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The Mayor's Task Force on Afford-able Housing released a report that as urban economists we find to be a mix of very good and very worrisome proposals. The intention of the report, to increase the supply of housing in Vancouver without compromising the high level of urban and environ-mental amenities that make our region so appealing, deserves applause.

The recommendations that charge the city with finding ways to speed up the development process, reduce fees and red tape, standardize procedures and encourage the market to provide more diverse housing forms are most welcome.

These recommendations all address the greatest barrier to the supply of new and more diverse housing: the city itself.

The web of regulations, constraints, and fees the government imposes and the incentives municipal governments create for land use restrict the supply of housing options and lead to the redevelopment of most land in Vancouver as large single-family houses.

The task force's emphasis on encouraging mixed-use...

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Proposed sweeping changes include establishing a housing authority, land bank and financing agency to try and directly influence the housing construction market.

 

Vancouver neighbourhoods will become increasingly dense, adding row housing and intensive development around transit corridors under a plan by Mayor Gregor Robertson to provide residents with more affordable housing.

The housing affordability plan unveiled Monday is every bit as ambitious and transformative as the city’s conversion of industrialized False Creek to a dense, highrise community two decades ago.

Robertson, with the help of a committee he appointed last year, has proposed sweeping changes to the way housing looks in Vancouver.

The plan includes boosting density in traditional single-family neighbourhoods around transportation nodes and arterial streets; creating a special housing authority to cash in on the value of city-owned land; and forming a community land trust and a pension-fund-backed financing agency,...

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1336 Lakewood Dr., Vancouver

Type: 4-bedroom, 2-bathroom detached

Size: 1,950 sq. ft.

B.C. Assessment, 2012: $918,000

Listed for: $888,000

Sold for: $1,010,000

Sold on: May 9

Days on market: 8

The big sell: Despite recent reports that Vancouver’s real estate market is stabilizing after the soaring prices of last year, there are still some properties where multiple offers are pushing the final sale price to an amount considerably higher than the listed price. That was the case with this East Vancouver home, which received eight offers.

The reasons for its popularity?

A 1910 home that retains its heritage style, a location in the Commercial Drive neighbourhood close to schools, shopping and parks, easterly views across Vancouver, and efficient updates to the kitchen, bathroom and electronics.

There are french doors at the front and back of the property, wood-trim doorways and windows, a veranda in the front, a large sundeck off the dining room and kitchen at the back.

As well, the residence...

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Home prices in Metro Vancouver are flat and buyers don't need the kind of financial medicine that the federal government doled out Thursday, says an economist.

Cameron Muir, chief economist at the B.C. Real Estate Association, said new federally sponsored rules to reduce homebuyers' debt will only hurt the local market.

"There is no need to cool down a housing market that is already cool," he said. "Tightening mortgage credits today provides some risk to the Canadian economy."

In May, housing sales in Greater Vancouver hit a 10-year low.

The federal measures, which will reduce the amount Canadians can borrow, were announced by Finance Minister Jim Flaherty in Ottawa.

"We want to reinforce the importance of borrowing responsibly," said Flaherty in a statement. "We expect it to result in higher savings for Canadians over the long term."

The new rules, which will take effect July 9, include a provision to reduce the pay-back period for a mortgage, called the amortization period, from...

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Since 2005, the Capital Regional District on Vancouver Island has used a fund to help build and retain rental homes for families with low or moderate incomes.

The elected municipal politicians on the Metro Vancouver board may want to consider creating a similar fund. The concept is particularly timely because thousands of rental units across the Lower Mainland are at risk of being torn down.

Burnaby councillor Colleen Jordan, who is a member of Metro’s housing committee, is eager to look into this.

“There is an opportunity because the difficulty is for any one municipality to do any kind of significant project on their own,” Jordan told the Georgia Straight in a phone interview. “It’s very, very expensive.”

To illustrate the challenges individual municipalities face in providing affordable rental-housing options, Jordan cited the case of her own city. According to her, in the last few years Burnaby has produced only a handful of these units via...

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poll: Fears of financial woe if prices fall and interest rates jump 

tOrOntO — Canada’s housing boom will grind to a halt next year, stopped by price declines in the condominium-saturated mar- kets of Toronto and Vancouver, according to a Reuters poll, rais- ing the risk of a broader economic slowdown.

On a national basis, Canadian house prices are expected to rise two per cent this year before stall- ing next year with a negligible 0.5- per-cent gain, according to medi- an results of the poll, which was conducted last week.

House prices have increased 37 per cent since their trough in Janu- ary 2009, the Canadian Real Estate Association index showed. All 15 respondents in the poll said the market was expensive, by varying degrees.

“Home prices are overvalued by slightly under 10 per cent nation- wide [and] most of the overvalu- ation is concentrated in Toronto and Vancouver,” said Mark Hop- kins of Moody’s Analytics, citing a common concern about the two...

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Please visit our Open House at 412 3629 DEERCREST DR in North Vancouver.
OPEN HOUSE: Sat. June 23 2:00-4:00pm
THE WOW FACTOR - absolutely stunning 630 sq ft, one bedroom suite with private north-facing balcony overlooking mature trees and beautifully landscaped gardens at "Deerfield by the Sea". DARE TO COMPARE THIS INCREDIBLE PRICE - BEST VALUE ON THE NORTH SHORE! Open concept kitchen/ livingroom/diningroom. Kitchen has newer stainless steel appliances and breakfast bar - great for entertaining. Large windows and fresh designer colours adds to the airy feel of this suite while the gas fireplace gives you a cozy place to curl up in the winter. Large master bedroom will accommodate a kingsized bed. This award winning design complex includes clubhouse and equipped gym located steps to hiking trails and close to Cate's Park, Deep Cove, shopping and yes, even Starbucks. 5 mins to highway and bridges for easy downtown commute. A peaceful Whistler-like ambiance in a seaside community...
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TORONTO – Canada’s housing boom will grind to a halt next year, stopped by price declines in the condominium-saturated markets of Toronto and Vancouver, according to a Reuters poll, raising the risk of a broader economic slowdown.

On a national basis, Canadian house prices are expected to rise 2.0% this year before stalling next year with a negligible 0.5% gain, according to median results of the poll, which was conducted last week.

House prices have increased 37% since their trough in January 2009, The Canadian Real Estate Association index showed. All 15 respondents in the poll said the market was expensive, by varying degrees.

“Home prices are overvalued by slightly under 10% nationwide (and) most of the overvaluation is concentrated in Toronto and Vancouver,” said Mark Hopkins of Moody’s Analytics, citing a common concern about the two hottest urban markets.

House prices in Toronto, Canada’s largest city and financial capital, are expected to rise...

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'Lack of connectedness' the issue Metro Vancouver residents worry about the most

Jamie Shafer has jogged in cities all over North America, but when he laced up his running shoes to tackle West Vancouver's seawall for the first time, he noticed something distinctly different about running in this city.

Shafer said everywhere else he's run, including big cities such as Toronto and Miami, joggers greet each other in some way - a nod, a smile, a thumbs-up.

"In Vancouver ... it's noticeably absent," he said. "If you simply wave ... they almost move away from you."

Talk to people in Metro Vancouver about their interactions with others, and similar stories abound. Newcomers to the city talk about going weeks without anyone offering to show them around or invite them for dinner. Apartment dwellers talk about distrusting their neighbours to the extent that they're afraid to let their children play unsupervised outside.

A survey conducted by the Vancouver Foundation and released today found Metro...

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Please visit our Open House at 412 3629 DEERCREST DR in North Vancouver.
OPEN HOUSE: Sat June 16th, 2-4pm
THE WOW FACTOR - absolutely stunning 630 sq ft, one bedroom suite with private north-facing balcony overlooking mature trees and beautifully landscaped gardens at "Deerfield by the Sea". DARE TO COMPARE THIS INCREDIBLE PRICE - BEST VALUE ON THE NORTH SHORE! Open concept kitchen/ livingroom/diningroom. Kitchen has newer stainless steel appliances and breakfast bar - great for entertaining. Large windows and fresh designer colours adds to the airy feel of this suite while the gas fireplace gives you a cozy place to curl up in the winter. Large master bedroom will accommodate a kingsized bed. This award winning design complex includes clubhouse and equipped gym located steps to hiking trails and close to Cate's Park, Deep Cove, shopping and yes, even Starbucks. 5 mins to highway and bridges for easy downtown commute. A peaceful Whistler-like ambiance in a seaside community...
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