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Thinking of Moving to Vancouver? Think again…

The Cost Of Building Permits In The City Of Vancouver Are At An All Time High

Those considering long distance moving to  Vancouver and to call  it home, may want to reconsider. In the first six months of 2014 the city of Vancouver issued over $1 billion in building permits. This is the highest since before the recession took place. For three straight years construction has been leading the way for the first six months of all three years. It has topped the billion dollar mark each time.

In the first 6 months of this year the value of building permits has increased by 6.7 percent from what it was during the same time last year. Anytime an economy grows at such a strong pace it is a very exciting thing – but makes it difficult for house buyers to jump in.

According to Vancouver movers, EasyCdnMoving, Low taxes, the big pool of highly skilled workers, less obstacles to secure a permit and the amount of new rental housing construction taking place in the area. The Vancouver Economic Action Strategy works to do a variety of different things. The first one is to create thousands of new jobs for the people of Vancouver. The second is to create affordable housing.

To do this they have to learn how to work with different companies and bring in new business. The initiatives the city has in place are helping to do just that. The other two things the Vancouver Economic Action Strategy work to do are make the city more competitive and build a foundation for the economy to continue to grow.

If you look back you will see in 2008 the building permit values for the first six months of the year were $924.9 million. It is now $1.12 billion. That’s a huge jump in just 6 short years.

There are two key developments that contributed to these values. The new two tower building in downtown which was valued at $87 million and the new 195 unit on Main St. that was valued at $27 million. Based on the values of building permits going up every year for the last 6 years, I would say moving to Vancouver is going to be tougher than ever.

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Is Vancouver’s Housing Market Taking a Downward Turn?

With the hustle and bustle of increased home sales in the Vancouver real estate market in recent years, one has to wonder if the market will see a downward trend. Starting in 2012, sales of new homes in the Vancouver area began falling; an indicator that the market was in transition. In addition, reports from late 2013 indicated that new job growth had stalled as a result of a weaker local economy. Coupled with the increased interest rates and stricter lending rules and regulations from mortgage brokers, the upside to buying a home a decade ago has become the downside to owning a home in today’s economy.
In consideration of the transition of Vancouver’s housing market is the issue of foreign investors. In the last twenty years, the influx of foreign investors has pushed the local housing market excessively high. Many locals feel the real estate in Vancouver is overvalued due to the foreign investment properties. As a result of all of this activity, the government opted to shutdown on the immigrant investor program. This may play a part in slowing down the real estate market. However, recent news indicates that the government is looking at reintroducing the program, but with a modified structure.
In addition to foreign investors, one has to take into account the very nature of Vancouver when considering real estate. The city has historically been one of the most expensive housing markets in Canada. The high cost of housing in Vancouver is in part due to the location of the city itself. The geography of the area offers physical limitations on availability for land to build housing. Condominium sales increased as a result of developers building up – and many people chose to move into these condominiums, even downsizing, because of the changes in the economy and their lifestyle considerations. But new mortgage rules could hamper condo construction by as much as one-half, starting this year. The Canada Revenue Agency has been investigating condo purchases and auditing and fining purchases that were made and then flipped – essentially penalizing investors for the HST rebate portion of their purchase because no one moved in and the property was not rented out.
As mortgage rates go up, the real estate prices in Vancouver may see a decline. This softening could potentially result in a balancing, or correction, of the local real estate market in Vancouver. This would result in a more even market in 2014, as opposed to the extreme, unbalanced market of mid-2013 when the housing market was volatile. Overall, growth has remained moderate in the Vancouver market, with a recent Royal LePage report indicating an increase of anywhere from two-point-three percent to four percent, year over year, for condominiums and detached bungalows, respectively. Real estate prices are projected to rise four-point-four percent in 2014 in the Vancouver area. But is this the market growth Vancouver is accustomed to? Only time will tell.

Is Justin Trudeau Promoting Marijuana To Kids?

As with all things in politics there will always be some sort of attack that is completely untrue. Vancouver South Conservative MP Wai Young is no different. She decided to send out a flyer claiming Liberal leader Justin Trudeau thinks its okay for children to smoke pot.

And while the Liberal party is for legalizing marijuana, they are also for educating the youth and helping them better understand the health risks associated with using this type of substance. This is clearly stated in the Liberal party policy. And according to them, the flyer put out by Wai Young is completely false and full of misleading information.

As a matter of fact, if you do a little research you will see Justin Trudeau has been very clear about where he stands when it comes to children and marijuana. He doesn’t want children to be able to easily access the substance. Wai Young knows this and its sad she is choosing to act in such an immature way.

In the flyer she sent out she claims Justin Trudeau has gone out to schools and promoted legalizing marijuana to the children. Again, this is completely false. These accusations actually come from Justice Minister Peter Mackay. This coming after Trudeau visited a school in Brandon, Manitoba First Nations in late 2013.

During this visit a student asked Trudeau about the policy in regards to marijuana. His response was that marijuana is dangerous and not something young people should mess around with. He said their minds are still developing and that process can be hindered by the use of marijuana. He also said that’s why he wants pot to be regulated so children won’t be able to easily access it.

Even though a reporter confirmed what Trudeau said, Justice Minister Peter Mackay still made it seem like he got in front of the children and encouraged them to use pot. This was not the case at all. If you look over the flyer and then do a little fact checking you too will see it is full of false, misleading statements that don’t have an ounce of truth to them.