Attention: Investors who parked their money in Vancouver real estate
You gotta pay more taxes very soon, if you leave a building vacant like this one, (because Mr. de Jong will empower the city to dig the hell out of your pocket): –
Vancouver: “I Got The Power”
Provincial B.C. government to change Vancouver charter to allow an empty home tax.
Here is an interesting article by babble on …
Ride through Vancouver, and you will see that the city is home to far too many homeless people sleeping rough in neighbourhoods all over the place.
|The path to this door has been unused for so long that it is almost completely lost to moss.|
Whole neighbourhoods are turning into ghost towns, so that fewer and fewer privately owned places are actually occupied. According to the 2001 census, almost a quarter of the residences in Coal Harbour sit empty, causing house prices to skyrocket as fewer and fewer homes remain available to Vancouver residents looking for a place to live. And it’s not all condominiums, either.
This 8,000 square foot house is listed at $13.5 million dollars, down from the original $15 million. The agent is a lovely woman named Wendy Tian, of Sutton West Coast Realty. Her number is (604)375-6030, just in case you’ve an extra twenty million or so kicking around and a fierce yearning for a to-do project. This is one of those very residences which has been empty for years. The man who bought it was originally planning to turn it into a fifteen thousand square foot home, complete with an inside/outside pool. It will stand in place of the old pool which sits there now, in view of the neighbouring Canuck Place Children’s hospice, which is simply the best neighbour a person could hope for, at least if karma has anything to do with it.
The owner’s contractors had already begun taking the house apart, so it is without its fixtures and fittings.
He had a full set of blueprints drawn up, and all of the permits are in place, but after work had begun, the owner decided that he would rather build his mansion on the hill in West Vancouver, where he can enjoy a beautiful view. He bought another property, and began work on it there. And so this house sits empty, uninhabited and unliveable.
You will find a fair few massive, unbelievably expensive homes scattered throughout the lower mainland, and increasingly they belong to foreign nationals who don’t even spend a fraction of their time here. And despite the price of property here in southwestern BC, which impacts the price of everything, from food to clothes and beyond, wages have not even begun to catch up. That means that what would have been a comfortable, middle class salary ten, fifteen, or twenty years ago is now too small to make ends meet. What used to be middle class is today the working poor, folks struggling to afford their lives. People who used to hold a reasonable expectation that they would buy a home, and pay off the mortgage in twenty odd years must now dream an impossible dream. I met a couple the other day, both of whom hold masters degrees in their chosen fields. They have a baby, and would love another, but they can’t afford two children. They also can’t afford to buy a place, not even a two bedroom condo, and although they are both working full time, they are struggling to make ends meet. They are the very definition of middle class, and yet (depending on your definition of impoverished), they are also the working poor.
But Vancouver real estate wasn’t always so far out of reach. Let me introduce you to the Vancouver Special.
These wonders of architectural mediocrity were createded to maximize square footage to a standard city lot, and were designed with the primary living space on the top floor, and secondary bedrooms on the ground floor. This made it a simple thing to build an inlaw suite, which, when rented out made it easier to pay off a mortgage, or to bring granny over from the old country to help care for the little ones. Between the mid sixties and the mid eighties thousands of these places were built to provide an affordable housing solution to immigrant and working class families. You’ll still find them today, scattered all over town, though of course you will find way more of them east of Main than on the west side.
Given the obscene price of real estate and painfully low average wages, you would think that the Government would step in and create a buffer for the populace by building some affordable housing. After all, any self respecting G8 government would by nature be aghast at the possibility of being at the center of a crisis of homelessness, but our leaders don’t care, just so long as their patrons are raking in the dosh. They hung us out to dry. Our federal and provincial governments both ended any and all support for affordable housing, preferring instead to build bigger prisons.