rate differential or three months of interest and pay whichever is higher.
A rough calculation suggests the three-month differential of $7,283 is the amount, excluding fees, you would have to pay as it is greater than the three months of interest amount of $2,145.
The actual calculations are a little more complex, but this gives you an idea of what to look for.
To get a more accurate picture you could ask your financial institution to run and compare the numbers or go on a site like Ratehub.ca and enter in the variables that apply to you.
Before you break your mortgage, here’s what to remember:
Know there will be a penalty.
Have your financial institution break down the numbers for you.
Understand there will be fees and that every bank is a little different.
The penalty you pay has to be less than the gain you will achieve or it simply isn't worth it.
A new office tower and entertainment pavilion will be built next to BC Place. Rendering: Westbank Corporation
A Vancouver City council decision Tuesday night means BC Place stadium is about to get cozy with 17 new storeys of office space, and another six for arts and entertainment.
That’s because outside stadium gates A and B, facing Georgia Street, Westbank Corporation is proposing a major redevelopment of the Creative Energy Steam plant and an adjacent industrial site.
The municipality received an updated rezoning application for 720 Beatty St. and 701 Expo Blvd. in March.
Atop both redevelopments, there will be a terrace with greenspace, with enough room for a running track on top of the upgraded steam plant building – which itself delivers hot water and heating to more than 200 buildings in the downtown peninsula.
The new 17-storey office tower proposed for 720 Beatty Street. Rendering: Westbank Corporation
Westbank first acquired the natural-gas steam plant in 2013.
The ground floor of the new office tower will be bolstered with a five-metre passageway to provide pedestrians, cyclists, and motorists a connection to four new levels of underground parking and a connection to Expo Boulevard and Beatty Street.
The adjacent entertainment pavilion will provide 30,236 square feet of commercial space with a karaoke spot, virtual reality sports hub, sports bar, and brewery already in the plans.
The proposed underneath of the 720 Betty Street office tower. Rendering: Westbank Corporation
Nearby homeowner Helene Perndl expressed her support for the new infrastructure.
“The current building on this block is a big eyesore and I think this will be a huge improvement,” she submitted to council in favour of Westbank's proposal.
“I'm happy to see that big investment in office buildings like this are still going ahead even during the pandemic.”
The six-storey entertainment pavilion will make space for restaurants, a brewery, karaoke spot, and sports bar. Rendering: Westbank Corporation
The project will bolster the southwestern corner of BC Place ticket holders of concerts and sports games with more entertainment and dining options in the downtown area.
Initial construction of the now-approved project – which is estimated to generate approximately 2,000 off-site and on-site jobs – is being financed by Allied Properties Real Investment Trust for $185 million.
Rendering: Westbank Corporation
“The project will not only contribute to increasing job space and to advancing the city’s economic development objectives but also help to achieve the regional entertainment district envisioned under the Northeast False Creek Plan,” detailed city staff in a report to council.
The rezoning will generate nearly $13 million in development cost levies, $4.7-million in community amenities, and more than $1 million in public art for the municipality.
Greater Vancouver real estate had a huge month for sales, but condos are showing weakness. Real Estate Board of Greater Vancouver (REBGV) data shows composite prices grew in September. Breaking down the price trend by segment, we see two different markets. Detached prices are higher than the month before, with the annual rate of growth rising. Condo apartments are lower than the month before, with price growth stalling. Both segments remain below their all-time highs.
Greater Vancouver Detached Homes Rise, While Condos Lose Steam
Greater Vancouver real estate prices are picking up some steam. The price of a typical home across REBGV reached $1,041,300 in September, up 5.8% from the same month last year. In the City, it was a little more dependent on which part you were in. Vancouver East saw the price of a typical home hit $1,105,800, up 7.5% from last year. In Vancouver West, the price reached $1,271,900, up 4.0% from last year. In all regions, the price increases are largely due to detached prices rising, and are still below the all-time highs.
Greater Vancouver Composite Benchmark Price
The price of a typical home across Greater Vancouver, in Canadian dollars.
Generally speaking, the rate of growth is accelerating – but two distinct markets are emerging. Detached homes are seeing a higher annual rate of price growth, but condo apartments are stalling. Detached home prices are at a high for the year, but remain 6.7% below the all-time high. Condo apartment prices are lower than the previous month, and are 5.24% below the all-time high.
Greater Vancouver Composite Benchmark Price Change
The annual percent change of a typical home across Greater Vancouver.
Greater Vancouver Real Estate Sales Reach A September Record
Greater Vancouver real estate sales reached a new record for the month. REBGV reported 3,643 sales in September, up 19.6% from the month before. This represents an increase of 56.2% compared to the same month last year. It was actually so busy, it was 44.8% above the 10-year average for September.
Greater Vancouver Composite Sales Vs. Listings
The number of homes sold vs total inventory in Greater Vancouver.
New Sellers Of Greater Vancouver Real Estate Rise Over 31%
Greater Vancouver real estate is seeing an uptick in the number of sellers hitting the market as well. REBGV reported 6,402 new listings in September, up 10.1% from the month before. This represents an increase of 31.6% compared to the same month last year. The increase is substantial, but if you recall – not quite as much as the sales increase. This left total inventory tighter than last year at this time.
Greater Vancouver’s total real estate inventory grew, but not by much. REBGV reported 13,096 new listings in September, up 2.3% from the month before. This works out to an increase of 2.6% when compared to the same month last year. When measured by total inventory, this would appear to be a tight market. However, due to the large uptick in new listings, inventory is still in the balanced range.
Generally speaking, Greater Vancouver real estate sales are very strong. Breaking it down, the picture isn’t quite as clear and straightforward. Total inventory looks tight, but the sales to new listings ratio is balanced. When looking at segments, we see detached prices are responsible for more gains. Meanwhile, condo apartment prices are cheaper than they were a month before. This isn’t just a Vancouver trend though, it’s also similar to what Toronto is seeing as well.
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In September 2020, condo prices declined slightly month-over-month in markets represented by the Real Estate Board of Greater Vancouver.
REBGV covers Vancouver, Burnaby, New Westminster, North Vancouver, Coquitlam, Port Coquitlam, Port Moody, Maple Ridge, Pitt Meadows, Richmond, South Delta, Squamish, Sunshine Coast, West Vancouver, and Whistler.
In its report on October 2, the board noted that sales of condos reached 1,596 last month, a 36.9 percent increase compared to the 1,166 sales in September 2019.
The benchmark price increased 4.5 percent increase from September 2019, but declined 0.3 percent compared to August 2020.
The price of a typical condo in REBGV markets was $683,500 last month.
Compared to three months ago, September’s benchmark price for condos represents a 0.4 percent increase.
However, when compared to six months ago, last month’s price was a 0.9 percent decrease.
Meanwhile, benchmark prices of detached homes and townhouses in the region in September 2020 increased month-over-month by 1.1 percent and 0.4 percent, respectively, in September.
The same happened in areas covered by the Fraser Valley Real Estate Board. These are Surrey, North Delta, White Rock, Langley, Abbotsford, and Mission.
In September 2020, the benchmark price of a condo in FVREB markets was $436,900, a 0.1 percent decline compared to August of the same year.
Meanwhile, prices of detached homes and townhouses in the region increased 1.3 percent and 0.6 percent, respectively, over August.
Hogue made the prediction about weakening condo prices as part of his broader report about the Canadian housing situation and COVID-19.
The forecast comes in the heels of previous observations regarding a shift in buyer preference from condos to detached homes because of the pandemic.
Last July, Statistics Canada predicted such a shift.
“As working from home becomes more prevalent,” the agency stated,” we may see an increase in the demand for larger living spaces that single-family homes can offer, causing a shift in demand from condominium apartments towards single houses.”
On September 4, Hogue released a commentary about the August 2020 housing market, noting that buyers nationwide are “demonstrating a stronger preference for single-detached homes”.
Moreover, the “growing penchant for single-detached homes is supporting stronger price increases in that category”.
In his latest report on September 30, Hogue wrote that the “impact of COVID-19 on the housing market is complex”.
According to Hogie, it will “lead to diverging price trends among regions and housing categories”.
“It is cooling demand for and boosting supply of rentals in large urban areas,” the economist explained. “This, in turn, is reducing investor interest in condos.”
As noted previously, the pandemic is “also altering the housing needs of many current owners who look for more spacious properties in less crowded settings”.
“This is simultaneously shifting demand from condo apartments to single-detached homes and other low-rise categories, and increasing the supply of smaller condos in core urban areas,” Hogue wrote.
Moreover, “Work-from-home arrangements and the lesser appeal of big-city living (with reduced cultural and socializing opportunities during these times of social distancing) are increasingly driving buyers further away from downtown locations into suburbs, exurbs and even cottage country.”
Open House on Sunday, October 4, 2020 12:00PM - 1:00PM
Spotless, and every-amenity-you-need condo, in a quiet, concrete building near Kingsway and Nanaimo. Modern chef's kitchen with gas range, granite countertops, and stainless steel appliances. Fully tiled European spa bathroom with soaker tub. Balcony with mountain views. Fantastic opportunity in the city! Extremely well laid out Jr 1 Bed. Solid well managed building with fitness center, lounge/games room, and a sunny rooftop terrace! Located in a PRIME LOCATION steps to Skytrain! Downtown Vancouver, Burnaby/Metrotown and Richmond for all your shopping, dining and entertainment needs within minutes! Live-in caretaker. 1 parking and 1 storage locker included.
Shangri-La tower glass windows could 'spontaneously' shatter, warns strata
The strata includes 234 condo units at Shangri-La Live/Work, which covers floors 16 to 42, sandwiched between a hotel below, and more luxury, residential units above.
Author of the article:
Joanne Lee-Young
Publishing date:
Oct 01, 2020 • Last Updated 3 days ago • 2 minute read
Strata minutes suggest that the Shangri-La's glass windows could need to be replaced at a cost of more than $60 million.PHOTO BY FRANCIS GEORGIAN /PNG
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Strata owners have, for some years, drawn attention to allegedly faulty glass windows in residential condo units at the 62-storey Shangri-La tower in downtown Vancouver.
There have been complaints, some filed in civil claims, about alleged fogging caused by moisture trapped in between the panes that make up what are known as insulated glass units (IGU), or windows.
Shangri-La tower glass windows could 'spontaneously' shatter, warns strata
But there are now more serious concerns.
According to recent strata minutes, the inner panes of the IGUs apparently “suffer from a nickel sulphide inclusion and/or manufacturing defects, which can cause (them) to spontaneously shatter.”
Minutes described the possibility of windows cracking as a “real and unacceptable risk.”
The minutes also said some outer panes in the IGUs have “thermal stress fractures” that could mean “that sections of the cracked glass could … eventually become separated from the main assembly and fall to the areas surrounding the curtainwall, (and be) a source of risk for danger to the life and health of pedestrian traffic walking anywhere near the base of the building, the swimming pool area, as well as to occupants of other units.”
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AWM Alliance Real Estate Group Ltd., which manages the property, did not reply to Postmedia queries about the situation and whether it was taking any additional safety measures.
The strata includes 234 condo units at Shangri-La Live/Work, which covers floors 16 to 42, sandwiched between a hotel below, and more luxury residential units above.
Reports in a notice of civil claim filed some years ago mostly focused on condensation, with water dripping or sealant missing. There had also been earlier complaints about staining, and years of various engineering and legal investigations have ensued and continue.
The recent minutes noted that, over the years, shattered inner panes of glass meant some windows had already been removed and replaced on nine floors.
The minutes pointed to a recent amendment in early July to another notice of civil claim, which was launched by the strata in 2015.
This amendment names as defendants a list of developers, contractors and suppliers, including ones associated with Westbank Corp., the developer of the Shangri-La tower, and builders Ledcor Construction.
The building was completed in 2009.
The minutes said up to 70 per cent of the IGUs are allegedly failing “prematurely by decades and reaching just a fraction of their expected lifespan of 40 years.”
There is a different strata of units on floors 43 to 62 of the skyscraper, which is also separately seeking to remedy similar issues with its windows.
In all, each strata at the tower has two legal actions underway, one to recover costs under warranty via insurers and the other against developers, builders and contractors. All four cases have been set to be heard in October 2021.
Meeting minutes noted the cost of replacing all of the windows could be $65 million for the two stratas.
Between 2010 and 2011 in Toronto, when there were some 15 cases of shattered balcony glass crashing from tall downtown condos onto the streets below, some owners launched class-action suits against developers and contractors.
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Fantastic opportunity in the city! Don't miss this extremely well laid out Jr 1 Bed complete with chef's kitchen with S/S appliances, granite countertops, fully tiled spa-like bathroom, laminate flooring and private balcony overlooking the city. Solid well managed building with fitness center, lounge/games room and a sunny rooftop terrace! Located in a PRIME LOCATION steps to Skytrain! Downtown Vancouver, Burnaby/Metrotown and Richmond for all your shopping, dining and entertainment needs within minutes! 1 parking and 1 storage locker included.
What they lack in bedrooms and square footage, these listings make up for in price and a Vancouver address.
Author of the article:
Shawn Conner
Publishing date:
Sep 29, 2020 • Last Updated 9 hours ago • 3 minute read
PHOTO BY REW.CA
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Believe it or not, there are still condos available in East Vancouver for under $400,000. Most are studios, yes, but there are a few one-bedrooms and even the occasional two-bedroom.
In a 2019 moneysense.ca article, the area’s neighbourhoods (Knight, Hastings, Victoria, Collingwood, Renfrew, Grandview and Mount Pleasant) came in at #3-9, respectively, for best areas in Vancouver to buy real estate.
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Here are 10 condos throughout East Vancouver listed on REW.ca for under $400,000.
One bedroom, one bathroom, 541 sq. ft. Bright, airy, and freshly painted, this Mount Pleasant unit features a large bedroom, renovated kitchen, updated bathroom, and balcony. In-suite laundry, in-suite storage, parking, and extra storage locker are also included. Pets are welcome.
One bedroom, one bathroom, 764 sq. ft. This ground floor unit includes a den that could work as a second bedroom. Features include hickory hardwood flooring, granite countertops, crown mouldings, in-suite storage, and in-suite laundry. One cat allowed but sorry, no dogs.
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One bedroom, one bathroom, 697 sq. ft. Commercial Drive is right outside your door in this Place DeVito suite. It’s been completely renovated; the kitchen, appliances, quartz countertops, backsplash, flooring and bathroom are all new. The unit also has an extra-large patio with a private side entrance. Parking and storage included. No dogs allowed.
One bedroom, one bathroom, 593 sq. ft. Steps from Joyce SkyTrain Station, this one-bedroom home features southeast exposure and recent renovations, including new laminate flooring, LED lighting, and bathroom fixtures. Upgrades also include the (covered) balcony flooring. Parking and storage included.
0 bedrooms, 1 bathroom, 433 sq. ft. The selling points of this studio in the Talishan Woods building include proximity (two blocks) to Commercial Drive, new bathroom cabinetry, and new granite countertops. Other designer touches include quality tiles and fixtures and planked laminate waterproof flooring. Pets are allowed, rentals are too but are currently at limit. Parking and storage included.
1 bedroom, 1 bathroom, 479 sq. ft. Highlights of this one-bedroom unit with 370-square-foot patio include an updated bathroom and kitchen appliances, laminate flooring, granite counters, and an open kitchen. One pet allowed. Tenanted to Oct 31, 2020.
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1 bedroom, 1 bathroom, 636 sq. ft. Located in 12-unit McGill Manor in Hastings-Sunrise, this east-facing ground-floor condo comes with a spacious private patio. Also included: in-suite laundry, storage locker, and underground gated parking stall. Rentals and pets allowed.
1 bedroom, 1 bathroom, 511 sq. ft. New appliances and a private balcony are among the highlights of this Mount Pleasant condo. Recent building updates include new roof, balcony resurfacing, and plumbing. Rentals and pets allowed, parking and storage included.
0 bedrooms, 1 bathroom, 525 sq. ft. Rentals are allowed in this north-facing, low-priced Hastings-Sunrise ground-floor studio, which comes with a private 500-square-foot patio. Pets allowed. Parking and storage included.
1 bedroom, 1 bathroom, 500 sq. ft. This northwest corner ground floor unit comes with a patio (and hot tub) off the bedroom. Other features include in-suite laundry, laminate floors, and a window alcove seating area large enough for a single/guest bed. Pets and rentals allowed, storage locker and parking included.
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There's plenty on the market for under $500,000 in downtown Vancouver, you just have to know where to look.
Author of the article:
Shawn Conner
Publishing date:
Sep 28, 2020 • Last Updated 1 day ago • 3 minute read
The renovated kitchen and bathroom give this condo at 1330 Hornby Street a sparkling new look.PHOTO BY COURTESY OF REW.CA /PNG
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Are people fleeing downtown Vancouver for the suburbs? Not exactly. But while much of the rest of Metro Vancouver has seen an upswing in sales in the last couple of months, downtown condos are holding steady, with supply outpacing demand.
“This is the first time since May 2014 that we have seen over 1,000 active (condo) listings in downtown Vancouver,” realtor Ian Watt told the Sun earlier this month. Watt’s specialty is Yaletown condos. Listings have gone up by 54 per cent since August 2019.
This means it’s a verging on a buyers’ market in downtown west. Courtesy of REW.ca, here’s what you can get for less than $500,000:
One of two one-bedrooms on this list, this 570-square-foot unit features southwest facing views and a gas fireplace among other things. Courtesy of REW.caPHOTO BY REW/HANDOUT /PNG
1. $499,900: 2001-63 Keefer Pl.
The first of two one-bedrooms in this list—the rest are studios—this 570-square-foot unit comes with southwest facing views and a gas fireplace, air conditioning, in-suite laundry, underground parking and storage. Building (the Europa) amenities include a pool, hot tub, sauna, exercise centre and concierge. Pets and rentals allowed.
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Building amenities include indoor pool, hot tub, dry sauna, change room, gym, party room, outdoor garden and bike room. Courtesy of REW.caPHOTO BY REW/HANDOUT /PNG
2. $499,000: 803-1188 Howe St.
Granite countertops, stainless steel appliances, and new laminate floor are among the features in this open-plan 495-square-foot one-bedroom. Building amenities include; indoor pool, hot tub, dry sauna, change room, gym, party room, outdoor garden and bike room.
This is an concept 412-square-foot studio. Courtesy of REW.caPHOTO BY REW/HANDOUT /PNG
3. $497,000: 308-969 Richards St.
Contemporary cabinets, open concept 412-square-footer with built-in Murphy-bed, built-in closets and storage rooms. Building (the Mondrian 2) amenities: exercise room, whirlpool, and steam room. Pets and rentals allowed. No parking.
This south-east corner studio features a bedroom-sized den that gets plenty of sun and its own parking stall. Courtesy of REW.caPHOTO BY REW/HANDOUT /PNG
4. $490,000: 315-1189 Howe St.
This south-east corner studio (497 square feet) features a bedroom-sized den that gets plenty of sun, when available, courtesy of floor-to-ceiling windows spanning from east to south. Parking stall included. It’s one of four under condos in this list in the Genesis, whose amenities include pool, hot tub, sauna, gym, billiards lounge, media room, guest suite, 5,000-square-foot terrace garden, 24-hour concierge and security patrol. Pets and rentals allowed.
This east-facing 412-square-foot studio offers a solid urban view and lots of natural sunlight. Courtesy of REW.caPHOTO BY REW/HANDOUT /PNG
5. $489,900: 705-1225 Richards St.
This east-facing 412-square-foot studio offers a solid urban view and lots of natural sunlight. It comes with a Murphy bed and in-suite laundry. Building (Eden) amenities: a guest suite, party room, gym, and hot tub. Pets and rentals allowed.
This studio features granite counter tops, stainless steel appliances, and in-suite laundry. Courtesy of REW.caPHOTO BY REW/HANDOUT /PNG
6. $461,000: 304-1155 Seymour St.
Studio (470 square feet) and den in an end-corner suite. Features include granite counter tops, stainless steel appliances, and built-in Murphy bed, in-suite laundry, balcony and storage locker. Building amenities: outdoor pool and spa, sauna/steam room, party/meeting rooms and concierge. Pets and rentals allowed.
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This corner studio includes a flex space. Courtesy of REW.caPHOTO BY REW/HANDOUT /PNG
7. $438,000: 609-1189 Howe St.
Corner studio (439-square-feet) with a flex space, and a balcony with a view of the city and courtyard.
This studio measures 408 square feet. Courtesy of REW.caPHOTO BY REW/HANDOUT /PNG
8. $429,000: 502-1189 Howe St.
Another studio in the Genesis building, this one 408 square feet with in-suite laundry and a balcony.
This 429-square-foot studio includes flex space and a patio. Courtesy of REW.caPHOTO BY REW/HANDOUT /PNG
9. $425,800: 214-1189 Howe St.
429-square-foot studio with flex space and patio (94 square feet). Located on the second-level courtyard of the Genesis. Parking stall included.
No pets allowed in this 397-square-foot studio. Courtesy of REW.caPHOTO BY REW/HANDOUT /PNG
10. $425,000: 408-789 Drake St.
A 397-square-foot corner unit open studio, shared laundry. Rentals yes, pets no. Shared laundry.
The renovated kitchen and bathroom give this Hornby Court studio a sparkling new look. Courtesy of REW.caPHOTO BY COURTESY OF REW.CA /PNG
11. $425,000: 705-1330 Hornby St.
The renovated kitchen and bathroom (updated cabinetry, backsplash, and quartz countertops) give this 408-square-foot Hornby Court studio a sparkling new look. Custom shelving in the walk-in closet is an added bonus.
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A bullet hole is seen in the window of Manzo Itamae Japanese restaurant in Richmond, BC, where accused money launderer Jian Jun Zhu was shot dead last week. Photos: Ian Young and The Vancouver Sun
At least seven bullets raked through the tinted windows of the Manzo Itamae Japanese Restaurant in the Vancouver satellite of Richmond, at around 7.30pm on Friday night.
The shooter fired from the northeast, at an angle almost parallel to the glass; the bullets ripped long paths through the thick pane. One round also punched dime-sized holes in the metal window frame, before tearing a 10cm (4-inch) gouge through the laminated glass at head height.
Dining on the other side of the window were accused money launderers Jian Jun Zhu and Paul King Jin. Zhu, 44, was killed. Jin, aged in his 50s, was wounded in the face.
The brazen attack, which investigators have characterised as a targeted hit on two men well known to police, also shattered any illusions about money laundering being an innocuous offence, in a city that lends its name to a particular method of smuggling money in and out of China – the “Vancouver Model”.
Paul King Jin was wounded during a shooting last week in a Richmond, BC restaurant. Photo: World Champion Club
Both Zhu and Jin were the subject of investigations into Zhu’s alleged underground bank, Silver International, that officers suspected was laundering more than C$220 million (US$165 million) per year.
Although a criminal case against Zhu collapsed in 2018, the BC government launched ongoing lawsuits against both Zhu and his suspected client Jin, seeking the forfeiture of millions worth of cash, real estate and casino chips.
Christine Duhaime, a Toronto-based anti-money-laundering consultant who has advised Chinese and Canadian banks, said the attack suggested that someone “did not want an investigation to proceed”.
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Duhaime said the attack also put lie to the myth that money-laundering was relatively harmless: “We heard it often before in Vancouver, ‘it doesn’t harm anyone, it’s victimless’ … but it attracts a lot of other criminality. We are seeing in Vancouver the sort of thing you would once see in Macau, regarding gambling debts. We’re beginning to see the violent side of money-laundering.”
We believe this was, obviously, a targeted incidentSergeant Frank Jang, Royal Canadian Mounted Police
Royal Canadian Mounted Police Sergeant Frank Jang, a spokesman for the regional integrated homicide investigation team (IHIT), confirmed Zhu’s identity, while a source with knowledge of the investigation told the SCMP that Zhu’s wounded dining companion was Paul King Jin.
The Vancouver Sun’s Kim Bolan was the first to report that Zhu and Jin were the victims.
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But Jang said IHIT could not comment on the identity of the wounded man, who had been discharged from hospital. “He’s making efforts to stay out of the limelight. He’s very fearful, for himself and his family,” said Jang.
Jang said both victims were “well known to police”.
“We believe this was, obviously, a targeted incident,” he said, although IHIT was not commenting on the allegations against Zhu.
Suitcases of cash
The accusations against Zhu and Jin are laid out in lawsuits filed against them by British Columbia’s Director of Civil Forfeiture, laying claim to the pair’s assets.
The criminal case against Zhu collapsed for reasons that are unclear in 2018. But the forfeiture actions accuse Zhu of running Silver International as an underground bank for people associated with the drug trade.
Customers would turn up at Silver International’s office in a Richmond business centre with suitcases and large bags filled with cash, a police affidavit said. Silver International’s clients included the “Yellow Triangle Boys” triad gang, the government’s lawsuit claims.
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On October 15, 2015, police raided the office and found safes packed with more than C$2 million in cash, that sniffer dogs indicated was “positive” for drug residue, according to the lawsuit. Ledgers seized during the raid suggested Silver International was processing about C$220 million a year, police said.
Bullet holes are seen in the window of the Manzo Itamae Japanese Restaurant in Richmond, BC, where accused money launderer Jian Jun Zhu was shot dead last week. Photo: Ian Young
The investigation of Silver International had started with a probe of Jin’s activities; in the separate lawsuit against him, the Director of Civil Forfeiture says Jin “has a criminal record with convictions for aggravated assault, sexual assault and sexual exploitation”, although Jin has denied the “totality” of that description.
A police raid on Jin’s riverside flat in Richmond and other addresses, conducted on the same day as the Silver International raid, found more than C$4.8 million in cash and C$45,000 in casino chips.
Jin had been banned from all BC casinos, having been involved in cash deliveries to high-stakes gamblers and suspected of loan sharking, the lawsuit said, and he and his associates were involved in 140 transactions involving more than C$23 million at casinos between 2012 and 2015.
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In turn, Jin and his associates would bring “suitcases, boxes and bags containing large sums of currency derived from unlawful activity” to Silver International, the lawsuit alleges.
In his response to the lawsuit, Jin says the cash and chips were acquired lawfully. “[Jin] has been a citizen of Canada for over twenty-five years,” his response says.
“He has been engaged in the sports of boxing and martial arts for most of his life … Mr Jin has engaged in numerous forms of lawful employment over the course of his life, including while in Canada, and has been successful in lawfully producing income for himself and his family in the process.”
Lawyer Bibhas Vaze, representing Jin in the forfeiture case, said he would not comment on the shooting.
Zhu, in his response to the forfeiture case, had denied “any legal basis” for the claim. “The defendant is no longer charged with any criminal offence in relation to those matters,” he had said.
The Vancouver Model
The alleged activities at Silver International have been a focus of British Columbia’s ongoing Cullen Commission into money laundering that was launched in 2019.
The commission heard how the Vancouver Model of laundering had become known internationally, premised on thwarting China’s US$50,000 annual limit on cash exports.
The model, described by criminologist Stephen Schneider to the commission in May testimony, is designed to achieve two things: smuggle Chinese money into Canada, while simultaneously laundering Canadian drug money and sending it to China.
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A person who wants to move money out of China deposits cash into Chinese bank accounts that are associated with an underground bank. The customer then travels to Canada where they are presented with Canadian currency derived from the drug trade; that cash is then converted to chips at a casino. After a gambling session, the chips are cashed out in the form of a cheque.
Manzo Itamae Japanese Restaurant in Richmond, BC, where accused money launderer Jian Jun Zhu was shot dead last week. Photo: Ian Young
The drug traffickers meanwhile receive their funds from the underground bank in China.
By pairing two sets of customers in this way, an underground bank is able to provide each with money in different countries, effectively moving cash between countries without it being transferred physically or electronically.
Transnational gangs from Asia, many of which have been operating in Vancouver, are now being used to provide money laundering as a service … that’s pretty astoundingAnti-money-laundering consultant Christine Duhaime
Silver International was a key player in the Vancouver Model, Schneider testified.
The Vancouver Model represented a sophisticated combination of various money-laundering strategies, Duhaime said, and a confluence of circumstances had created a “perfect storm” for money-laundering in the city.
Duhaime said money-laundering in Vancouver was so sophisticated that it existed not just as a by-product of a particular criminal enterprise, but as a separate service industry.
“Transnational gangs from Asia, many of which have been operating in Vancouver, are now being used to provide money laundering as a service … that’s pretty astounding,” said Duhaime.
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Because Canada’s regulators were based in Ottawa, they tended to focus on that side of the country, she said. “It’s like Lord of the Rings. The eye is not focused on Vancouver, it’s always on Toronto, and criminals are pretty smart. They know when an area is being looked at and regulated.
“From the criminals’ perspective, they sensed early on that there was not a lot of attention on Vancouver, that the eye was somewhere else.”
The China-Vancouver money laundering industry depended entirely on China’s cash export limits, Duhaime said. “If China were to relax those, then the grey banks would go out of business,” she said.
Paul King Jin’s World Champion Club gym in Richmond. The BC government is seeking to seize Jin’s assets. Photo: World Champion Club
Vancouver has been a focal point for Chinese money outflows for many years, as a key immigration destination for mainland millionaires and their families. Although the specifics of the Vancouver Model are certainly illegal, smuggling money out of China is not necessarily so in Canada –
once tolerated the practice as part of the mortgage business.
The real estate industry in particular had long held a permissive attitude to dubious money flows, Duhaime said, and “in a nutshell, we bred a culture in which this kind of activity was permitted. Now we are trying to turn that culture around”.
“Among realtors, it’s complicated. It’s not like they were given a lot of assistance, even if they were asking for it, to comprehend what their [anti-money-laundering] obligations are. They struggled for many years, but now have a much better understanding of their obligations and a whole new system of oversight, but it has taken many years.”
But for IHIT’s Sergeant Jang, the focus now is a murder investigation.
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“We’re homicide investigators,” he said. “I know there are a lot of other police agencies involved in investigating Mr Zhu, but as far as we’re concerned he’s our victim … we’re not investigating a dead man for money laundering.”
Jang said it was still unclear whether the gunman intended to kill Zhu or Jin. “It could have been one, it could have been the other, it could have been both.”
He said police were shocked by “the brazenness, the recklessness” of the shooting, and the disregard for bystanders in the restaurant. “When we have a shooter on the other side of glass [it’s] really unpredictable where those bullets go. Lay people think a bullet goes in a straight line. That’s not always the case,” he said.
“The possibility of innocent victims, collateral damage, could have been much worse.”
Jang said IHIT was appealing for dashcam footage of the scene, including from anyone who was on busy Garden City Road between 6.30pm and 8.30pm on Friday.
“There has been a lot of talk about who the victims were, but the focus of our attention should be on the shooter, the person or people who are responsible for this,” said Jang.
“It’s a very active investigation. It’s being given a lot of attention, not just from the public but from people in government. We’re working hard.”
Ian Young is the Post's Vancouver correspondent. A journalist for more than 20 years, he worked for Australian newspapers and the London Evening Standard before arriving in Hong Kong in 1997. There he won or shared awards for excellence in investigative reporting and human rights reporting, and the HK News Awards Scoop of the Year. He moved to Canada with his wife in 2010.
Brock Worobel stands in the alley behind The Paris Block building in Vancouver on Sept. 18, 2020. Worobel, who has owned a condominium in the building for seven years, is concerned about the rise in crime in the neighbourhood.
TAEHOON KIM/THE GLOBE AND MAIL
Condo owner Brock Worobel says he is feeling extremely uneasy living at 53 West Hastings, near Vancouver’s downtown east side.
Mr. Worobel purchased his condo in the six-storey Paris Block, just west of Carrall Street, nine years ago. It is an award-winning commercial heritage building that was converted to condos with sleek, modern interiors in 2008. It was one of the first of several new residential buildings in the area aimed at a professional young buyer, a precursor to the Woodward’s Building that came a couple of years later. Mr. Worobel says he loved his neighbourhood – until the pandemic hit.
In the past six months, he says he’s seeing new faces on the street, including drug dealers doing business in the street below. There’s been vandalism to the building, including the entrance door, which was damaged and now needs replacing. The building manager cleans up used needles , human feces and trash from the doorway daily, and he has friends who won’t visit.
“Last night for example, across the street there was a fight between one of the vendors, and this guy pulled this massive knife out of his back pocket. I’m no stranger to the stuff that goes on down here, but that was a shock to see,” Mr. Worobel says.
“If you’ve been into the area lately, this one block of West Hastings is a dangerous no-go zone. This is social chaos. It’s social disorder. It’s a textbook case of what not to do when it comes to civil society. … No one would expect or accept to have to live in something like this.”
The increased crime and disorder of the Downtown Eastside is pushing into other areas. Vancouver Police Deputy Chief Constable Howard Chow noted a rise in serious crimes throughout the city, as well as an increase in needles on the street, visible drug use and garbage that’s accumulating on city streets. Residents have voiced concerns, and city council has responded with a motion to look at leasing buildings as temporary shelters, as one of a few options. They also announced provincial and federal funding of half a billion dollars, some of which Mayor Kennedy Stewart said would go toward vulnerable residents without proper housing.
But Mr. Worobel questions why the situation was allowed to become so dire. His strata council has considered hiring a security guard, but it would cost around $24,000 extra a year, and some residents have lost their jobs due to COVID-19 and can’t afford it, he says. Landlords in the building are seeing their tenants move out. Mr. Worobel worries that if he wanted to leave nobody would buy his condo, or even rent it, which means he’s stuck.
When COVID-19 struck, businesses throughout downtown shuttered and customers and workers left, and garbage and crime increased. Empty streets are always an unhealthy situation for an urban environment, and for the housing market. Downtown Vancouver now has the region’s worst sales to listings ratio, which is industry’s way of saying that sales have plummeted.
But the pandemic is only the tipping point: it isn’t the cause of disorder and suffering, says Andy Yan, director of Simon Fraser University’s City Program.
What we are seeing on Vancouver’s streets is the result of policy-making that chooses supply of market-rate housing without understanding the consequences for vulnerable groups of people, he says. It’s the reckoning of an urbanist movement in the past few years that has focused too largely on free market solutions without including vulnerable people in the equation. Downtown Vancouver illustrates how such oversight can go so horribly wrong, leaving all members of the community worse off.
“This is the ‘triumph of the city’ style thinking meeting the consequences and realities of displacement and inequality,” Mr. Yan says. “There is an inhumanity to it because these are market failures. The market is simply not designed to meet the housing needs of those existing low-income residents who live there.”
Hani Lammam, executive vice-president of Cressey Development Group, agrees that the dire downtown situation isn’t just due to the pandemic. From his developer’s perspective, he sees the situation as a result of what happens when rampant speculation drives up real estate prices and drives affordable housing out of the market. He says the city played a role when it rezoned areas of downtown and helped drive those land values up further, gleaning higher community amenity contributions from developers. His own company was squeezed out of the downtown area as a result, and hasn’t built a project there in a decade. He says they were squeezed further by government policies and new taxes that aimed to fix the lack of affordability that followed.
A side effect is that developers who paid too much for downtown properties are just leaving them undeveloped, he says.
"All this land that has been designated for condominium development and unfortunately been speculated upon by sometimes less experienced developers is now caught in a situation where it really cannot ever be developed economically based on what has been paid for it. So downtown Vancouver is at a standstill.
“I sit here and I look at what has happened downtown, and to an extent on the west side – and Vancouverism, this concept that has been celebrated, is actually failing,” Mr. Lammam says.
“While we do blame some of those bad actors that were chasing foreign buyers, I am going to take this opportunity to say that the rezoning policies forced that to happen – when the process of determining community amenity contributions [CACs] by the city of Vancouver became this pot of gold that city council at the time wanted to get their piece of.”
Developers typically pay CACs to the city when a property is rezoned. CACs are based on the “land lift,” or the increase in the property’s value.
“And of course the greatest land lift is achieved when you build a super luxurious product, because you can sell it for $3,000 a foot,” Mr. Lammam says. "And so, then the land must be worth $600 a foot. But if the conclusion is it’s worth $600 a foot, then I cannot build an affordable product based on underlying land valuation. So developers were forced to go and build these lavish buildings and of course there’s no market here, ‘so let’s go sell it in China.’
“The city wasn’t just greedy; they drove it in that direction,” Mr. Lammam says. “That had a snowball effect, because once this project achieved this selling price, then every other property valued is based on that success – whether it was a rezoning or not a rezoning. So, I would say we got caught up in that in some of our west side projects, where in order for us to buy the land we had to pay so much for it, because the [comparables] with the marketplace now, we could sell for $2,000 a foot, or $2,500 a foot.”
The reasons may vary, but business players and homelessness activists alike are looking for government to help the community recover.
Craig Stanghetta, business owner and designer known for the interiors of many popular restaurants, including Savio Volpe, Kissa Tanto and Bao Bei, has had his office in the area for years, and he’s shocked at the decline. Fellow business owners in the area have been hammered by the economic downturn and again by the influx of additional crime and vandalism, he says.
“I am a terrified bystander right now,” Mr. Stanghetta says. "I think that there is a bit of leadership required, where I think the idea of how to help a disenfranchised segment of the population is not working.
“All I’ve seen is it get worse and worse. … .I am left wing in my political leanings, but it comes down to pragmatically how you have to go about your day, and I have pretty much an all-female staff and if they don’t feel safe coming into the office – then that’s a broken system. It’s not fair, frankly. So I am hoping there is a re-evaluation of [the situation] for the greater good.”
Jon Stovell is president and chief executive officer of Reliance Properties, which owns several rental projects throughout downtown, including Canada’s first micro-suite rental building Burns Block at 18 West Hastings St. That building is seeing high turnover due to open drug use and heightened disorder, including people urinating at the entrance and spitting on the building speakerphone. Police have accompanied sanitation workers on their clean ups of the street.
A 240-square-foot unit is renting for $1,360 a month on Reliance website. A 300-square-foot apartment is available for $1,500 a month.
Mr. Stovell, whose office is in Gastown, says he’s been attacked on social media for publicly complaining about the area’s mounting social problems. But, he says, we need to discuss the matter of separating drug addiction and treatment from illegal behaviours, which still need to be addressed in order to protect members of society.
“If you’re an alcoholic you’re not allowed to drive drunk … but when it comes to crime related to drug addiction it seems [illegal behaviours] are increasingly being treated as part of the malaise of drug addiction, and therefore are being increasingly permitted and overlooked by society.”
Housing activist Wendy Pedersen blames inadequate rent control for vulnerable groups as a major contributor. Rents increase as soon as tenants of single-room occupancy (SRO) hotel units vacate. Because of previous city policy, hundreds of welfare-rate SROs have been lost in recent years and social housing has not kept pace by a long shot. Investors who’d purchased properties occupied by low-income residents have paid or harassed tenants to leave, she says. Also, landlords have evicted a lot of people who were living as guests of SRO tenants.
“Yeah people will get more desperate, and maybe people are more edgy and angry because of the situation that they find themselves in. I think I would be angrier and edgier too,” says Ms. Pedersen, who’s lived in the Downtown Eastside for 30 years. "There is a lot more garbage on the street, but I think when you have more people the street you get more garbage If they can’t be a guest, if they can’t rent a place because rooms are converting out of reach, if BC Housing has 15,000 people on their waiting list, where are they going to put their garbage?
“You are in crisis survival mode. I’d be throwing my garbage on the street took, especially if I had a mental-health issue untreated and the drugs I’m taking are contaminated. It’s obvious.”
Ms. Pedersen asks people to see the failure with the system, and not the individuals.
"They need to advocate for systemic solutions, and not get on the wrong side of this, which is to punish the individuals, criminalize people, criminalize the homeless and people addicted to drugs.
“Housing is key. It’s one of those fundamental pillars that needs to be solved.”
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Not too long ago, people from across the country or around the world could come to Vancouver, work hard and build a middle-class life. Generations of families invested in homes that helped them establish secure lives in our city, raise kids, and create strong and vibrant communities.
But today, these kinds of communities are becoming hollowed out. People can’t afford to live in the neighbourhoods where they grew up, making it harder for families to support each other.
It doesn’t need to be this way.
With the average price of a detached home in East Vancouver being $1.4 million, the options are now limited to condos, renting, or more and more often leaving town.
Imagine a vibrant Vancouver with more affordable homes in all neighbourhoods.
What if we could introduce a new option? What if instead of building just multi-million dollar homes, we could build more small multi-unit homes instead? Imagine if multi-generation families or groups of friends owned homes together, including households that make just $80,000 a year?
Making HOME (Home Options for Middle-income Earners) is a new program that will:
Make owning a home in Vancouver a reality again for people like teachers, tradespeople, artists, health care workers and small business owners.
Make it easier for seniors to stay close to their families.
And make it possible for the next generation to stay in Vancouver.
How does it work?
Instead of building one big house that only 2.5 percent of Vancouver residents can afford, Making HOME will allow small-scale, multi-family housing to be built on a standard lot, with a set amount of living area put aside for households making a middle-income.
The house would look like any other house, except it might have four front doors. Three for families that make around $150,000 a year (like two teachers, or an accountant and a tradesperson). And one door reserved for middle-income earners – forever.
On larger lots, there could be up to four market homes available, with two set aside for middle-income earners. Again, guaranteed forever.
Meet Sarah, she’s looking to downsize.
Sarah has owned her home for more than 20 years. Her kids have grown up and her home is feeling a bit empty. The neighbourhood is too, because no one’s kids can afford to live where they once grew up.
But Sarah wants to take advantage of Making HOME to change that. She hires a builder to redevelop her one big, empty home into four smaller homes. She keeps one of the units for herself, she sells two of the remaining market homes to a couple of young professionals, and she sells the guaranteed middle-income home to her daughter who makes $80,000 a year.
All of these new neighbours used to rent, but now thanks to Sarah and Making HOME, they can all create a new community and Sarah’s daughter can live really close by!
Meet Devon, Alex, Juan and Jennifer: Four friends with big dreams.
Devon and his three friends always thought they would have to eventually leave Vancouver to buy a home and raise a family. But now, thanks to Making HOME, they’ve decided to buy a home together and build their own small community.
Together, they all qualify for a joint mortgage so they can buy and redevelop a home together. Devon and Alex are both mid-career and can afford one of the market units. Juan owns his own company and can also buy a market unit. Jennifer is an artist and makes around $80,000 with her partner so they qualify for the middle-income unit. The last unit they sell on the market to a family of new Canadians who never thought they would be able to buy a home in Vancouver.
Let's bring houses back to the middle class.
Sign up to stay up-to-date on our work to make Vancouver more affordable for the middle class.
Mayor Kennedy Stewart announced Monday a new housing program aimed at providing more housing for people on incomes of $80,000 to $120,000 per year | File photo Dan Toulgoet
Mayor Kennedy Stewart announced Monday a new housing program that proposes allowing property owners to build up to six small homes on a standard-sized single-family lot.
The catch is two additional homes — whether they all be built in one big new building or spread across the property — have to be sold to a person or persons with a household income of $80,000 to $120,000 per year.
Under the proposal, owners could convert or redevelop a single-detached house into multiple homes, keep one for themselves or other family members, and sell the remaining homes to middle-income earners.
“Imagine homes where seniors can age in place right next door to their children and grandchildren, close enough to ask for or lend a hand, but with a private home of their own,” Stewart told reporters. “Imagine homes that groups of young professionals can develop together — homes they work out of and build a community around.”
Various scenarios could unfold under the program, with up to six homes built or fewer, but the focus is to ensure one home be affordable to a middle-income household and a covenant applied to make that affordability permanent.
The proposal is called “Making HOME —Housing Options for Middle-Income Earners” and will be introduced in the form of an amendment to a motion from Coun. Lisa Dominato at Wednesday’s council meeting.
If approved by council, staff will explore further details on the proposal, with the mayor wanting to launch a pilot project next year of 100 homes. The pilot would exclude homes with renters, so not to displace them, and heritage homes.
The goal is to create more affordable housing for people who can’t afford to purchase a home in Vancouver, said Stewart, noting such a program would build an inventory of homes not subject to ever-rising property values and harmful speculation.
The average price of a detached home on the East Side of the city is $1.4 million. A buyer would have to be in the top 2.5 per cent of earners to afford such a home, according to information supplied by the mayor’s office.
Currently, almost 60 per cent of land in Vancouver is zoned for single-family detached homes, with a total of 68,000 lots across the city, with prices of homes on the West Side considerably higher.
A 2017 study by the city found that 71 per cent of respondents said they moved out of Vancouver because they needed affordable housing. A total of 51 per cent said they couldn’t afford to live in their preferred neighbourhood.
Joshua Gordon is an assistant professor in the Simon Fraser University School of Public Policy.
If you follow the housing debates in Toronto and Vancouver, you’ll have undoubtedly heard the claim that the affordability challenges facing both cities are the result of supply problems. Common complaints include a lack of new housing, burdensome regulation and flawed zoning.
This “supply narrative” has been endlessly repeated. There’s only one problem: there’s no good evidence for it.
Consider the following pieces of inconvenient evidence. First, there have been no major changes to the regulatory framework around supply in either city since the early 2010s. Yet benchmark house prices in both cities have risen between 75 per cent (Vancouver) and 115 per cent (Toronto) since 2010. If there has been no significant regulatory change on the supply side, then this suggests that price appreciation reflects changes on the demand side of the equation.
Second, rates of housing construction have remained very strong for several years. In fact, in Vancouver there were more housing completions from 2015 to 2020, in the midst of the housing crisis, than there were in any five-year period before that. In Toronto, the rate of housing completions in the same recent period was second only, for recent decades, to the pace set between 2000 and 2004.
This broad pattern applies to rental construction too. For example, Vancouver saw more rental completions in the five years from 2015 to 2020 than in the previous 15 years before that combined; Toronto, meanwhile, saw the fastest pace of rental construction since the early 1990s.
Rather than weak supply, then, the issue has been intense demand pressures, including cheap credit, foreign ownership, speculation and high rental demand emanating from a previously strong labour market.
Third, sharp increases in housing prices have happened in many cities surrounding Toronto and Vancouver, even though there are far fewer regulatory and geographic supply constraints in those areas. This suggests that housing prices can rise sharply in the face of strong demand pressures, regardless of the regulations in place.
Fourth is the question of zoning. A common claim by so-called YIMBY (“yes in my back yard”) activists is that single-detached zoning is a central cause of housing unaffordability, since it constrains the land that can be developed and thereby drives up land and housing prices. However, there is no clear relationship between the prevalence of single-detached zoning in Canada and the level of affordability in a city. If anything, Canadian cities with the highest share of single-detached houses have the least intense affordability challenges – the opposite of the hypothesized relationship. Indeed, Vancouver has the lowest share of single-detached housing among urban areas in Canada, while Toronto is fourth-lowest.
Of course, that pattern exists not because single-detached zoning causes improved affordability. Rather, it’s because strong demand pressures tend to cause both denser housing patterns and higher prices.
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Housing form is basically irrelevant to the affordability challenges in an urban area. That’s why Hong Kong and Manhattan are highly unaffordable, even with no single detached houses in sight. Similarly, paragons of “missing middle” housing, such as London and Stockholm, are also highly unaffordable.
The commonality between these expensive cities is very strong demand pressure, not housing form or zoning – and that’s the best indication of what’s driving prices up.
There are several peer-reviewedarticles that document the connection between demand-side factors and housing prices in Toronto and Vancouver, particularly the role of foreign ownership and speculation. Yet that peer-reviewed research is dismissed or ignored by advocates of the supply narrative. In fact, the case for the supply narrative is so weak that, after several years of research in this field, I have yet to encounter a single academic peer-reviewed article which documents a substantial causal link between supply-side factors and housing unaffordability in Canada.
So why is the debate so evidence-averse? Because the narrative is useful to powerful people.
The vested interests behind the narrative are relentless, since there are billions in profit to be had. Why let pesky facts get in the way? Such interests, and their noisy Twitter allies, are trying to win the debate through sheer repetition.
However, housing affordability will suffer to the extent that policy makers either buy into the misdirection, or use the narrative to deflect public pressure to take substantive action. Sometimes, then, it’s helpful to point out that the emperor has no clothes.
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