6of1_halfdozenofother Posted February 5 Share Posted February 5 3 minutes ago, Bob Long said: now you know how I feel! and that's why I tell you to turn away! 1 Quote Link to comment Share on other sites More sharing options...
Bob Long Posted February 5 Share Posted February 5 Just now, 6of1_halfdozenofother said: and that's why I tell you to turn away! I have a bit of a beef with that publication. I'm not going to put up the link to it, but my wife was quoted in it once. Or more accurately, misquoted, to support the hippie dippie spin on an issue. Lost any cred from my pov. So I know without a reference its just my blab so not worth much, but its true, and why I don't like it. Quote Link to comment Share on other sites More sharing options...
6of1_halfdozenofother Posted February 5 Share Posted February 5 1 minute ago, Bob Long said: I have a bit of a beef with that publication. I'm not going to put up the link to it, but my wife was quoted in it once. Or more accurately, misquoted, to support the hippie dippie spin on an issue. Lost any cred from my pov. So I know without a reference its just my blab so not worth much, but its true, and why I don't like it. Well, misattribution can be fixed if you complain hard and loud enough. (Figurative you, not literally you.) Especially, if they make a habit of it, being called out by multiple parties will eventually cause people to question their journalistic ethics, and if they take their journalism seriously, they would attempt to fix that. But that's another topic for another day. Thanks for sharing the rationale for why you dislike them. 1 Quote Link to comment Share on other sites More sharing options...
6of1_halfdozenofother Posted February 9 Share Posted February 9 Quote B.C.’s Coquitlam co-op purchase applauded by housing federation The B.C. government is using $71 million of its Rental Protection Fund to help buy two co-op housing buildings in Coquitlam. (CityNews Image) By Srushti Gangdev and Hana Mae Nassar Posted February 8, 2024 3:42 pm. Last Updated February 8, 2024 3:46 pm. The head of the Co-operative Housing Federation of BC (CHF BC) says the province’s purchase of 290 units in Coquitlam is “groundbreaking” and takes a huge weight off the shoulders of the people who live there. Thom Armstrong, CEO of the federation, says residents at the Tri-Branch and Garden Court co-ops have been in limbo for months, with the buildings reaching the end of their 41-year leases in October 2022, and the co-ops in lease payment arrears since then. “The 290 households of these two housing co-ops have lived with the anxiety and the insecurity of just not knowing whether their homes are going to be sold out from under them for the better part of two years — that takes a toll on people,” Armstrong told CityNews Thursday, after the province’s announcement. Premier David Eby said earlier in the day that the province was putting up $71 million through the Rental Protection Fund to help buy the buildings, with the Community Land Trust acquiring the properties. This, he said, marked the first purchases to be completed under the $500-million fund. “Far too many renters live in fear that their homes will be sold out from under them,” Eby added. “That’s why we created the Rental Protection Fund to defend people’s homes against profit-seeking speculators like big real estate investment corporations and preserve safe, secure, and affordable homes for generations to come.” The Community Land Trust is a social-purpose non-profit organization that was established by the CHF BC in 1993. Armstrong says the Coquitlam purchases are a key investment to stop exactly what the premier outlined. He adds while some tenants may see their rent go up, it’s all weighted according to their incomes so no one is paying more than 30 per cent of their paycheck for housing. “The concern of the Community Land Trust was to make sure that any increases that had to be introduced after the purchase were still affordable to the members,” he said. He says the contribution from the Rental Protection Fund means the CLT won’t have to borrow as much as it would have needed to to buy the buildings. “And we’ll be able to keep rents at a very affordable level for the members and avoid anyone having to leave the co-op because they can’t afford the rent,” Armstrong added. The Tri-Branch and Garden Court co-ops were created in 1981. Armstrong says the popularity of co-ops goes beyond their affordability compared to other housing options. “Co-ops are known not just for affordable shelter but they’re known for the kinds of communities that they create. Diverse, supportive communities where people support each other, they work together on the governance of their communities. That creates bonds between people that aren’t always evident in a rental or ownership situation. So it is affordability, it’s security, but it’s also very much community,” he said. Meanwhile, though the province’s move is being applauded by some, others are critical about the speed at which the government is moving on the affordable housing file. BC Green Party Leader Sonia Furstenau said in a social media post Thursday afternoon that while she feels “the Rental Protection Fund is an important measure to protect affordable housing” in B.C., “it lacks the scale and urgency British Columbians need from their government.” “In the year it took for this fund to start operating, how many affordable homes were lost? How many more will we need to lose before the province does the right thing: regulating REITs and addressing no-fault evictions?” she asked on X. https://vancouver.citynews.ca/2024/02/08/bc-coquitlam-coop-purchase/ Quote Link to comment Share on other sites More sharing options...
6of1_halfdozenofother Posted February 12 Share Posted February 12 A written piece in the Canadian edition of The Conversation by an academic who did research about social housing. https://theconversation.com/the-private-sector-housing-experiment-has-failed-ottawa-must-now-step-up-on-social-housing-222351 Excerpt: Quote Social Housing and Human Rights coalition members are now reaching out to MPs across the country to make the case that more social housing is needed. It’s a challenge. Despite the evidence, some are quick to tell us they don’t believe social housing is needed and that governments should simply incentivize private sector developers and remove “red tape.” But our research shows no evidence this will work. Private-sector solutions were the focus of cost-shared federal/provincial/territorial initiatives beginning in 2001 through the Affordable Housing Framework Agreement. But the emphasis on limited capital grants per unit resulted in modest development of units renting at 80 per cent of average market rents, unaffordable to low-income households. Furthermore, agreements requiring rents be set at affordable rates for 15 years have now expired. The shortage of truly affordable rental housing across Canada has only worsened because governments have not been willing to invest in social housing. Yes, it is expensive — at least in the short term — and it is getting more expensive each year. But as demonstrated by Finland, a country that has remained committed to social housing investment, it pays off in the long term. Quote Link to comment Share on other sites More sharing options...
6of1_halfdozenofother Posted February 14 Share Posted February 14 Quote B.C.’s $2.9B middle-income housing program to build 4,000 new homes Homes are pictured in Vancouver, Tuesday, Apr 16, 2019. THE CANADIAN PRESS/Jonathan Hayward THE CANADIAN PRESS By Charlie Carey and Liza Yuzda Posted February 13, 2024 10:39 am. Last Updated February 13, 2024 10:54 am. A new home-building program in B.C. is hoping to kick-start development and bring thousands of new homes to the province for middle-income earners. Announced Tuesday, the British Columbian government says its program — BC Builds — will be working in partnership with non-profits, local governments, public agencies, First Nations, and community groups to first identify underused land across the province, to then create and build more homes for means-tested middle-income renters. The homes will be funded by a mix of low-cost financing — up to $2 billion — with a $950 million investment from the province by way of grants and subsidies to support a limited number of below-market rents. “BC Builds leverages the $2 billion low-cost financing vehicle established with the creation of the HousingHub to support the construction of BC Builds to get housing for middle-income British Columbians built faster,” the province explained Tuesday. “The loans are repaid when construction is complete, and the financing can be loaned to another project.” The province described the program as a “first in a generation approach,” similar to wartime home building. The province said more than 20 sites have so far been identified as “underused” and BC Builds is now searching for development partners who want to build new community homes. “Thousands of BC Builds homes will continue to move at an expedited pace through the planning stages in the coming months, with some estimated to be under construction as early as this summer,” it said. There are currently three projects in progress that will provide 400 homes. Over the next two years, the expectation is the remaining 17 projects will be underway providing another approximately 3,600 units. The province explained that BC Builds works in tandem with BC Housing, which is currently aimed at lower-income individuals. The homes created by BC Builds will create homes for those who are currently ineligible for BC Housing programs. “BC Builds is designed to create housing that is affordable for household incomes from $84,780 to $131,950 for a studio or one-bedroom home or $134,410 to $191,910 for a two-bedroom home or larger,” the province explained. “It is important to note that households who earn less than $84,780 will still be eligible to live in a BC Builds home but existing BC Housing rental programs focusing on lower incomes would better align to their income levels. We will continue to build housing through these programs.” BC Builds homes will be then set to 30 per cent of resident’s incomes. However, the province noted that income targets will vary by local communities to reflect local incomes, however, the income levels were set by looking at incomes across the province, and setting them at the 75th percentile. https://vancouver.citynews.ca/2024/02/13/bc-middle-income-home-building-program/ 1 Quote Link to comment Share on other sites More sharing options...
4petesake Posted February 14 Share Posted February 14 50 minutes ago, 6of1_halfdozenofother said: https://vancouver.citynews.ca/2024/02/13/bc-middle-income-home-building-program/ Those keen to blame housing problems on the feds might be interested to see what is being done to help to ease the problem. Abbotsford announced a cooperative initiative with the Federal and Provincial Governments to build 730 new homes through the Federal Housing Accelerator Fund. This fund is designed to get municipalities to cut red tape and change building restrictions to promote affordable homes. https://www.cmhc-schl.gc.ca/media-newsroom/news-releases/2024/helping-build-more-homes-faster-abbotsford There is an interactive map where you can view current projects and how much funding was provided from the initiative. https://www.placetocallhome.ca/housing-funding-initiatives-map?_gl=1*1umcwt6*_ga*ODU2MTAxNjg1LjE3MDc4NzMzODU.*_ga_7S87E8K748*MTcwNzg3MzM4NS4xLjEuMTcwNzg3Mzk3OC4wLjAuMA.. “Today’s announcement will help fast track over 730 homes in the next three years and more than 2,300 homes over the next decade. By working with cities, mayors, and all levels of government, we are helping to get more homes built for Canadians at prices they can afford.” — The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities “Safe and adequate housing which people can afford is a catalyst that enables Canadians to achieve other goals — from raising healthy children to pursuing education, jobs and opportunity. When housing is in short supply, Canada’s whole economy suffers.” — The Honourable Harjit S. Sajjan, President of the King’s Privy Council for Canada, Minister of Emergency Preparedness, Minister responsible for the Pacific Economic Development Agency of Canada and Member of Parliament for Vancouver South “Abbotsford is a rapidly growing city and housing is an issue that’s top of mind for many of our residents. As a City, we are committed to expanding and diversifying the housing opportunities available in Abbotsford by implementing innovative housing solutions. The Housing Accelerator Fund will help us in delivering more accessible housing options and we are grateful to the Government of Canada for this vital investment in our community.” — Ross Siemens, Mayor for the City of Abbotsford 1 Quote Link to comment Share on other sites More sharing options...
The Arrogant Worms Posted February 15 Share Posted February 15 BC Real Estate Association numbers point to market ‘uptrend’ at beginning of 2024 The BC Real Estate Association says there was a nearly 30 per cent increase in home sales last month compared with January 2023, while prices were also up. The association says 3,979 sales were completed last month, for an average price of $957,909, a more than 10-per-cent jump from the year before. Association chief economist Brendon Ogmundson says the sales numbers show a “clear uptrend” to kick off 2024 with a dollar value of $3.8 billion in sales for the month. Ogmundson says declining mortgage rates and further interest rate cuts expected to be made by the Bank of Canada this year are both “driving sentiment in the market and bring pent-up demand off the sidelines.” The Fraser Valley and Greater Vancouver saw the greatest year-over-year jumps in unit sales and dollar volumes. Sales in Chilliwack last month topped $144.6 million, a more than 73-per-cent jump from last year, while in Greater Vancouver sales reached $1.78 billion, a 48.4-per-cent increase. https://www.cheknews.ca/bc-real-estate-association-numbers-point-to-market-uptrend-at-beginning-of-2024-1190740/ Quote Link to comment Share on other sites More sharing options...
Taxi Posted February 15 Share Posted February 15 On 2/13/2024 at 5:38 PM, 4petesake said: Those keen to blame housing problems on the feds might be interested to see what is being done to help to ease the problem. Abbotsford announced a cooperative initiative with the Federal and Provincial Governments to build 730 new homes through the Federal Housing Accelerator Fund. This fund is designed to get municipalities to cut red tape and change building restrictions to promote affordable homes. https://www.cmhc-schl.gc.ca/media-newsroom/news-releases/2024/helping-build-more-homes-faster-abbotsford There is an interactive map where you can view current projects and how much funding was provided from the initiative. https://www.placetocallhome.ca/housing-funding-initiatives-map?_gl=1*1umcwt6*_ga*ODU2MTAxNjg1LjE3MDc4NzMzODU.*_ga_7S87E8K748*MTcwNzg3MzM4NS4xLjEuMTcwNzg3Mzk3OC4wLjAuMA.. “Today’s announcement will help fast track over 730 homes in the next three years and more than 2,300 homes over the next decade. By working with cities, mayors, and all levels of government, we are helping to get more homes built for Canadians at prices they can afford.” — The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities “Safe and adequate housing which people can afford is a catalyst that enables Canadians to achieve other goals — from raising healthy children to pursuing education, jobs and opportunity. When housing is in short supply, Canada’s whole economy suffers.” — The Honourable Harjit S. Sajjan, President of the King’s Privy Council for Canada, Minister of Emergency Preparedness, Minister responsible for the Pacific Economic Development Agency of Canada and Member of Parliament for Vancouver South “Abbotsford is a rapidly growing city and housing is an issue that’s top of mind for many of our residents. As a City, we are committed to expanding and diversifying the housing opportunities available in Abbotsford by implementing innovative housing solutions. The Housing Accelerator Fund will help us in delivering more accessible housing options and we are grateful to the Government of Canada for this vital investment in our community.” — Ross Siemens, Mayor for the City of Abbotsford Every step is a good step, but 2300 homes over 10 years? They'll be at least 30-40,000 new residents in Abbotsford alone in that decade. Quote Link to comment Share on other sites More sharing options...
4petesake Posted February 15 Share Posted February 15 14 minutes ago, Taxi said: Every step is a good step, but 2300 homes over 10 years? They'll be at least 30-40,000 new residents in Abbotsford alone in that decade. That’s true but this is only one program in partnership with the Feds not the total for new housing starts. The population of Abbotsford is expected to reach 200,000 in 2038. Quote Link to comment Share on other sites More sharing options...
6of1_halfdozenofother Posted February 16 Share Posted February 16 Quote BC United unveils housing plan with rent-to-own program, slashing PST for residential builds FILE - Condo towers in Vancouver. (CityNews Image) By Cole Schisler Posted February 15, 2024 4:23 pm. Last Updated February 15, 2024 8:37 pm. BC United Leader Kevin Falcon unveiled his party’s housing plan Thursday morning, with a focus on helping renters get into the housing market. The first point in Falcon’s plan is a rent-to-own home program. He explained that the BC United would push for 15 per cent of B.C.’s housing stock to be set aside as rent-to-own. Under the program, tenants would pay market rent rates over a three-year period, which would go entirely toward the down payment. (CityNews Image) “At the end of that three-year period, they’d manage to save up a significant amount of money which will make a difference in allowing (them) to get into the housing market,” Falcon said. “This is a very important shift from the approach the current government takes. And it will mean lots of current renters can get into the housing market and own their own home.” Falcon is also looking to axe the property transfer tax on homes up to $1 million dollars for first-time homebuyers. That’s not the only tax Falcon’s looking to cut; he says that — if elected — BC United would eliminate PST on all new residential construction. “We’re stripping out some of those costs that get added on virtually every single input cost that goes into housing,” Falcon said. “On a typical 350-unit apartment building, you’re talking about over $2 million in just PST alone.” Another part of the proposal would be offering up empty public lands for private sector development of below-market housing units. Falcon says BC United would identify that land for up to 99-year leases for the private and non-profit sector for $1 a year. “If you want more affordable housing, you have to make it less expensive,” he said. “You are not going to get there when you try to have government build the housing, or government be the developer, or government come up with these complex programs that nobody can figure out.” Falcon took aim at the newly announced BC Builds program, calling it a rehashed annoucement of a failed NDP housing plan. “It was supposed to build 114,000 affordable homes in ten years. They’ve built a fraction of that number, just over 16,000 — a total failure,” Falcon said. “…I don’t buy it, you shouldn’t either.” Falcon says the BC United will unveil more housing policies in the months to come. NDP Housing Minister calls plan ‘underwhelming’ No surprise here: NDP Housing Minister Ravi Kahlon isn’t a fan of Falcon’s plan. “What I heard generally from the press conference and what I’ve seen so far is just the same old policies that have gotten us into this challenging situation,” Kahlon said. Kahlon was most critical of Falcon’s pitch to offer up public lands to private developers. “It sounds a lot like Little Mountain to me with the suggestion they’re going to lease it away to somebody else and hope housing gets built.” When asked about getting rid of the property transfer tax and PST on new residential construction, Kahlon dodged — saying that the province needs to increase housing supply. “They’ve opposed every single housing policy to cut red tape that we’ve brought forward,” he said. “And now they’ve come with an underwhelming housing strategy as a proposal. I was hoping for something substantial that we could have a debate on, but there’s nothing here.” This all comes as BC United and the NDP begin ramping up their campaigns ahead of the Oct. 19 provincial election. https://vancouver.citynews.ca/2024/02/15/bc-housing-rent-to-own/ So, how would you "push for" any percentage of housing stock to be "set aside" for a plan where you have no meaningful control over said housing stock? If they get into the government's seat and implement this plan, all I can see is BCUP selling off provincial assets for cheapcheap to their buddies and then complain about how the NDP mismanaged provincial funds. Meanwhile, those former provincial lands sit undeveloped until land prices skyrocket and then get sold off to other developers/land speculators for a tidy profit. Lather, rinse, repeat. Quote Link to comment Share on other sites More sharing options...
Rip The Mesh Posted February 17 Share Posted February 17 If only this kind of space still existed in Vancouver and surrounding smaller cities and and areas. I'm not this old, not even my folks, but imo, life was in many ways; better. I dare say no more.. 1 1 Quote Link to comment Share on other sites More sharing options...
Elias Pettersson Posted February 23 Share Posted February 23 (edited) BC Government Announces New Housing Measures in 2024 Budget https://www2.gov.bc.ca/gov/content/taxes/income-taxes/bc-home-flipping-tax February 22, 2024 This afternoon, Finance Minister Katrine Conroy introduced the provincial government’s Budget 2024. The budget unveiled several new housing related measures, including the BC Home Flipping Tax and various property transfer tax exemptions. Flipping Tax The BC Home Flipping Tax is a 20 per cent tax on the gain from sale of a home within a one-year time horizon and a pro-rated tax on sales up to within a two-year period. The tax will apply to both properties and assignments of contracts and is in addition to any existing federal or provincial income taxes incurred from the sale of the property, including the federal anti-flipping tax. Exemptions will be available for certain life circumstances that might motivate the sale of a property within two years, including for added supply through the creation of rental accessory dwelling units. Edited February 23 by Elias Pettersson Quote Link to comment Share on other sites More sharing options...
Elias Pettersson Posted February 23 Share Posted February 23 The new flipping tax will reduce inventory levels as sellers will avoid selling to pay the tax. With supply levels shrinking that should increase demand and therefore increase prices. Quote Link to comment Share on other sites More sharing options...
BarneyKook Posted February 23 Share Posted February 23 (edited) 1 hour ago, Elias Pettersson said: BC Government Announces New Housing Measures in 2024 Budget https://www2.gov.bc.ca/gov/content/taxes/income-taxes/bc-home-flipping-tax February 22, 2024 This afternoon, Finance Minister Katrine Conroy introduced the provincial government’s Budget 2024. The budget unveiled several new housing related measures, including the BC Home Flipping Tax and various property transfer tax exemptions. Flipping Tax The BC Home Flipping Tax is a 20 per cent tax on the gain from sale of a home within a one-year time horizon and a pro-rated tax on sales up to within a two-year period. The tax will apply to both properties and assignments of contracts and is in addition to any existing federal or provincial income taxes incurred from the sale of the property, including the federal anti-flipping tax. Exemptions will be available for certain life circumstances that might motivate the sale of a property within two years, including for added supply through the creation of rental accessory dwelling units. Flipping is one thing but how does this work for renovators? Are they supposed to hold onto the property for two years to avoid this tax. Or just add it on to the sale price to cover the tax. Edit: actually i thought I read contractors dont have to pay the tax. Edited February 23 by BarneyKook Quote Link to comment Share on other sites More sharing options...
BarneyKook Posted February 23 Share Posted February 23 (edited) double post Edited February 23 by BarneyKook Quote Link to comment Share on other sites More sharing options...
Boudrias Posted February 23 Share Posted February 23 1 hour ago, Elias Pettersson said: The new flipping tax will reduce inventory levels as sellers will avoid selling to pay the tax. With supply levels shrinking that should increase demand and therefore increase prices. Thin edge of the wedge don’t you think? Americans pay capital gains on their residential property sales but get to deduct interest payments, I think. BC’ers will likely be paying capital gain on home sales irregardless of holding period soon enough. 1 Quote Link to comment Share on other sites More sharing options...
Warhippy Posted February 23 Share Posted February 23 1 hour ago, Elias Pettersson said: The new flipping tax will reduce inventory levels as sellers will avoid selling to pay the tax. With supply levels shrinking that should increase demand and therefore increase prices. they'll avoid selling which means they'll have to rent or cover the costs themselves. what's the issue Quote Link to comment Share on other sites More sharing options...
Bob Long Posted February 23 Share Posted February 23 28 minutes ago, Boudrias said: Thin edge of the wedge don’t you think? Americans pay capital gains on their residential property sales but get to deduct interest payments, I think. BC’ers will likely be paying capital gain on home sales irregardless of holding period soon enough. I'm not sure, we already pay a big property transfer tax. To hit people with capital gains too is way too far. Quote Link to comment Share on other sites More sharing options...
6of1_halfdozenofother Posted February 23 Share Posted February 23 19 minutes ago, Warhippy said: they'll avoid selling which means they'll have to rent or cover the costs themselves. what's the issue The issue is that the feller plays in the real estate market, and less inventory means less opportunity to enrich themself off the backs of others, so of course they're going to complain about reduced inventory levels. Quote Link to comment Share on other sites More sharing options...
Elias Pettersson Posted February 23 Share Posted February 23 25 minutes ago, Boudrias said: Thin edge of the wedge don’t you think? Americans pay capital gains on their residential property sales but get to deduct interest payments, I think. BC’ers will likely be paying capital gain on home sales irregardless of holding period soon enough. I agree. I won’t be surprised if eventually we have a capital gains tax on our principal residence at some point in the future. Right now, if you want to sell an investment property that you’ve held for less than 2 years you are looking at two taxes. The capital gains tax plus the new flipping tax. Even if you were to buy a home and move in, the flipping tax would still apply to your principal residence. So I think this will affect the market short term. Sales in January were already up 38% from last January, so with sales heating up and rates looking to come down, inventory levels are going to shrink considerably, causing prices to spike. Quote Link to comment Share on other sites More sharing options...
Elias Pettersson Posted February 23 Share Posted February 23 55 minutes ago, BarneyKook said: Flipping is one thing but how does this work for renovators? Are they supposed to hold onto the property for two years to avoid this tax. Or just add it on to the sale price to cover the tax. Edit: actually i thought I read contractors dont have to pay the tax. The tax doesn’t affect a contractor who’s doing a renovation unless they are the owner of the home. Quote Link to comment Share on other sites More sharing options...
BarneyKook Posted February 23 Share Posted February 23 3 minutes ago, Elias Pettersson said: The tax doesn’t affect a contractor who’s doing a renovation unless they are the owner of the home. hmmm, but usually renovators/contractors who renovate will purchase the home and take that risk. Quote Link to comment Share on other sites More sharing options...
Elias Pettersson Posted February 23 Share Posted February 23 17 minutes ago, BarneyKook said: hmmm, but usually renovators/contractors who renovate will purchase the home and take that risk. Sometimes. So, in effect this tax will take all of those contractors out of the market. You can no longer buy a property, renovate it and then flip it without it costing you an arm and a leg. Some will say this is a good thing. Maybe it is. All I know is that this tax will take a lot of properties off of the market, which will decrease inventory levels and cause prices to go up. Not sure that is what the government actually wants. 1 Quote Link to comment Share on other sites More sharing options...
BarneyKook Posted February 23 Share Posted February 23 6 minutes ago, Elias Pettersson said: Sometimes. So, in effect this tax will take all of those contractors out of the market. You can no longer buy a property, renovate it and then flip it without it costing you an arm and a leg. Some will say this is a good thing. Maybe it is. All I know is that this tax will take a lot of properties off of the market, which will decrease inventory levels and cause prices to go up. Not sure that is what the government actually wants. There is some speculation to renovation flips, definitely easier to do in a hot market but there is also the service of upgrading the homes not only aesthetically but also upgrading to current building codes as well as addition of suites and ADU's. The added cost will just be passed on. 1 Quote Link to comment Share on other sites More sharing options...
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