{"id":22759,"date":"2017-02-11T16:24:44","date_gmt":"2017-02-11T21:24:44","guid":{"rendered":"http:\/\/olduvai.ca\/?p=22759"},"modified":"2017-02-11T16:24:44","modified_gmt":"2017-02-11T21:24:44","slug":"there-are-66719-empty-mansions-in-vancouver","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=22759","title":{"rendered":"There Are 66,719 Empty Mansions In Vancouver"},"content":{"rendered":"

There Are 66,719 Empty Mansions In Vancouver<\/a><\/h3>\n
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One year ago, when we first started discussing the Vancouver housing bubble, which as we first speculated – and was later confirmed – was the result of Chinese oligarch money-launderers parking “hot cash” in this offshore housing market (at least\u00a0until a 15% property tax on foreign\u00a0<\/a>purchases\u00a0made Seattle the new Vancouver<\/a>), we said that Vancouver houses had become the\u00a0de facto\u00a0<\/em>new Swiss bank account<\/a>, and because of that the houses – once purchased – would remain a highly overprized, if vacant tribute to China’s soaring capital outflows.<\/div>\n
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Now, courtesy of data by urban planner Andy Yan of Simon Fraser University\u2019s City Program, this has been confirmed because according to the latest census numbers, as of 2016 there were 25,502 unoccupied or empty housing units in the City of Vancouver. Expanding to include the entire metro area,\u00a0Yan found that vacant or temporarily occupied dwellings\u00a0have more than doubled since 2001 to 66,719 last year\u00a0<\/a>as neighborhoods have hollowed out.<\/strong><\/p>\n

<\/a>
\nA home sits empty, and awaiting demolition, at the corner of Parker Street\u00a0<\/em>
\nand Victoria Drive in Vancouver on Wednesday<\/em><\/p>\n

Yan compared census data for Vancouver over several decades to see how the percentage of \u201cunoccupied\u201d units or ones \u201coccupied solely by foreign residents and\/or temporary present residents on Census Day\u201d has doubled during that time the\u00a0Vancouver Sun reported<\/a>. In 1986, it was 4%. By 2016, it had doubled to 8.2%.<\/p>\n

<\/a><\/p>\n

\u201cExact definitions and measures have changed slightly over 30 years and patterns should be interpreted as directional,\u201d Yan writes in a report released Wednesday.<\/p>\n

The number of Vancouver’s prized, if vacant, mansions far outstrips other municipalities with 25,502 units that are either unoccupied or owned by temporary or foreign residents.<\/p>\n

<\/a><\/p>\n

Yan said most of these were concentrated in three areas: Coal Harbour, Marine Gateway and Joyce-Collingwood. Surrey came in second at 11,195, Burnaby at 5,829 and Richmond at 4,021.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

There Are 66,719 Empty Mansions In Vancouver One year ago, when we first started discussing the Vancouver housing bubble, which as we first speculated – and was later confirmed – was the result of Chinese oligarch money-launderers parking “hot cash” in this offshore housing market (at least\u00a0until a 15% property tax on foreign\u00a0purchases\u00a0made Seattle the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[14802,103,7976,130,537,6088,1340,4318],"class_list":["post-22759","post","type-post","status-publish","format-standard","hentry","category-economics","tag-andy-yan","tag-canada","tag-capital-flight","tag-china","tag-money-laundering","tag-simon-fraser-university","tag-vancouver","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22759","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22759"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22759\/revisions"}],"predecessor-version":[{"id":22760,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22759\/revisions\/22760"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}