Business & Economy
July 16, 2018

The View from the New York Times on the $2.7 Million House in Lions Bay

Last week, Lisa Prevost of The New York Times took a look at purchasing a four-bedroom house on the “bluffs” of Vancouver; in reality, the house is 32 kilometres north of Vancouver in Lions Bay. The price is CAD $2.7 million, in our local market which has increased by 40 per cent in the last decade.

The property is less than a mile from the Lions Bay Marina and Lions Bay Beach Park, “the most idyllic little beach. With a population of roughly 1,350, the village has just a few shops for necessities, he said; more shopping and dining can be found about 15 minutes south, in West Vancouver.

Phil Moore, president of the Real Estate Board of Greater Vancouver, calls Vancouver “the California of Canada”, pointing out that 40,000 people coming into the metropolitan area annually, presumably undeterred by the prices.

The Times article states that the benchmark sale price for a detached house is $1.6 million in Vancouver, and that in the more exclusive West Vancouver, “that buys you nothing. That’s an area that’s $3 million and above.”

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Peter German’s 250-page report “Dirty Money“, delivered to Attorney General David Eby on March 31 and to the people of British Columbia almost three months later, contained more than just a set of 48 recommendations for the response and reforms to the gaming industry.

It also delivered a scathing review of casino operations, oversight and regulation in British Columbia, a sector wallowing in poorly-written legislation, acrimony and denial between various concerned entities, such that “certain Lower Mainland casinos unwittingly served as laundromats for the proceeds of organized crime.”

German describes it as a “collective system failure” of the province’s casinos, where an estimated $100 million of illicitly gained currency transferred from anonymous hand to anonymous hand.

That the money laundering uncovered so far in casinos is but a “drop in the bucket”, according to Mr. German’s interviews, is disturbing enough. But it delivered a third eye-opener — that there are likely other sectors in the provincial economy are being used, mis-used and abused in the same way.

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The majority of Vancouver’s land is zoned for residential use, but forbids apartment buildings.  (click to enlarge)

Thanks to @GRIDSVancouver for this rendering of the opportunity in Vancouver to change zoning and provide more housing for more people.

My question: how will this play out in the upcoming civic election? A split across traditional left-right dimensions? Emergence of new poles of opinion  density increase, or status quo; rezone or not; rezone much, or a little; rezone on arterials only; rezone only mansion-oriented pockets; rip out bike lanes?

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