Posts Tagged ‘Vancouver’

Swiss funding financial institution UBS has deemed Toronto and Vancouver to have among the many world’s greatest housing bubbles, with mispricing that is much more pronounced than it’s in costly cities like Paris and San Francisco.

In an annual report revealed Thursday, the Swiss financial institution checked out 20 cities all over the world which can be thought of to be monetary centres, native metropolises which can be hubs for his or her regional economies. The listing consists of acquainted names similar to Tokyo, New York, Sydney, Singapore and others, and for essentially the most half, all of the cities on the listing share one factor in widespread — the price of residing is greater there than it’s in different close by locations.

Some cities have been worse for renters and others introduced explicit challenges for foreigners. By way of general housing costs being way over they need to be based mostly on fundamentals, the financial institution singled out six cities for having worse housing bubbles than anyplace else:

  • Hong Kong. 
  • Munich.
  • Toronto. 
  • Vancouver.
  • London.
  • Amsterdam.

Utilizing information about native salaries, housing costs, rental markets, mortgage debt and different metrics, the financial institution checked out 20 of the greatest housing markets and gave every metropolis a rating. A rating beneath –1.5 is taken into account to be a depressed market, whereas a rating in a variety of between –1.5 to –zero.5 is taken into account undervalued. Pretty valued to UBS is between –zero.5 and zero.5, whereas overvalued is as much as 1.5. Something above 1.5 is taken into account to be a bubble, which the financial institution defines as ” a considerable and sustained mispricing of an asset, the existence of which can’t be proved except it bursts.”

Vancouver scored a 1.92. Toronto was even greater, at 1.95.

That is not as unhealthy as Hong Kong, which topped the listing with a rating of two.03. However each Canadian cities are solidly within the vary the place the financial institution considers them to be among the many most overvalued housing markets on this planet.

Over the previous 5 years, UBS says housing markets on this planet’s greatest cities have gone up on common by about 35 per cent. Vancouver has gone up by twice that. Toronto is up by 50 per cent.

The financial institution says a brand new overseas consumers tax applied in 2017 “proved futile in braking its increase” in Vancouver as after a quick pause, town’s housing market has continued to rise. By the financial institution’s calculations, the sale worth for a 675-square-foot residence close to downtown would value a extremely expert service employee 9 years in wage to afford. And even that assumption is predicated on the unattainable premise that they might spend 100 per cent of their earnings on their dwelling.

Not all of the cities UBS analyzed have been deemed to have overpriced housing. (Scott Galley/CBC)

A current slowdown in Toronto has made town marginally extra inexpensive for prosperous folks. However a 675-square-foot residence in downtown Toronto would value a extremely expert service employee greater than six years in wage to afford.

“Value dynamics have slowed significantly and its index rating declined considerably from final yr’s,” the financial institution mentioned.

The financial institution additionally mentioned “rising charges, stricter market laws or an financial downturn may flip the lights out on the get together given the excessive valuations and strained affordability.”

Excessive costs for housing have trickled down into the rental market, too, however even then there’s ominoud clouds on the horizon.

Based mostly on the financial institution’s calculations, anybody shopping for housing in Toronto as an funding property must hire it out for 25 years to interrupt even, based mostly on present charges. In Vancouver, it will take even longer — as much as 34 years.

“Buyers anticipate being compensated with capital features for overly low rental yields,” UBS mentioned. “If such hopes don’t materialize and expectations deteriorate, owners in markets with excessive price-to-rent multiples are more likely to endure important capital losses.”

The family of Alfred Wong, the 15-year-old bystander who was killed in an exchange of gunfire in Vancouver on Jan.13, will be speaking to the media at 2 p.m. PT (5 p.m. ET) on Monday.

Wong’s older brother and the family’s pastor will be answering questions at Vancouver Police Adran pencadlys.

CBS News will livestream the conference when it begins.

Wong was a student a Pinetree Secondary in Coquitlam. He was shot while riding with his parents in a car travelling near the intersection of West Broadway and Ontario Street.

Two other men were also struck by bullets, including 23-year-old Kevin Whiteside, whom police believe was the intended victim and who later died.

Alfred Wong memorial

Flowers mark the location in Vancouver, on West Broadway, near where 15-year-old bystander Alfred Wong was shot and killed. (Christer Waara/CBC)

Police say Whiteside was known to them and court records show he had numerous run-ins with the law.

Dod i fyny BYW yn 2 p PT: Heddlu yn darparu mwy fanylion saethu y anafwyd tri o bobl yn Vancouver dydd sadwrn night, including a 15-year-old male bystander.

Police are investigating a shooting that injured three people in Vancouver Saturday night, including a 15-year-old male bystander.

Vancouver police responded to a report of several shots fired in the area of East Broadway and Ontario Street. The three victims were immediately treated by paramedics.

The 15-year-old victim was seriously injured and taken to hospital. The Coquitlam teen was in a vehicle that was driving by at the time of the shooting.

A Vancouver man in his early 20au was taken to hospital with life-threatening injuries. Investigators believe this man was targeted.

The third victim, a Vancouver man in his 30s, sustained minor injuries. Police believe he was not targeted and he was treated at the scene and released.

ONTARIO BROADWAY SHOOTING VANCOUVER

Vancouver police shut down several blocks of Broadway in Vancouver for a shooting investigation. (Gian-Paolo Mendoza/CBC)

No arrests have been made and the area around East Broadway and Ontario Street is expected to remain blocked for several more hours.

Investigators with the VPD yn Major Crime Section are asking anyone who witnessed the shooting, or who may have dash-cam footage and was driving in the area between 9 p.m. and 9:30 p.m. Saturday night, to call 604-717-2500.