Vancouver had been an attractive place to purchase homes for a long time. But the drastic change in mortgage laws and levy of 15 percent additional tax has forced foreign buyers to look for other housing options in different cities. In their search for new pastures, Toronto has become a piping-hot destination for home buyers. Foreign buyers are leaving Vancouver en bloc, and heading to Toronto to invest in its real estate.
According to recent reports the sales and populace ratio has increased with a high margin. The real estate market of Toronto is climbing ladders
with an increase in immigration and first time home buyers. The sales in the housing market of Vancouver have decreased by 33 percent
; it is predicted that next year also there will be a drop of 10 percent in sales with 1 percent decrease in prices.
Vancouver City’s New Acquisition
The non-profit land trust, The Land Conservancy of B.C (TLC) is selling properties to get rid of the insuperable debt. TLC recently acquired the approval by Supreme Court of B.C to transfer the Historic Joy Kogawa House to the City of Vancouver.
It is the childhood home of Canadian author Joy Kogawa, best known for her novel Obasan.
In 2006 the house was bought by TLC to avert its demolition. It is maintained by the Historic Joy Kogawa House Society as a heritage and cultural center and will further continue to function under the ownership of the City of Vancouver; this act of transfer of rights of the house from TLC to the City Of Vancouver is highly supported by the Kogawa board. The property was transferred for $634,000 and the funds from the sale will pay off TLC’s creditors.
The Horrendous House in Vancouver
Halloween in Vancouver
is not just about putting on your costumes on the October 31st; it about celebrating the spooky fun with scary tricks and pranks, mythical creatures and many other uber-scary and fascinating, eerie ideas.
One such kind of celebration happened this year at the house of Mik Lernout, a native of Vancouver. Mik bedecked his heritage-style home for Halloween in a perfect exemplary resemblance to an enormous and frightening monster, and to make it scarier, attached a Smokey nose at the entrance of the house. The Vancouver’s monster house
is gaining a lot of fame and popularity amongst Instagrammers across the City of Vancouver. This Halloween, go and indulge in a sorcery and magical experience at Mik’s monster house in Vancouver.
Toronto housing market continue to break another record since Vancouver's 15% foreign tax has been introduced.
Zoning Could Be the Solution
Every problem has a solution; considering this thought in mind, the global experts gathered for a city-organized conference to discuss the current situation in real estate market. The main idea behind the conference was to bring about some practical solutions that facilitate the inhabitants of the city with reasonable housing choices.
During the discussion, it was realized that there are other cities too that are struggling and coping with the similar problem of housing affordability. These cities can enlighten Vancouver’s way out of this crisis. Other than real estate costs there are other mortgage payments such as conveyance, child care and student mortgage that people have to take care off.
The discussion provided some good resolutions such as the Vancouver city making more space for prospects in real estate through zoning
. There should be authorization to build duplexes, stacked townhouses and other infill apartments that will aid in maintaining the supply and demand balance. The large patch of land in the region should be zoned for single-housing family, and the municipalities can also update their zoning bylaws by allowing collective living. Another easy solution can be rezoning in buildings for the natives with low-income.
In the end, there is no single wonder drug to resolve this critical situation at hand.
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