CCEC Blog
Search
 

Housing and land-use regulation are the biggest factors in affordability; those are responsibility of provincial, regional and municipal governments. There's little the federal government can do to improve housing affordability.

Learn more. CCEC has partnered with DOXA as a screening partner for PUSH, a global view on the housing crisis.

So the benefits of the recently announced federal government’s measures will be modest. For example, the increased RRSP withdrawal is equal to only six months of the average house-price increase since 2000. Between 2000 and 2015, average house prices increased about three times the increase rate of incomes.

The shared-equity mortgages, for example, would be available only to first-time-buyer households with annual incomes under $120,000. The CMHC mortgage limitation would further restrict the maximum mortgages to $480,000. Shared-equity mortgages are not very effective in Vancouver where most house prices are too costly for a $480,000 mortgage.

Yet the housing affordability crisis is serious. Vancouver ranked as the second-least affordable among 90 major metropolitan areas in nine nations in the latest Demographia International Housing Affordability Survey(released in Canada by the Frontier Centre for Public Policy), trailing only Hong Kong. 

The Vancouver housing-affordability crisis has also developed as our City Government has developed some of the most restrictive land-use policies in the high-income world. 

With our local urban-containment policy, denser, high-rise housing offers virtually no help. In Vancouver, condominium prices are nearly equal to detached house prices 10 years ago. This does not take into consideration the smaller size of condominiums compared to houses. Moreover high-rise condominiums provide no yards in which children can play, which makes them less family-friendly.

The average detached house in Vancouver averages about $1.5 million. Cities including Victoria and Kelowna now show average house prices equaling the $1 million in Toronto.

Solving Canada’s housing affordability crisis will require provincial, regional and municipal action. It must start with addressing the price of land, which is the proximate cause of both the housing affordability and cost-of-living crises.

(Points from National Post article by Wendell Cox, senior fellow at the Frontier Centre for Public Policy, co-author of the Demographia International Housing Affordability Survey and author of Demographia World Urban Areas.   https://business.financialpost.com/opinion/why-ottawas-attempts-to-help-young-canadians-afford-housing-simply-wont-work)

CCEC is pleased to partner with DOXA as a screening partner for PUSH, a global view on the housing crisis.

Currently rated 0.0 by 0 people

April 24: Join the ACORN Fair Banking Campaign Rally at Fairstone Metrotown. 

At CCEC we support the work of ACORN Fair Banking campaign. and have been providing our members with emergency short term loans for many years. We also provide debt consolidation services to help our members avoid the predatory lenders. 

Non-bank lenders like Fairstone are unregulated when they give out loans over $1500. They give out loans up to $20,000 at rates as high as 59%  which is still considered legal (under 60% is legal in Canada). Fairstone recently rebranded from CITI Financial. You may have heard of them as they were a leader in the US with predatory mortgages. In the US, they paid penalties of over $7 Billion for their role in financially destroying millions of Americans. So, they renamed their high interest loan outlets as Fairstone. ACORN's campaign for Fair Banking is putting Fairstone on notice that their days of unregulated lending are coming to an end.

The BC Government has introduced legislation that would license high-interest lenders, enabling them to cap the interest rates and other predatory lending practices. "Regrettably many people do not understand the true implications of taking out a high-cost loan only to find out later how hard and how long it can take to repay,” says Scott Hannah, president of the Credit Counselling Society.

Email Metrovan@acorncanada.org for more info on ACORN's campaign and be sure to join the rally on April 24!  

Call CCEC if you need a short term or other loan. We want to work with our members to avoid them feeling they need to work with predatory lenders. 

Currently rated 0.0 by 0 people

BC has a high rate of foreign ownership. Why? Wealthy people in unstable regimes want to buy here; we have a history of 'selling passports or residency' to wealthy families; and our current tax system subsidizes foreign ownership. The tax called the Speculation and Vacancy Tax (SVT) is aimed at limiting speculation, not necessarily taxing “speculators”.

Read this article for more information  The Speculation and Vacancy Tax: An Explainer Josh Gordon School of Public Policy, Simon Fraser University March 4, 2019.  A few points from the article are noted here.

CRA  allows a wealthy person to access all of the social services and public amenities as the high-earning local individual, but not pay income taxes. They can file as a non-tax resident, even if their family resides here. This is the so called “satellite family” situation. Gordon, in his article, states that we can address this issue in the tax system by imposing a property surtax on families who have most of their income earned abroad. The speculation component of the SVT seeks to address a tax avoidance problem. 

However, there are many exemptions and foreign owners and satellite families are able to avoid a speculation tax liability if they rent out their properties to an arms-length tenant, in whole or in part. The  SVT aims to encourage unused housing units into the rental market with vacancy taxes. For many,  housing sitting empty, especially as speculative investments, in the midst of a housing crisis is unacceptable.

So, “Why don’t we just ban foreign ownership already?” Some have urged banning foreign ownership as an alternative to the SVT. With the foreign buyer tax, currently at 20%, purchases by foreign buyers are already down substantially at only 2-3 percent of total purchases last year in affected areas. 

The housing crisis is not an easy problem to solve. Learn more by reading this article about the SVT - Speculation and Vacancy Tax and it's intent and aims.  Tell us what you think. 

Read this article for more information  The Speculation and Vacancy Tax: An Explainer Josh Gordon School of Public Policy, Simon Fraser University March 4, 2019.‚Äč

 

 

 

Currently rated 0.0 by 0 people

Rent increases, renovictions, gentrification and unaffordability is a key issue we hear from those who have completed our member survey. CCEC is sponsoring Push at the 2019 DOXA Festival. The issue is not about gentrification, it’s a different kind of monster: Housing as a financial asset, a place to park money. The film looks at housing prices skyrocketing in cities worldwide. Longtime residents are pushed out. Not even nurses, policemen and firefighters can afford to live in the cities that they are supposed to protect. Push investigates why we can’t afford to live in our own cities anymore. Housing is a fundamental human right, a precondition to a safe and healthy life. But in cities all around the world having a place to live is becoming more and more difficult. Who are the players and what are the factors that make housing one of today’s most pressing world issues?  Click here to read more about the film. 

May 4 12:00nn Vancity Theatre: part of the Justice Forum and includes a post-film discussion.

May 10 6:00pm SFU

Buy Tickets here

Currently rated 0.0 by 0 people

If you have a moment this Spring, it’s time for a bit of comedy from Theatre In the Raw. As part of its 25th season of production, Vancouver’s Theatre In the Raw is presenting the uproarious play Enter Laughing by Joseph Stein adapted from Carl Reiner’s novel. Carl Reiner, a well-known comedian with many credits to his name, was instrumental part of Sid Caesar’s hilarious TV comedy series Your Show of Shows and other endeavors. The show runs for 10 performances at Studio 16 (1551 West 7th Ave) between May 8th and May 19th.

In the mid-1930s in NYC, David Kolowitz is on track to fulfill all of his parent’s hopes and dreams by becoming a druggist. David Kolowitz however, has ideas of his own.


David Kolowitz wants to be an actor. Loosely based on Carl Reiner’s autobiography,

Enter Laughing focuses on the first awkward steps a performer takes into the limelight.

This ensemble cast features Adam Olgui, Jacques Lalonde, R. David Stephens, Elliot Wesley, Janis Harper, Giuseppe Bevilacqua, Jennie McCahill, Noella Ansaldi, Ralston Harris, Lisa Robertson, Stanley Fraser, and Gavi Beigel under the direction of Theatre In the Raw’s artistic director Jay Hamburger.

Come celebrate a quarter century of theatre production by Theatre In the Raw with Enter Laughing by Joseph Stein – May 8th to 19th at Studio 16. Perhaps never done before in the Lower Mainland, it’s a show not to be missed. Tickets on sale now at www.theatreintheraw.ca.

Currently rated 0.0 by 0 people
Tags: n/a

Search

home | memberdirectprivacy policy | contact | site map
© 2015 CCEC Credit Union. All Rights Reserved.