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Vancouver's housing troubles start at home

Unfortunately, this link is extremely tenuous, as most of the support is anecdotal or based on very limited data.

At the same time, there are good reasons to look for the sources of the lack of 4-chlorodehydromethyltestosteron affordabilitymuch closer to home.

Articles like that in theNew Yorkerallow for far flung conclusions thatend up bolstering afatalist political narrative about the potential for meaningful change.

First, the data. The first is aSotheby's reportstating that 40 percent of buyers of Vancouver luxury homes (luxury homes had an average low cut off price of $2.8 million or three times the overall average price) in the first half of 2013 "Comprar Gh Jintropin" were foreign.

At the end of his article, Surowiecki also cites Andy Yan's interesting energy usage studies, the most recent of which showed that somewhere between five and 10 percent of the city's condos may be sitting empty at any given time. Of course Surowiecki Primobolan Acetate Cycle cited the sensational statistic that almost a quarter of homes in one Coal Harbour census tract were likely vacant at Masterton Rentals census time.

There is no way of knowing how many of these ghost homes actually belong to locals, other Canadians, or foreign investors.

More importantly, this should not matter what matters is how many homes are being used as empty investment vehicles.

Neither the city nor the province nor any private organization collects reliable data on real estate ownership and transactions, so it is nearly impossible to get a gauge on the true extent of foreign ownership of Vancouver housing and new foreign based buyers. Anecdotes, of course, abound.

However, many of the attempts to gauge foreign ownership in Vancouver over the number of years have come to similar conclusions and similar estimates. Foreign ownership appears to be staying put below five percent at most.(Seethis,this,this,thisandthis.)

The most popular economics book at the moment is a tract about the rapid growth of inequality and the rise of a truly global class of the super rich. Some of Vancouver's priciest properties are surely being snapped up by arunaway global elite, "Oxandrolone Powder India" but mostpurchases are simply the result of local inequality.

It is not the "foreign" but the "investment" that is much closer to the source of our affordability woes.

The growth of inequality, attacks on pensions, increases in lifespans, aggressive tax "Comprar Gh Jintropin" cuts all of these factors have moved wealthier Canadian householdsto look for new investment opportunities. Investment in real estate has been helped by low mortgage rates, a supply of new housing skewed towards small, high end condominiums as well as existing equity available to those who "Anabola Steroider Norge Lagligt" lucked out and grew rich on the initial housing boom that started in Vancouver in the 1980s.

Indeed the onlyacademic papercited in theNew Yorkerarticle gives reason to believe that a (virtuous or vicious, depending on whether you have housing or you don't) cycle of local price and investment dynamics can help explain the rapid increase in housing prices.

FromSan FranciscotoSydney, fromNew YorktoLondonand in many smaller centres, the same arguments about increasing foreign investment can be heard.

At the same time, housing advocates from all of these same cities are making similar arguments: underneath the fears of foreign speculation are a host of local issues that are contributing far more to affordability crises. These centre not on an surplus of foreign demand but on a dearth of local supply.

Each city is different with differences in amounts and models of public housing, in zoning regulations, in rent control regimes, and much else. This means that the roots of unaffordability can differ wildly, as can strategies for tackling them. They are seeking to maintain and expand regimes of rent control. They are questioning development models.

Housing is looked atthrough the dual lens of shelter and investment vehicle. The natural supply constraint of the mountains and the ocean as well as a phantomspectre of foreign demand make it easy to hide what are the much more important forces at play forces partly localized and thusmore open to change.

Zoning, municipal tax policy, and direct subsidies to buyers or renters can all have an impact on private development and supply. Even more so, the city can directly impact housing supply by investing in housing itself, putting the focus back on housing as shelter rather than private nest egg.

As it stands the city is pushing a location and quantity constrained private development model that only abets rising prices and empty investment.

Vancouver may be safe, green and beautiful but it might not be all that super or special.

May 21, 2014 at 4:19 pm

It's funny how pretty much all other countries and municipalities on the planet track foreign ownership, yet Canada and Vancouver simply refuse to do so.

Australia tracks foreign ownership pretty accurately. Florida imposes extra property taxes on non residents, which include those offshore as well as from other states.

Canada and Vancouver don't want to have this type of data made publicly because it would show that a lot of properties are owner by offshore buyers, and a lot of them sit empty and are not pushed into the rental stock.

At least tax those ones at a higher property rate, and use that money not to raise resident's property taxes. But Gregor Robertson is owned by the developers, and continually voted in by those seeking "social and environmental Injectable Steroids For Bodybuilding In India justice".

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