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Get out and VOTE in the upcoming municipal elections.  Voting day is October 20th.

Affordable housing is the biggest issue.  CCEC promotes non-market housing development.  Several of the people standing for office (mayors and councilors) have taken supportive positions.  The solution is not to build more high-cost condos and homes. 

Housing Central has assembled a wonderful website with resources for each community.  Check it out.

Community-based housing - co-op, non-profit, and other - takes housing out of the speculative markets and commits the housing stock to ordinary people.  Community-based housing provides affordable housing into the indefinite future.  In some cities over 50% of the housing stock is community owned.  In Vancouver and adjacent municipalities it is under 5%. 

The housing problem is not a 'supply problem', as developers assert.  It is a public policy problem.  It is a housing strategy problem, as Patrick Condon outlines in the Tyee.   Make your vote count on October 20th.     

 

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So much clamor about taxing those who don't want to pay tax, even though they have won a big prize in our BC Real Estate Lottery.  Indeed, the added tax on higher valued homes is fair and the best way to fund schools and social services. Two excellent pieces appear in the Vancouver Sun this past week.  One by two UBC academics is concise and on point.  Another by Alex Hemingway of the CCPA is also great.

The federal government is government is parading the idea of HOUSING AS A HUMAN RIGHT.  Their consultation has been extended to close June 8th. You can contribute your thoughts.  While the text of their appeal seems heavy on rhetoric and light on action, those of us with a voice should chip in.  Unfortunately, the much hyped National Housing Strategy promises no more federal funds for community housing.  Funding is frozen at the level it has been for almost two decades (@$2B).  Meanwhile, CMHC is extracting fees from middle income Canadians and paying a 'dividend' to government of some two or three times that much.  They boast, "In 2017, we also declared dividends totalling $4.7 billion to our shareholder, the Government of Canada. An additional dividend of $1 billion was approved by CMHC’s Board of Directors on March 22, 2018."

 

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CCEC GM Ross Gentleman spoke to BNN today regarding the Vancouver housing market. The six minute interview considered economic issues, lending risk, and public policy responses. Ross said, "The rapid rise in values over this past year cannot be sustained."  Even the OECD has publicly called for government action this past week. The local real estate board reports prices are up 22-37% annually in the region. 

Ross expressed concern that rising real estate prices are pressuring middle and lower income households.  All credit unions are committed to ensuring these households' shelter needs are met.  He noted that CCEC does not finance speculation, with a primary focus is upon home ownership for middle income credit union members, secure shelter options generally, AND non-market community owned housing stock.

Ross also noted that CCEC supports co-op housing and CCEC sees a need for more collaboration between that sector and government to ensure that more non-market housing units are built. The community land trust model in Vancouver is a good example. 

Lastly, he projected a need for government intervention as affordability becomes a more serious concern for ordinary people.  In particular, he itemized the need for the reconsideration of (a) the property transfer tax system, (b) the municipal property tax system, and (c) the privileged tax exempt status of capital gains on primary residences. 

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