“The speculators are creating empty-feeling, overpriced neighbourhoods, the opposite of settling down and getting to know the neighbours”.
“There are the people in the expensive houses. And then there are the people making the coffee, cleaning the houses, caring for children and the elderly, and working at 7-Eleven. Where do they live?
We’re a city filled with people relying on real estate appreciation. That couldn’t be good. The median household income based on census figures and adjusted for the rate of inflation is $53,736 in Vancouver proper. We are not a wealthy city. But our two-storey houses cost more than double the national average price of $407,044. Ms. Garossino made the point at the panel discussion.
“While there is a great deal of sober and moderate opinion saying we have always had this problem, actually it’s quite a bit worse than it was before,” she says. “Now I think it’s a real drag on the rest of our economy. We are marginalizing huge sectors of our population who should be living in relative security.”
Her biggest concern is the idea that towers – comprised mostly of studios and one-bedroom apartments, and sold as presales – ease affordability.
“I think we are creating a form of housing that is perfectly suited to speculation. It couldn’t be more suited to speculation.”