June 16, 2015

“Give Us Data” Rally, with a political addition – Jun 24

Scot adds this, via change.org:

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“Give Us Data” Rally, June 24th

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When it comes to foreign investment and capital in our real estate market, the developers and real estate lobbyists are selling us questionable statistics, but we’re not buying them. They’re telling us everything is fine, but we disagree. They say that foreign capital and investment isn’t a problem, but we want evidence!

The “Give Us Data” rally on June 24th is how we’re going to get it. Organized by Vancouverites for Affordable Housing, the rally brings together sympathetic politicians and citizens like us to send a clear message to all three levels of government: we demand collection of data on homeownership in Greater Vancouver, data that covers vacant units, speculation, and foreign ownership and capital. …

Because we need a political solution for our housing crisis, speakers include politicians who have already shown their support:

MLA candidate Pete Fry
MLA Jenny Kwan
MP Don Davies

And Vancouverites for Affordable Housing’s Eveline Xia

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Wednesday, June 24

5:00 pm

Vancouver Public Library Central Branch, Robson Street side

Facebook site here.

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Comments

  1. It’s all academic. You might as well collect data on the passports of those that buy Mercedes Benz’s or Tesla’s. It won’t bring down the prices even if you restrict blue skinned albinos. The wealthy investor is only buying expensive units and houses, the low end properties would be unaffected. You’d just reduce the work and the slightly reduce the GDP but the cost of low priced properties would not change.

    How would you define vacant units? By the time between the door being opened and closed?
    How would you define ownership? Defining speculation already exists in the tax code. Headquarters of developers is found by a simple Google search.

    Any exercise is probably futile, cumbersome and expensive. It could at best bring in some extra taxes, not sufficient to cover the research and data collecting expenses, but it will not make a dent in the price of property in Vancouver.

    1. More data always helps. If, as the realtor association states, roughly 5% of units are foreign owned, and if those 5% are concentrated on say 30% of MetroVan region, and within this region on 30% of its properties, namely single family homes, it implies to me that roughly 50% of single family homes in desirable areas are foreign owned.

      Then we should tax those homes far FAR more land transfer taxes (up to 15%, say 1% per $1M) plus triple to quadruple the property taxes, and we need to charge income taxes on gain on sale, which today is much under-reported.

      So yes to more data, but also yes to more taxation, ie monetization of a product. Every commercial firm does it: they charge through the nose for a desirable product with limited quantities. That is why a high end Mercedes might cost $150,000 while an equally functional smaller model might cost only $50,000.

      MetroVan is giving away land far too cheaply. Land zoned single family is scarce, and getting scarcer through re zoning. As such: Monetize it for BC residents benefits to feed the homeless, hire more teachers for smaller class sizes, hire more nurses and doctors and build a decent rapid transit system with that additional cash.

  2. Seminars and speakers forums on foreign real estate ownership are very popular right now. Please notify me when seminars are held examining some of these elements — many of which have a much greater likelihood of upward price pressure on Vancouver real estate.

    Generational wealth transfer
    2% mortgages
    Taxpayer backed mortgage insurance
    30+ yr amortization
    Transit ROI
    Success of 21st century urbanism
    Urban planning / land use decisions
    CACs, DCCs
    Economic and social opportunity found in our metros but not in smaller municipalities
    and… I know this one is crazy: supply and demand