TD Canada Trust doing business as simply TD is the personal, small business and commercial banking operation of the TorontoDominion Bank TD in Canada. TD Canada. By Carla Marie Rupp Costa Rica is a great destination for those on a budget, ever more so for a woman traveling alone. Its a Latin American country at peace, where. Vancity Able Program OhioExperts take on B. C. s housing affordability crisis at annual UBCMIts not often that data about Metro Vancouvers much debated housing market can make a roomful of politicians gasp, but thats just what happened Monday during this years annual UBCM convention. A trio of experts gave captivated municipal leaders from around the province insight into the affordability crisis plaguing parts of B. C., a look at serious ramifications that could follow, and a glimpse at possible solutions. David Ley, a geography professor at the University of B. C., helped lay the groundwork for the discussion. We are in an absolutely bizarre situation here, Ley said, presenting 2. U. S. consultancy Demographia that showed detached homes in Vancouver cost 1. A ratio of at most three times income is defined as affordable. Andy Yan, director of Simon Fraser Universitys City Program, put that same relationship a little more simply. Where does Vancouver sit Its housing values are between Honolulu and San Francisco at Halifax incomes. Things are similarly bad in the Fraser Valley, where housing prices are seven times median incomes. And heres where those gasps and exclamations of wow came in Yan first presented a slide that showed million dollar plus detached homes in Metro to be concentrated in Vancouver. Then he showed another that included household transportation costs paid out over a 2. Suddenly, those million dollar homes had spread clear across Metro. We cant necessarily sprawl our way out of this housing situation, Yan said. Local families have taken on extraordinary debt loads to get into the housing market, Ley said, calling it a very serious problem just waiting to happen. What if current economic conditions change What if there was a significant recession or even a small recession What if interest rates went up two to three per centEven if those things dont happen, what will at this rate become is a serious Metro labour shortage, he said. By 2. 02. 0, workers in 8. Kingsway-01.jpeg' alt='Vancity Able Program Texas' title='Vancity Able Program Texas' />Grants and Loans for Farmers. Here is a list of grants and loans available to new and seasoned farmers. These programs can help you develop and launch your farm. Metro, Ley said, citing a 2. Vancity. And in just 1. There are a few things driving the out of control market, and its not a strong local economy or in migration from other parts of Canada, Ley said. Its not a writ large lack of supply, either, the panelists agreed. In fact, increased supply through redevelopment can actually worsen the problem, Ley said. Site Induction Template Contractors there. As an example, he said speculative land assemblies drive up land costs and are eventually converted into high priced units. Trust 4 Port Usb Hub Driver there. Instead, what is driving increased prices is global demand and investment. Housing has become a valued asset in an investment portfolio. Capital flows to select desirable locations. Resort locations and gateway cities, said Ley, who added that Vancouver has become viewed as a honey pot for global investors. Josh Gordon, an assistant professor at SFUs School of Public Policy, agreed that the problem was foreign money. You have to understand supply claims are largely about distracting us from doing stuff on the demand side, said Gordon, who added that developers simply want to be able to build endlessly for the worlds rich. He called current demand side measures like the one per cent increase in the property transfer tax on pricey homes, Vancouvers empty homes tax and the now weakened foreign buyers tax insufficient and modest. For Gordon, whats needed is a progressive property surtax that is offset by income taxes paid. What that would do if you wanted to own property on the basis of foreign income and wealth, youd have to pay your fair share of taxes. Most residents pay for their homes using local income on which they pay taxes that are used for social and other services that make their properties so valuable, he explained. A buyer who uses foreign income doesnt. And for Gordon, that amounts to a subsidy that a surcharge would eliminate. Ley pointed to changes in loan regulations, steep and progressive property transfer taxes and sellers taxes to prevent flipping as other possible measures. There were few hints of optimism in the presentations. But Ley had this to offer We are at a very promising juncture with a federal government and a provincial government that is concerned about affordability in a way we have not had for many years. I see this as a moment of opportunity. CLICK HERE to report a typo. Is there more to this storyWed like to hear from you about this or any other stories you think we should know about. Email vantipspostmedia.