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- New home prices flat in Vancouver area
New home prices flat in Vancouver area
Plus, Canada's and Vancouver's food bank crisis
Good morning,
While fireworks may be banned in the city, that usually doesn’t stop anyone from using them during Halloween. But, technically speaking, you can be issued with a $1,000 ticket…
Today’s top story is, like most housing stories, not the most positive, but there is a ray of sunshine when it comes to rising prices. We’ve also got a breakdown of a new food bank report on how many people are using their services. It’s more than you think.
Let’s dive in.
— Geoff Sharpe, Lookout managing editor
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WEATHER
Wednesday: 11 🌡️ 7 | 🌧️
Thursday: 12 🌡️ 6 | 🌧️
Friday: 11 🌡️ 6 | 🌤️
HOUSING
New home prices flat in Vancouver area
What happened: Good news for anyone trying to buy a home in Vancouver — new home prices were down 0.2 per cent in September and are the same as they were a year ago, for the Vancouver Metropolitan census area, according to Business in Vancouver.
This is a similar trend nationwide, where new home prices have been mostly flat since mid-2022. The measurement used for this is Statistics Canada’s New Housing Price Index, and covers things like market prices minus taxes. It only measures single homes, semi-detached and townhouses in 27 census metropolitan areas.
Retirement woes: A new study from StatisticsCanada shows that those who own a home are in a much better position in terms of wealth, which is not really that surprising. But maybe the numbers will shock you…
Those with a home had a median net worth of $914,000, according to analysis from Urbanized. Those without a home or pension, and rented, had a net worth of $11,900.
If you owned a home and were under 35, your net worth was, on average $457,100 in 2023, up from $142,900 in 2019. And those without a home only had their net worth rise from $26,800 to $44,000. Quite the difference!
What it means: Think old and young people are divided? One of the biggest cleavages in society is between those who can afford a home and those who can’t. Homes act as a nest egg for retirement, as fewer and fewer companies offer pensions. A recent poll from Scotiabank showed that of young people between 18-35, only 26 per cent own a home today, versus 47 per cent in 2021. As fewer people can afford a home, the more precarious their financial situation is.
One idea: A land value tax has been one idea thrown around as a solution to get more housing built. Rather than just property taxes, it applies a tax on the value of the land, helping encourage more development. You can read about the idea here.
VANCOUVER NUMBERS
👞 30: The number of years Blundstones have been in Canada. Fun fact, they are actually an Australian company, though you could be forgiven considering how many you see in Vancouver. [Vancouver Sun]
🚢 1.32 million: The number of cruise ship passengers in Vancouver this year, from 327 cruise ship visits. [Urbanized]
🌊365: The number of claims ICBC has received from atmospheric river flood damage this month. [CityNews]
SPONSORED BY COASTAL JAZZ
IronFest V serves up experimental sounds and creative jazz compositions
IronFest is known for exploring the creative, improvised side of jazz music. The fifth edition from Coastal Jazz includes two nights of double bills featuring gifted players and composers: Asrar Quartet and Jessica Ackerley Trio (November 1) followed by Kevin Romain's Salience Network and the Brodie West Quintet (November 2) at The Ironworks. Tickets available online or at the door ($35/night plus fees). Presented in association with the Downtown Eastside Heart of the City Festival.
POVERTY
Canada’s food bank crisis
What happened: The rapid rise in food prices not only hurts your family’s pocketbook, but it also has downstream impacts that you may not know of. One of those is the number of Canadians, and Vancouver residents, using food banks, which has more than doubled since 2018, from one million to two million, according to Food Banks Canada’s HungerCount 2024 Report.
Background: I don’t need to tell you prices are higher, but here’s the stat anyway — since May 2020, grocery prices have risen by 22.5 per cent, according to Statistics Canada.
The numbers: It’s not just who you might think is using them. One out of every six people who used food banks was employed, while 33 per cent were children. Two parent households are also accessing food banks more, up to 22.8 per cent of users in 2023 from 18.8 in 2019.
At home: The Greater Vancouver Food Bank says it has 15,000 people registered to use its services, up from 6,500 only six years ago, according to CTV. Even more worrying is that 30 per cent of food banks are running out of food.
What you can do: There’s not much we individually can do to change food prices. But F Banks Canada has launched a petition you can sign calling on the government to enact key policies they say will help solve the problem.
My recommendation? While not a perfect solution, smaller independent grocery stores tend to have cheaper food, including fruits and vegetables. It’s not a solution for everyone since these stores aren’t everywhere or every type of food, but you’d be surprised how much more affordable they are.
DREAM HOME
Now this is living…
First, who doesn’t love the West End? Second, the floors in this place are immaculate. This two-bedroom, two-bathroom townhome is truly a place to soak up beauty.
House of The Week is a home selected by the Lookout team and is not a paid advertisement. All ads are labelled as such. If you’re a realtor who wishes to feature your home in our newsletter, please contact our sales team.
THE AGENDA
❌ If you were at YVR on Oct. 16 at around 5:30 or after, you may have been exposed to a potential measles outbreak, as one guest visited the airport with it. Those in Terminal M and Gate B17 around that time may want to get tested. [CBC]
🗳️ OneCity Coun. Christine Boyle announced she plans to resign from council after being elected as NDP MLA for Vancouver-Little Mountain. Boyle isn’t resigning just yet, but is taking an unpaid leave of absence, after staff asked her to hold off until they could prepare for a by-election, which is triggered as soon as a resignation is submitted. A chief election officer is selected and then an election occurs 80 days after their selection. [Global]
👮 Lost in the shuffle of the news last week is that Vancouver council backed the mayor’s plan to bring in a community policing centre in Gastown, calling it a “step in the right direction” to help with the unique needs of the neighbourhood. The location of the centre will be at West Hastings and Abbott Streets, though there is no exact date for when it will open. The cost will be $200,000 per year. [Vancouver is Awesome]
🔫A building at UBC was evacuated on Monday due to reports of someone carrying a gun. It turns out it was just a water gun, from a youth who wasn’t even university-aged. [Vancouver is Awesome]
🏒 And in another night of bad news for Vancouver sports fans, the Canucks lost 4-3 against the Carolina Hurricanes, even though they almost came back after being down 3-1. The team is 4-1-3 as of Tuesday afternoon, sitting at 3rd in the Western Conference. [CityNews]
⚽The Whitecaps were defeated by Los Angeles FC 2-1 on Sunday night. [The Province]
Outside the city
🗳️ After all the votes were tallied, the BC NDP managed to squeak out a victory. Premier David Eby will not need the BC Greens to form a majority government with 47 seats, though the margin is razor thin, with only a one-seat majority.
🔌 In what is going to be an increasing trend as more people purchase electric vehicles, developer Concord Pacific announced that all 1,974 of its parking stalls at a Brentwood project would have EV quick-charging stations. It turns out this is the largest EV parking facility in the entire world. [Vancouver Sun]
🏖️ West Vancouver sold a beachfront lot to a private landowner for $6.5 million. But the property owner says they’ll keep access to the beach, replacing the old trail once a new one is created. Concerns were raised that access to Altamont Beach would be limited by the new owner. [CBC]
PHOTO OF THE DAY
Here are some nice shots of False Creek a few nights ago.
COMMUNITY HIGHLIGHTS
While Taylor Swift’s Vancouver shows are still more than a month away, businesses have prepared a bunch of events in the coming weeks. [Vancouver Sun]
Discover trends, business tips, top food spots, and Vancouver’s hidden gems with “Hey, Downtown Van!” Listen now on Spotify and Apple Podcasts! [Sponsored]
A fluffy Japanese pancake chain restaurant is opening up on Robson this November.
Here’s a feel-good story about how the Vancouver Aquarium helped save a sea lion trapped in a fishing line. Warning, it’s a bit graphic (but the seal survived!). [Global News]
Heads up, check your food because a bunch of items have been recalled lately. [Narcity]
Feel like social media is manipulating your habits? You’re not alone. Log Off newsletter gives you the tools to fight back and reclaim your attention. Subscribe in one click. [Sponsored]
Want to have your announcement featured? Learn how here.
GAME TIME
Congrats to Cam, who knew the answer to yesterday’s quiz. The answer to when fire sprinklers were required in new buildings in Vancouver was 1992.
Today’s Vancouver Guesser might be a tough one. Can you name this park? It’s in the southern part of Vancouver. Reply to this email with the correct answer and your name to be featured in the newsletter.
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