{"id":2202,"date":"2016-06-03T08:41:29","date_gmt":"2016-06-03T15:41:29","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=2202"},"modified":"2016-06-03T08:41:39","modified_gmt":"2016-06-03T15:41:39","slug":"brace-for-more-housing-shortages-warns-vancouver-real-estate-guru-bob-rennie","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/06\/brace-for-more-housing-shortages-warns-vancouver-real-estate-guru-bob-rennie\/","title":{"rendered":"Brace for More Housing shortages, Warns Vancouver Real Estate Guru Bob Rennie"},"content":{"rendered":"

For more than a dozen years, Bob Rennie, Vancouver\u2019s real estate guru, has annually taken the temperature of the city\u2019s housing market and offered a numbers-numbing report to the Urban Development Institute.<\/p>\n

This year he\u2019s calling it quits, but not before he delivered a bare-all speech Thursday as Vancouver continues to wither under white hot sales that have made \u201chousing affordability\u201d two empty words.<\/p>\n

Under his mantra of \u201cit\u2019s seriously time to change the narrative,\u201d here\u2019s five things Rennie said at the lunch.<\/p>\n

1. Forget thinking homes in Vancouver can be affordable any more. Last year only 26 houses sold in Vancouver went for under $750,000, compared to 10,325 in Metro Vancouver. This year, 26 homes in East Vancouver sold for under $1 million, and only three on the west side sold for under $1.7 million. \u201cThe City of Vancouver should get out of the affordable ownership business.\u201d<\/p>\n

2. If not there, then where? It\u2019s in the burbs, folks. \u201cYou know where the affordability is? It\u2019s in our region. It\u2019s in Burnaby, at 50% of Vancouver prices, and it\u2019s in Coquitlam, at 40% of Vancouver prices, and it\u2019s in Surrey, at 30 to 35 percent of Vancouver prices.\u201d Oh, and by the way, build more transit-oriented developments. \u201cAny density solution in isolation of a transit solution won\u2019t solve our problem.\u201d<\/p>\n

3. Vancouver neighbourhood groups are too white, too old and too resistant. \u201cNeighbourhood groups seem to have lost their way and are prepared to sacrifice future generations by choking off supply and hurting affordability,\u201d Rennie said. \u201cThe majority of participants in our planning processes are white male homeowners over the age of 55. Maybe it\u2019s time to bring in some new stakeholders into the conversation. Neighbourhood groups require more diversity.\u201d<\/p>\n

4. Don\u2019t blame China, and don\u2019t tax foreign ownership. But a speculation tax? That\u2019s OK. \u201cCanada buys $6 billion a year in British Columbia exports. Are we going to tamper with those jobs and our economy? ….. A foreign ownership tax of 10% on a $5-million home will not stop a sale or create affordability ….. It will only cause racially charged conversations to go beyond where they are now.\u201d Rennie says he still believes a speculation tax aimed at buyers who flip a home would cool the market at the lower end.<\/p>\n

5. There\u2019s a glut of money heading for the market. With $197 billion in mortgage-free properties held by people over 55 ($66 billion of that with people over 75), there\u2019s a lot of money available to help their children buy homes. But there\u2019s no market or supply, so the result? Surging prices as people bid up those scarce listings.<\/p>\n

Brace for More Housing shortages, Warns Vancouver Real Estate Guru Bob Rennie<\/a> by Jeff Lee | Vancouver Sun<\/p>\n","protected":false},"excerpt":{"rendered":"

For more than a dozen years, Bob Rennie, Vancouver\u2019s real estate guru, has annually taken the temperature of the city\u2019s housing market and offered a numbers-numbing report to the Urban … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-2202","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"\nBrace for More Housing shortages, Warns Vancouver Real Estate Guru Bob Rennie • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/06\/brace-for-more-housing-shortages-warns-vancouver-real-estate-guru-bob-rennie\/\" \/>\n<meta name=\"twitter:card\" 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