Future Development and Housing Challenges in our city!

Hello Everyone


As promised here are more insights from the Bob Rennie talk at our Dexter meeting, highlighting issues in our city with property development and challenges we are facing. 


There is now a moratorium on any major developments for at least the next 3 years in the West End, Marpole and Grandview-Woodland areas. Opposition to development has been organising itself in a very effective and sophisticated way in reaction to so many people's concerns about the lack of affordability in the city. Interesting times ahead!


Rentals under $1500 per month are going to see some increases to cope with the rising costs of taxation and strata fees.


80% of our global populations will live in cities in the future, Vancouver being one of them.


2007 saw 3000 new units completed. 2012 will see only 604 new units completed.


One of the main reasons that single family residences in the city have become very expensive is that they cannot be replaced, no more ever being built and are still highly desirable creating a hot market.


Chinese Mainland Buyers supply much of our rental properties as they can afford to put down huge deposits which in turn require smaller mortgages, thus being able to provide market sensitive rental rates.


92% of properties over $2,000,000 on the west side sold to Chinese buyers.


Over 60% of resale buyers are previous home owners. 


So there you have some more of the highlights. It is wonderful to have access to such insights in the city from the real movers and shakers. Stay tuned for more of the same. Have a great week!