Vancouver City Councillor
The idea of an octogenarian rattling around an underutilized, empty-bedroomed $3 million Dunbar bungalow while young families are forced out of the city makes for a convenient if not somewhat mean spirited scapegoat — but let’s take another look
Like many Vancouverites, I owe a sincere debt of gratitude to VCC.
I wrote my first lines of HTML code in a VCC classroom, allowing me to upgrade from print-focused graphics to remain successfully self-employed and engaged in newly emerging world of web design. During my lean years, the meat and baked goods shops at the downtown campus—serving deep discounted butchery and bakery student works—kept me well fed when I couldn’t afford much else. My wife successfully transitioned into a productive career thanks to the affordable and specialized skills upgrading she received at VCC almost twenty years ago.
This morning, as predicted, the Bank of Canada cut our interest rate by .05 per cent. Ostensibly, the move is to head off a recession — spurred mostly by slumping oil markets that have dampened Alberta’s economic outlook — lower interest rates mean Canadians will spend more.
Lower interest rates also mean cheaper mortgage rates, which in turn will push up housing prices, particularly as investors look for safe places to park their money, like Vancouver.
Firstly, it never should have happened — an absolute abdication of leadership—doomed to failure from the start. We elect leaders to make the tough decisions, not pass the buck; and that is precisely what Christy Clark’s government did by putting our transit infrastructure investments to plebiscite.
We’ve all heard anecdotes about global capital and foreign ownership. I recently wrote about the market externalities affecting my own community of Strathcona. A well-financed west-side investor set about purchasing a number of homes in the neighbourhood: in cash, with no subjects or conditions, and always over the asking price.
Strathcona has a limited land base, maybe 350 detached homes in all, and this particular investor may have purchased a dozen of them—about 5 per cent.
Coincidentally, five per cent is about the same number that the BC Real Estate Association claim as the relatively insignificant amount of foreign ownership in Vancouver. A little higher at 5.8 per cent is the Canada Mortgage and Housing Corporation’s figure for percentage of foreign ownership in the downtown peninsula.