Tag Archives: Real estate

Housing, Politics

Empty condos may get second life as affordable housing in BC

By Sonal Gupta, Canada’s National Observer, Local Journalism Initiative Reporter

Empty condos and a housing crisis coexist in Metro Vancouver, and the federal and provincial governments believe they have a fix.

Under a new 10-year agreement, the Carney government says it will spend more than $5 billion across the province for housing, transit and related infrastructure through the Build Communities Strong Fund. Part of the deal is a plan to turn more than 2,200 of BC’s vacant condo units into affordable housing. In its June 18 announcement, the Prime Minister’s Office called it “one of the fastest and most efficient ways to increase housing supply.” 

But the plan is igniting debate about whether governments can turn expensive private-market condos into affordable homes or if public money will simply help developers and lenders clear units they couldn’t otherwise sell. 

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Community

Reflections on the eradication of Canada’s middle class 

A recent article in the Capital Daily outlines how the housing crisis is eradicating Victoria’s middle class. 

Throughout British Columbia, the average rent and mortgage payments exceed what many people can pay. 

“What’s been happening over the last 10 years is that the share of homes bought by first-time buyers has been declining, and their market share has largely been taken over by investors,” said John Pasalis, president of Toronto-based Realosophy Realty, told CBC News.

He added that, contrary to what many believe, the lion’s share of the investors were domestic owners who purchased a second home as an investment. 

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Housing, Spirituality

Mission or market? Churches are not always on the right side of the housing crisis.

Editor’s opinion: I believe Christianity needs to be ‘reborn’ in a form more palatable to the 21st century. I do not know what this would look like, but suspect it will be substantially different from what we see now, at least in its outward forms. At the moment, there are probably more Christians outside of the Church than in it.

By Sidney Coles, Capital Daily, Local Journalism Initiative Reporter

The fiscal reality that churches are increasingly less viable solely as places of worship is repeating itself across the country.  Unable to count on tithes or bums in seats, churches have been either closing their doors or selling off and re-purposing their assets in a land and real estate market only too happy to receive them. And it’s paying big dividends.

Continue reading Mission or market? Churches are not always on the right side of the housing crisis. →
Housing

A tale of two co-buys

Originally published on qathet Living

One was strictly business. The other is an intentional community. Both versions of shared mortgages achieved the same goal: getting people into the housing market who might otherwise be shut out. 

Do something weird.

That’s 460 Realtor Austyn MacKinnon’s advice to first-time home buyers who are navigating a crazy market like qathet’s. She should know. She and her husband did something weird to get into the market back in 2014: they co-bought an $800,000 house with acquaintances.

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Housing, Jobs

Canada has jobs and public support for immigrants but it doesn’t have the housing

By Fabian Dawson, New Canadian Media, Local Journalism Initiative Reporter

Canada’s plan to open its doors to hundreds of thousands of immigrants will be a “trainwreck” if the Trudeau Liberal government does not come up with a comprehensive housing solution for the newcomers who are needed to fill jobs in the country, experts say.

Housing affordability and availability are the key issues of concern for Canadians, who are generally in favour of immigration, said pollster Nik Nanos. The results of his organization’s latest survey shows over half of Canadians polled believe an increase in immigrants as permanent residents will have a positive or somewhat positive impact on the economy.

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