What the BC throne speech could mean for Vancouver

Good morning,

Jamie’s recent story has me really wanting some perogies. Birria perogies? Yes please.

Today we’ve got the lowdown on housing prices, what the throne speech means for Vancouver and an outrageous dream home in Point Grey (dream because no one can afford it).

Let’s get to it.

— Geoff Sharpe

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Weather Report

Wednesday: 7 🌡️ 4 | ⛅

Thursday: 10 🌡️ 6 | 🌧

Friday: 8 🌡️ 4 | 🌧

VANCOUVER NUMBERS

🛗 9: The number of floors at the Portland Hotel SRO that currently has a broken elevator. Residents are protesting and demanding the PHS Community Services Society fix it.

🚙 187: The number of parking notices given to illegal motorhome and campervans parking at Spanish Banks since October. [CTV]

PROVINCE

How the speech from the throne could impact Vancouver

What happened: Premier David Eby’s first throne speech focused on a number of issues that will have a direct effect on Vancouver, according to the Vancouver Sun.

The Throne Speech mentioned Vancouver a number of times, mostly to tout existing programs and policies the government already was implementing, including the Speculation and Vacancy Tax and action to move people to secure housing, and out of tents, in the Downtown Eastside.

Housing: Eby promised to focus on expanding housing, especially near transit hubs. More pertinent to Vancouver is a promise to rethink and fix B.C.’s social housing program.

• Middle-class families could also get access to government-subsidized housing rather than just low-income people.

Private healthcare: The speech promised to continue to crack down on private healthcare. This follows a recent lawsuit against a private Vancouver clinic Harrison Healthcare for what the government deems as illegal extra billing.

Overall takeaway: The government plans to use their $6-billion surplus to tackle big issues, including many that are critical for Vancouver, such as housing. This is a different tune from John Horgan, who racked up surpluses but, according to Daily Hive, left billions unspent.

Yes, but: A throne speech is always big on rhetoric but short on details and primarily serves as a way to lay out government priorities in broad strokes. The subsequent budget will provide a more thorough breakdown of how the money will be spent and what policies will be implemented. The budget is expected to be tabled at the end of the month.

DREAM HOME

Your dream home in West Point Grey

Vancouver-affordable

Usually this section is reserved for, shall we say, less than satisfactory homes. Vancouver isn’t really known for its affordability.

That’s why this unit is so surprising. At 620 square feet, with one bedroom and a big patio, it’s actually, dare we say, nice. And at this price, it’s affordable (for Vancouver).

Not affordable

A two-level unit, with two bedrooms, two bathrooms and a parking stall? It’s practically a dream home. The location, next to some great schools, is also a real plus. Of course, it’s not cheap, but you could do worse for the price in Vancouver.

The “only in your dreams” home

It wouldn’t be West Point Grey without some extravagance. And this home brings the receipts.

An ocean view, beautifully designed architecture, a hot tub, an outdoor kitchen, and a wine cellar… It’s definitely a Lookout dream home.

Of course, a dream home comes with a price tag you could only afford in your dreams. No amount of penny-pinching can make this multi-million dollar home more affordable.

DEVELOPMENT

Housing prices and the missing "missing middle"

Hot off the heels of our summary of Vancouver’s rental market on Monday, things might be looking up in terms of housing costs. Maybe…

What’s happening: A new forecast from the British Columbia Real Estate Association (BCREA) says that while house prices are expected to drop this year, they will rebound next year, according to the Vancouver Sun.

The drop: Prices are expected to fall by 7.2 percent in Greater Vancouver this year, from $1.27 to $1.18 million. That’s still a lot of avocados to give up!

Yes, but: That doesn’t mean housing is more affordable. Purchasing a home now requires Canadians to pay 62.7 percent of their income, according to the Financial Post. Interest rates have also made it even harder:

“To buy a home in Vancouver at the benchmark price in the third quarter of 2021, households needed an income of $200,000 to qualify for a mortgage. Fast forward a year later, and households need an income of $268,000 — 34 per cent more,” according to the Financial Post.

Problems with missing middle housing plan?

If you were hoping for some brand-spanking new duplex-style homes, you might have to wait. At least that’s what a new report says about Vancouver's much-touted missing-middle housing strategy.

What is it: The missing-middle housing plan announced by the city that’s currently under discussion — you can read about it here — would allow between four and six units to be built on lots throughout the city. The idea is to expand the available housing supply by making it easier to build housing bigger than a condo, but smaller than a house. This is the “missing middle.”

The problem: An analysis by Abundant Housing explains how the plan does not go nearly far enough.

• It would only affect around 150 projects per year, as it would primarily replace homes that were already being developed.

• The ratio of the floor area of a building to land area — the size of a potential building — is only 17.6 percent larger than what is currently allowed for laneway housing.

The bigger concern: Most of the housing types that are needed — townhouses and small apartment buildings — would still remain illegal according to the analysis.

THE AGENDA

📜 The B.C. government is suing a for-profit clinic Harrison Healthcare, claiming their practice of charging for bundled health services is illegal. It’s part of a broader crackdown against private healthcare services by the NDP government. [Vancouver Sun]

✝️ A debate over where the East Van Cross should move to was much ado about nothing, as the city says they have no plans to move it. [Vancouver Sun]

👨‍💼 According to the city, the mayor’s chief of staff has left after only three months and will be returning to the private sector. [Urbanized]

🏒 Could the Vancouver Canucks be about to trade goaltender Thatcher Demko? Four teams have called the Canucks, inquiring about trade potential. [Offside]

🗓️ B.C. is making Sept. 30 a paid stat holiday to honour National Day for Truth and Reconciliation. [Vancouver Sun]

🆘 About 12 to 15 urban search and rescuers will be flying to Turkey from Vancouver to help search for survivors of the earthquakes in Turkey and Syria. [Vancouver Sun]

🚓 A man was discovered dead in Chinatown, near West Pender and Carrall street. No arrests have been made but the police are investigating. [Global]

COMMUNITY HIGHLIGHTS

• Here are the 10 things about Vancouver’s food scene that our food editor loved.

• Good news, the Vancouver Folk Music Festival might be saved. [Georgia Straight]

• This bar has what our food editor says is the best happy hour in the city.

• One Vancouver city councillor wants more country lanes, which he says should lead to a more attractive and greener city. [Vancouver is Awesome]

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PHOTO OF THE DAY

Reddit user /somorin shared this beautiful photo of a recent Vancouver sunset. Lovely!

Have a photo you want featured? Send it over and we’ll feature it.

GAME TIME

Congrats to Melania who guessed correctly that Vancouver rents dropped by only $6.

Can you guess where this photo above is? Let us know and we'll mention you in the next newsletter!