DATE

Christy Clark
Steve Saretsky -

Will Christy Clark Start Tracking Foreign Investors? The United States will begin tracking secret buyers of luxury real estate aka foreign investors. They will being by identifying and tracking buyers of luxury properties in Manhattan and Miami. In 2014, 54% of sales over 5 million in Manhattan were sold to Shell companies. Shell companies are companies which serves as a vehicle for business transactions without itself having any significant assets or operations. These companies are commonly used for tax avoidance and used primarily in its international operations in an attempt to dodge taxes. With much of Vancouver real estate being sold to house makers/ house wives and corporations (Shell companies) will Christy Clark follow suit and identify and track buyers? Unlikely. It seems to be all talk and little action from both Christy and Vancouver mayor Gregor Robertson. A recent study from BTA works “architectural and urban research and development division” in Vancouver performed a study (link) which determined 88% of properties over 5 million in Vancouver (West Point Grey, Dunbar, University endowment lands) were sold to people with non-anglicized Chinese names. Certainly you could argue the study has some flaws as a name should not determine the entire outcome.

Steve Saretsky -

Should Vancouver Consider Stackable Parking Stackable parking in Vancouver- Should we consider it? I did a YouTube video on stackable parking a few days ago and it would appear recent news further enhances my viewpoint. As I mentioned in the video you can watch HERE I talk about how other cities such as New York and even Toronto are using stackable parking to help solve a limited supply of land which in turn has created a shortage of parking. Anyways, CBC did an article here that says one of the most ambitious commercial-residential developments in Vancouver is being scaled back because of some issues regarding an underground aquifer and parking. They discovered a large aquifer and now would complicate their designs for a 3 level parkade, as a result they have had to scale back and thus we will be losing 450 proposed residential units. Could this all be avoided by using stackable parking? Maybe, I mean you would think you could cut it down from at least a 3 level to a 2 level parkade if you used stackers. Or perhaps even a one level if they used this ferris wheel parking system like they do in Brooklyn. But

Steve Saretsky -

What’s the discount for foreign investors in Vancouver? It’s true, foreign investors in Vancouver are receiving some pretty big discounts. I’m not literally talking discounts from the Government or the seller himself. However, the Canadian dollar just fell below 69 cents for the first time in 15 years. After the exchange rate it becomes more than a 40% discount for anyone south or east of the border. You would have to be crazy not to consider investing in Vancouver. This coupled with the unsteady Chinese economy will probably spur more Chinese to get their money out of China and into Vancouver real estate. With Vancouver real estate at such a discount it makes me wonder why anyone would be calling for the bubble to burst. A recent report is calling for the market to “slow” they site a 9% growth in prices this year. In case you didn’t know, 9% is still a very steep incline, but I guess that’s nothing to the 20% we saw this year. With nowhere for Canadians to go and huge discounts for anyone outside of Canada, one would have to think the money will stay in investment friendly cities like Vancouver. What do you

Steve Saretsky -

Stackable Parking Could Solve Vancouver Parking Problems As the city of Vancouver continues to densify, parking is becoming more and more of a problem. Vancouver Parking stalls are being sold in Downtown Vancouver anywhere from 20,000-$50,000 to some higher end parking stalls going for as much as 120,000. So should Vancouver consider stackable parking? Stackable parking is a parking system which basically works as an elevator for your car. You drive your car onto a pallet and it hoists you up into a spot. It looks almost like a game of tetris, take a look. (Insert video) https://www.youtube.com/watch?v=O1OE2qMAAdg&feature=youtu.be With Vancouver parking becoming such a scarcity should we consider this? It is currently only in one high end development, the Jamieson. However,  it is already common practice in heavily densified areas such as New York and many Europian and Asian cities and has recently been introduced to several new condo developments in Toronto! I think it will ultimately come down to what the city of Vancouvers long term plan is. It’s obvious they want to minimize cars on the road as they continue to increase public transit and the ever growing car sharing programs available. However, should we be giving citizens

Steve Saretsky -

Concord Pacific to Develop Molson Canadian Brewery The next big real estate development in Vancouver is coming. The Molson Canadian Brewery located just before the Burrard Street bridge, which was sold to a mystery buyer back in November, has now been revealed as Concord Pacific and it will be converted into a sea view apartment development. Although the site is currently zoned for industrial use I imagine when there’s that much money involved it won’t take much to sway Gregor Roberts and the rest of the gang to convert it into residential zoning. It certainly is prime real estate and would make for some spectacular views. Would you want to live there?

Steve Saretsky -

Major Changes to old Vancouver buildings on the way.  Huge changes have been proposed for strata corporations. We could start seeing lots of older buildings around Vancouver getting torn down and re developed. A new law has been proposed making it easier for owners to terminate their strata corporation. Currently, there are many older buildings in Vancouver, especially in areas like Kitsilano and the West End. As these buildings continue to age, some 50-60 years old, costs can climb and start to become unreasonable. Many owners feel that instead of repairing the building it should be knocked down and sold to developers so they can re develop it. Many times it just makes more sense than continually pumping money into an old building where the improvement costs outweigh the return on investment. They are also better to maximize the land space with a redevelopment. Currently if owners want to sell their condo unit to developers they need everyone in strata to vote unanimously to terminate their strata corporation and then sell the entire building to a developer. However, the new proposed change will make it from a unanimous vote to only an 80% vote required. This could mean lots of

Steve Saretsky -

Vancouver Real Estate loneliness an epidemic.  It’s no secret the supply of land in Vancouver is extremely limited. Which is why developers are working to continue to densify downtown Vancouver with many new high-rise buildings planned. However, developers, city officials, and even fire fighters are facing some very serious issues. First there is something called The phenomenon of urban loneliness.This is becoming a more pressing issue recently where surveys have found that 43 per cent of those who live in high-rises do not know at least two of their neighbours’ names. Some developers are taking this very seriously and are proposing what they call “sky gardens” which are basically common areas, like a green space on each floor where neighbours can go out; enjoy some fresh air and socialize with other neighbours on their floor. However, to make this happen they are also suggesting to get rid of people’s private patio’s in their units. I live in a high-rise building here in Downtown Vancouver, and I can tell you not only from my building but other buildings alike not many people actually use the communal areas. People prefer their privacy. It’s evident by the fact that every time i’m in

Steve Saretsky -

Public Outrage over foreign investment. A recent Vancouver housing study has created a lot of backlash amongst Canadians. The Study released on Monday, tracked home sales in some of Vancouver’s most expensive areas, Of those 172 homes sold , 66% were sold to Chinese buyers. To say Chinese buyers are only snatching up multi-million dollar properties is also false. Take a look around, it’s a trickle down effect. I’ve witnessed it first hand, it’s happening everywhere. This undoubtedly will and should upset Vancouverites. However, it’s important to understand this is not a race issue. This not about blaming a group of people. This is a Government issue. The blame needs to be put on the Government. We have weak immigration and tax policies that allow this to happen. It just so happens that the Chinese have figured this out and they are exposing it and taking advantage of our broken system. Foreign investors are allowed to purchase as many properties as they like. Even tho, back in China in 2006, many Chinese were being priced out of the market by foreign investors. The Chinese government swiftly introduced a law limiting foreign investors to 1 home, strictly for use as a

Steve Saretsky -

The Georgia Viaducts are coming Down Like it or not, the Georgia Viaducts are coming down. It’s inevitable. Personally, I don’t really care.. Now before anyone can say how can you not care, you live here you need to care! I don’t. Why? Because, I don’t concern myself with things that are out of my control. You can protest and throw a big fit, but at the end of the day the City is going to make the decision, they have all the power and trust me when I tell you, those things are coming down. Now if you want my opinion, if this came down to a vote I would vote yes, tear those viaducts down. Quite frankly I find them to be an eye sore, a dated infrastructure constructed in 1972 that  sticks out like a sore thumb on such a beautiful city. In a city where land is at an absolute premium it doesn’t make sense to have this infrastructure which creates all this dead space. The potential to add an extra 4000 new residents and 4.5 acres of new waterfront park sounds pretty good to me. I know some may accuse me and say why because

Steve Saretsky -

Foreign Investors evading taxes through Vancouver real estate. I was born and raised in vancouver, my family is all from here. We’ve lived and breathed Vancouver for I don’t know how long. My parents are honest, hard working people. My dad is a pilot and my mom is a realtor and just like most people they pay their fair share of taxes whether they agree with it or not. What you might not know is that Realtors are a profession which is heavily watched by the Canadian Government. My mom is probably the most honest person I know and I’m grateful for that because I believe she passed that trait down to me. In a system based primarily on honesty, they come after the most honest person. The governement is always coming after her for more taxes. Someone who has lived here all her life and works hard for everything she has. What they’re saying is “We don’t believe you. We don’t trust you. You owe us more.” Even more frustrating if you’ve seen the news lately, but you can’t miss it. “Foreign investors avoid taxes through Canadian Real Estate” Here’s an excerpt from the Globe & Mail “ Beijing-based

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The Canadian Economy

Steve Saretsky -

Will Christy Clark Start Tracking Foreign Investors? The United States will begin tracking secret buyers of luxury real estate aka foreign investors. They will being by identifying and tracking buyers of luxury properties in Manhattan and Miami. In 2014, 54% of sales over 5 million in Manhattan were sold to...

Steve Saretsky -

Should Vancouver Consider Stackable Parking Stackable parking in Vancouver- Should we consider it? I did a YouTube video on stackable parking a few days ago and it would appear recent news further enhances my viewpoint. As I mentioned in the video you can watch HERE I talk about how other...

Steve Saretsky -

What’s the discount for foreign investors in Vancouver? It’s true, foreign investors in Vancouver are receiving some pretty big discounts. I’m not literally talking discounts from the Government or the seller himself. However, the Canadian dollar just fell below 69 cents for the first time in 15 years. After the...

Steve Saretsky -

Stackable Parking Could Solve Vancouver Parking Problems As the city of Vancouver continues to densify, parking is becoming more and more of a problem. Vancouver Parking stalls are being sold in Downtown Vancouver anywhere from 20,000-$50,000 to some higher end parking stalls going for as much as 120,000. So should...

Steve Saretsky -

Concord Pacific to Develop Molson Canadian Brewery The next big real estate development in Vancouver is coming. The Molson Canadian Brewery located just before the Burrard Street bridge, which was sold to a mystery buyer back in November, has now been revealed as Concord Pacific and it will be converted...

Steve Saretsky -

Major Changes to old Vancouver buildings on the way.  Huge changes have been proposed for strata corporations. We could start seeing lots of older buildings around Vancouver getting torn down and re developed. A new law has been proposed making it easier for owners to terminate their strata corporation. Currently,...

Steve Saretsky -

Vancouver Real Estate loneliness an epidemic.  It’s no secret the supply of land in Vancouver is extremely limited. Which is why developers are working to continue to densify downtown Vancouver with many new high-rise buildings planned. However, developers, city officials, and even fire fighters are facing some very serious issues....

Steve Saretsky -

Public Outrage over foreign investment. A recent Vancouver housing study has created a lot of backlash amongst Canadians. The Study released on Monday, tracked home sales in some of Vancouver’s most expensive areas, Of those 172 homes sold , 66% were sold to Chinese buyers. To say Chinese buyers are...

Steve Saretsky -

The Georgia Viaducts are coming Down Like it or not, the Georgia Viaducts are coming down. It’s inevitable. Personally, I don’t really care.. Now before anyone can say how can you not care, you live here you need to care! I don’t. Why? Because, I don’t concern myself with things...

Steve Saretsky -

Foreign Investors evading taxes through Vancouver real estate. I was born and raised in vancouver, my family is all from here. We’ve lived and breathed Vancouver for I don’t know how long. My parents are honest, hard working people. My dad is a pilot and my mom is a realtor...

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The Saretsky Report. December 2022