Posts Tagged ‘british columbia’
Gary Mason wrote Thursday from Victoria for The Globe and Mail about the Toronto affordable housing crisis, contrasting the belated responses of Toronto and Ontario unfavourably to those of his province of residence.
Of all the political U-turns B.C. Premier Christy Clark has undertaken in power, perhaps none was as jarring and unexpected as the one she performed on housing.
For most of 2015, and at least half of the following year, the Premier refused to do anything about rapidly escalating house prices in Metro Vancouver. She maintained that bringing in measures to cool the market might hurt the equity in people’s homes. She denied foreign investors had much to do with the fierce escalation in costs, relying on the faulty, self-serving data from a real-estate industry that wanted the sticker-shock insanity to continue.
And there was also the not-insignificant fact that the B.C. treasury was getting fattened on the provincial tax that exists on home sales – easy money that can become like crack to a government.
But then Ms. Clark and her cabinet came to an uncomfortable realization: The growing public outrage over the fact that the middle-class dreams of owning a home were evaporating by the day for many and might cost the government re-election. So the Premier did what she vowed she wouldn’t and brought in a 15-per-cent foreign buyer’s tax that did precisely what it was intended to – put the brakes on the absurd, and immoral, goings-on in the real estate industry.
Unfortunately, by the time she did, it was too late for thousands.
I have to admit to not being amused, as described by the National Post in the article “An early test of Trump’s ethics pledge: The glittering tower in Vancouver about to open its doors” written for the Washington Post by Drew Harwell, Alan Freeman and Jenny Peng, that Trump Tower in Vancouver is set to open and in so doing open up space for a whole slew of problems for the Trump Administration. I would prefer Canada not get involved at all in the political issues of our southern neighbour.
As President Trump settles into his first week in the White House, the first paying guests will begin checking in tonight into the lavish suites of the Trump International Hotel & Tower Vancouver, a glass skyscraper developed by the son of one of Malaysia’s wealthiest business executives.
The tower, the first foreign business launch of the Trump brand during the new presidency, is an early test of Trump’s controversial decision to retain ownership of his businesses while promising to combat ethical conflicts by removing himself from the management. It also shows how Trump properties around the world are likely to become focal points for protest or other forms of expressions aimed at the U.S. president and his policies.
Trump and his family do not own the Vancouver project, but the president has a stake in its continued success. The developers have paid Trump’s company for the use of his name while they also pay fees for his company to manage the hotel, according to federal financial disclosures filed by Trump.
Developers say that the hotel, where workers pulled the covers off its imposing “Trump” lettering the day before Friday’s inauguration, has seen an “overwhelming amount of reservations.” Deep-pocketed buyers have also scooped up condos. Buyers include an American tech billionaire who paid $7.6 million for three luxury flats.
To many locals, the building is something of a political symbol. Some, including Vancouver’s mayor, have protested the name that appears in lights above the skyline. Eggs were thrown at a Trump hotel window during the Women’s March there on Saturday that filed past the property.
Trump’s association with overseas hotels was cited in a lawsuit brought this week by ethics experts, who argued that permits or other benefits granted to Trump-branded properties could violate a constitutional ban on foreign government payments to the U.S. president.</blockquote
At The Globe and Mail, Kerry Gold describes the pressure faced by renters in Vancouver as their long-time landlords sell their properties to others, perhaps less invested in keeping their current renters and more interested in maximizing their profit.
Bob Wilson was an old-school landlord, the kind who’d rather learn how to fix a clogged drain himself than call in a plumber.
The retired firefighter owned and meticulously managed the character three-storey on leafy Barclay Street in Vancouver’s West End for 40 years, until he sold it last year for an offer he couldn’t refuse.
And he did refuse many offers. His love of his tenants, the building and his desire to keep working kept him in the landlord business.
“I am friends with almost all of them – even my new tenants I’d seem to become friends with,” says 80-year-old Mr. Wilson. “A fireman is always helping people, so you can’t change that. I love that stuff, doing them favours if they needed something. It was fantastic for me.”
He worked for 30 years as a firefighter, but he managed several small properties around the city. When he was a teenager, his basketball coach advised him to buy real estate in the West End because it would always be desirable and it had nowhere to grow, surrounded by water and the downtown to the east. His investments earned him a decent income for a lifetime.
The Globe and Mail‘s Frances Bula looks at how even Vancouver’s Downtown Eastside is sharing in the housing construction boom of the wider Vancouver metropolitan area, perhaps at the expense of the deprived people who live in that neighbourhood.
A prominent long-vacant lot on the edge of the Downtown Eastside is about to be developed by the company also building the Trump Tower.
But because of a city zoning policy put in years ago and the developer’s preference for something different, the new building at the rapidly transforming corner of Hastings and Abbott across the street from the Woodward’s project will be a rental.
“It is an important and underutilized corner of the city,” said Phillip Scott, the director of development for Holborn Group. He said rental residential is a good fit for the diversified company, adding that “the larger scale of rental building projects such as this helps to deliver amenities and …sustainable living space.”
The 132-unit building is being designed by architect Gair Williamson, who has done a number of unique projects in the Downtown Eastside, Chinatown and Strathcona, including The Keefer, the Paris Block and the Paris Annex, and projects that combine social and market rentals.
The Holborn lot, which used to house a one-storey building that had a food market in its last incarnation, has sat vacant for years. In the decade since Holborn bought the site, the area has changed dramatically.