WEBVTT
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[SPEAKER_07]: I read the quote this morning that he said in that press announcement, when he announced these new taxes on Friday, and I just thought it was so stunningly tone deaf in terms of the fact that, and I'm paraphrasing, but he said, deep pocketed developers sitting on these empty condos, how much is that keeping out of the housing market?
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[SPEAKER_07]: I'm going to intervene and I'm going to get those into the overall hands of renters or looking to start families and looking to buy affordable housing.
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[SPEAKER_07]: That's absolutely toned
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[SPEAKER_01]: This is the Vancouver Weather State podcast.
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[SPEAKER_04]: And welcome back to Vancouver real estate podcast.
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[SPEAKER_04]: I'm your host Adam Sclina and I'm your the most Matt Sclina And Matt should say host but also realtors with Oakland Realty in downtown Vancouver so excited for today We have of course Trevor Hargreaves on the show.
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[SPEAKER_05]: Trevor Hargreaves Adam.
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[SPEAKER_05]: We have to say we didn't release our show last week and the reason was simple
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[SPEAKER_05]: We were doing the conference circuit, which was the first for us live podcast on Monday, with Trevor Hardrieves live podcast on Friday with Bo Jarvis.
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[SPEAKER_05]: We're releasing both this week.
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[SPEAKER_05]: We're going to start with Trevor Hardrieves, of course senior VP government relations, marketing and communications at the BCREA.
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[SPEAKER_05]: task as fan favorite we sat down a Trevor at the Pacific West conference and talked all things politics I feel like that's what we're talking to everybody about right now but it was provincial, it was municipal, Trevor's got thoughts
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[SPEAKER_05]: We had questions.
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[SPEAKER_05]: It was a great time.
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[SPEAKER_04]: Yeah, Matt.
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[SPEAKER_04]: I really enjoyed that.
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[SPEAKER_04]: And now so today we'll have Trevor Hargraves and then on this upcoming Thursday, we'll have our conversation with Bo Jarvis from the RE 360 conference, which was fantastic as well.
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[SPEAKER_04]: So that's live.
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[SPEAKER_04]: And the nice little treat for both of these is you get some audience participation and some questions at the end of the show that we've kept in.
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[SPEAKER_04]: So that will be great.
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[SPEAKER_05]: Yeah, but before we get to our talk with Trevor Hardgreed's Adam, we got a couple things.
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[SPEAKER_05]: First, put the real and real estate.
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[SPEAKER_04]: The real and real estate news, Matt.
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[SPEAKER_04]: Is that your job?
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[SPEAKER_04]: It's our CHI's job.
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[SPEAKER_04]: Yes, so Howard CHI provides us with the headlines and this week we've got some some great headlines from the industry.
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[SPEAKER_04]: So first, of course, the NDP leader David E. B.
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[SPEAKER_04]: everybody's talking about this, what it means for the development community, not great news for the industry overall.
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[SPEAKER_05]: We talked about Trevor and Bo about this, so you know, a lot about it on both shows this week.
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[SPEAKER_04]: No, it's going to be phenomenal.
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[SPEAKER_04]: So that's something that's coming soon.
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[SPEAKER_04]: So that's headline number one is of course the proposed 2% tax in August, the Lower Mainland just saw two projects launch pre-sales with a total 76 units according to MLA Canada.
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[SPEAKER_04]: Which, you know, is not great in terms of adding supply to the market.
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[SPEAKER_04]: Surrey-based developer Maskeen had two projects placed under receiver ship earlier.
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[SPEAKER_04]: This year, both have now sold.
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[SPEAKER_04]: One was a high rise in Langley and another one was multi-building low rise in Surrey.
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[SPEAKER_04]: And last but not least, the government of Canada announced the launch of the 1.5 Canada rental protection fund.
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[SPEAKER_04]: which is structured very similar to the one we have in BC, which basically allows for non-profit or mission-driven groups to buy up existing affordable rental buildings and shield them from redevelopment.
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[SPEAKER_04]: And that's the headlines.
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[SPEAKER_04]: Fantastic.
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[SPEAKER_05]: We also have that segment that remains nameless.
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[SPEAKER_05]: This is our quiz question of the week Adam.
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[SPEAKER_05]: I got one for you.
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[SPEAKER_05]: Should say the stats came out in September.
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[SPEAKER_05]: A little bit different, I think sales volume, single family was actually up a little bit.
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[SPEAKER_05]: Town home was basically flat year over year and then condos just fell off a cliff, which is a trend that we're going to be watching here because it was the numbers were pretty shocking for September.
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[SPEAKER_05]: But this question this week, it doesn't have anything to do with condos it has to do with single family.
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[SPEAKER_05]: And here it is.
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[SPEAKER_05]: At him over the last 10 years, how did the benchmark price of a Vancouver West Detach Chose perform compared to a Detached House in East Vancouver, so the spread between the two.
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[SPEAKER_05]: I'm going to give you five options.
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[SPEAKER_05]: Was the spread 26 points worse for a Vancouver West House?
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[SPEAKER_05]: about the same, or five points better.
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[SPEAKER_05]: Hmm.
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[SPEAKER_05]: But before we get to that, don't even talk about it yet, because we have a couple of listings in downtown Vancouver, but I know you want to talk about one, and it starts with a pH.
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[SPEAKER_04]: Yeah, Ph.
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[SPEAKER_04]: So we've got a penthouse to this is 802 at 1225 Barclay Street.
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[SPEAKER_04]: I love this place.
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[SPEAKER_04]: I absolutely love this place.
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[SPEAKER_04]: Half of the entire floor plate is your unit.
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[SPEAKER_04]: So you have almost 1,400 square feet of open space completely renovated with this beautiful kitchen.
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[SPEAKER_04]: And then above the kitchen, the stunning lantern skylight.
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[SPEAKER_04]: First time I've ever heard the term lantern skylight mat, but you got to see the photos to
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[SPEAKER_04]: AC brand new fireplace mountain views you have an elevator that comes up you share a lobby which is your neighbor no connecting walls really no neighbors and it's a it's a concrete building so bring your electric guitar you can uh
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[SPEAKER_05]: You can find your drops for real estate.
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[SPEAKER_05]: You can find it at Vancouver real estate podcast.com There's nothing better at them than concrete boutique buildings in the West end in my mind No, and that's what this is and it would before we get back to the quiz question because I just highlighted the challenge is in the condom market We had our first open house at peach too on the weekend at them.
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[SPEAKER_05]: You were there
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[SPEAKER_04]: 30 people did you say 30 groups it felt like old times i i'd get the elevator down it was it was uh you know four or five groups waiting for me so it's you know what it is is it's like anything and we've been talking about it on this show unique beautiful properties there's still a ton of demand for them and this one's completely special so uh yeah no check it out on our site let's get back to this question Matt give me my uh multiple choice just one more time and for the listeners playing along.
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[SPEAKER_05]: 26 points worse, 13 points worse, 8 points worse, about the same and 5 points better.
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[SPEAKER_05]: How did the Westside Detached House Market perform over the last 10 years in relation to Eastman?
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[SPEAKER_04]: I'm going to go 13 points worse.
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[SPEAKER_04]: That's your final answer.
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[SPEAKER_05]: That's my final answer.
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[SPEAKER_05]: Adam, you're optimistic about the west side.
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[SPEAKER_05]: It's 26 point spreads.
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[SPEAKER_05]: Wow.
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[SPEAKER_05]: Points worse.
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[SPEAKER_05]: East Van is up in the last 10 years, 8.8%.
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[SPEAKER_05]: Percent.
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[SPEAKER_05]: Vancouver West is down 17% in the last 10 years.
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[SPEAKER_05]: Wow, that difference is 25.8% or 26 with rounding, which is what I did.
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[SPEAKER_04]: The gap between the two markets I don't think has never been tighter as long as I've been in real estate anyways.
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[SPEAKER_04]: It's unbelievable.
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[SPEAKER_04]: It's very narrow right now.
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[SPEAKER_04]: small margin, small difference.
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[SPEAKER_05]: So here's another interesting point.
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[SPEAKER_05]: The price gap over the last 10 years is shrank by about $730,000.
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[SPEAKER_05]: Three quarters of a million bucks.
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[SPEAKER_04]: Yeah, but here's the thing, so I mean, this leads you to think the logic is that this should push people more to the west side, you know, maybe stronger schools, nicer parks, you know,
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[SPEAKER_05]: You know where I see that happening?
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[SPEAKER_05]: The only place I see it is amongst teenage girls, I feel like my daughters always on the west side, and now pushing to move to the west side, and so are all recent friends.
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[SPEAKER_05]: I don't know why.
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[SPEAKER_05]: What it is, but they're big on kits, and they're big on Dunbar.
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[SPEAKER_05]: Wow.
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[SPEAKER_05]: Dunbar.
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[SPEAKER_05]: That's a, that's a bit anecdotal.
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[SPEAKER_05]: I'm not sure if that's a market trend.
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[SPEAKER_06]: They really like a couple kids that live over there, I guess, but anyway.
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[SPEAKER_06]: Yeah.
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[SPEAKER_05]: I digress.
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[SPEAKER_05]: We should get to our talk with Trevor Hardries.
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[SPEAKER_05]: Yeah.
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[SPEAKER_05]: Enjoy.
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[SPEAKER_09]: So good morning, everyone, and welcome to the Managing Broker stream sponsored by the British Columbia Real Estate Association, also known as BCRA here at the Pac West, 2026 conference.
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[SPEAKER_09]: My name is Kim Heizmann, and I'm pleased to co-host this event with Bob Wood.
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[SPEAKER_09]: Our first presentation, Live podcast taping of the Vancouver Real Estate podcast, BC election breakdown.
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[SPEAKER_09]: And an engaging conversation centered around the current state of our provincial politics and the two upcoming elections.
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[SPEAKER_09]: Our first speaker is Trevor Hargreaves.
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[SPEAKER_09]: Trevor oversees research and policy government relations and communications at BCRA.
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[SPEAKER_09]: He also serves as an occasional a junked profession at the solder school of business at the University of British Columbia.
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[SPEAKER_09]: Good morning, guys.
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[SPEAKER_04]: Thanks everybody for coming.
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[SPEAKER_04]: Really great to see so many faces here today to talk about the upcoming municipal and provincial elections.
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[SPEAKER_04]: And of course, thank you, Trevor, for letting us ask you some questions about the upcoming both races.
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[SPEAKER_04]: The Trevor are our greatest, of course, senior VP of government relations, marketing and communications at BCREA.
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[SPEAKER_04]: Maybe we'll skip the first question, which is tell us a little bit about yourself.
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[SPEAKER_04]: Thank you for coming.
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[SPEAKER_04]: But Trevor, why should the BCRA care about the election or why do they?
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[SPEAKER_07]: Well, I mean, housing affordability is a pretty top of my question when it comes to the electorate in this province.
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[SPEAKER_07]: I think when it comes to any political issue that hits the podium between the two parties.
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[SPEAKER_07]: One of the topics that is the most in danger of sort of quick knee jerk announcements under researched policy.
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[SPEAKER_07]: Things are just thrown out by parties desperate to get their popularity up.
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[SPEAKER_07]: It's housing affordability.
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[SPEAKER_07]: It's housing policy.
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[SPEAKER_07]: It's the sector in which we work.
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[SPEAKER_07]: So I think we need to pay a lot of attention to where this moves.
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[SPEAKER_07]: And of course, do what we can to try to influence public policy to be as
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[SPEAKER_07]: Evidentially based is possible, not ideas that are conceived of and announced the next day at a podium without any research by them.
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[SPEAKER_06]: So, David E. B. just called a snap election Trevor.
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[SPEAKER_06]: Before we get to that, obviously, he's been in power for a number of years, nine years.
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[SPEAKER_06]: Is he much for consultation?
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[SPEAKER_06]: Like, how is your experience been in your role at BCRA with the provincial government?
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[SPEAKER_07]: This has been the government.
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[SPEAKER_07]: Let me take a minute to give some credit to David E. B. I think that when he came in, he really said, hey, I'm going to come in as a premier that really does move the dial.
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[SPEAKER_07]: on housing affordability.
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[SPEAKER_07]: I'm going to actually deal with this problem.
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[SPEAKER_07]: I'm going to comprehensively do it.
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[SPEAKER_07]: But when they took power, they really came in ideologically trying to push forward a whole series of measures that again were not necessarily based on careful research, not careful policy analysis, it's more ideology.
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[SPEAKER_07]: rather than careful policy expertise.
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[SPEAKER_07]: So to that end, you saw them come in and just sort of implement a series of things, a good example, rezoning within municipalities, housing targets on municipalities, things like this, like this was not consulted work.
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[SPEAKER_07]: Over the years since, you know, we're nine years in, I'd say it's kind of in fits and starts about when
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[SPEAKER_07]: They're consultative.
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[SPEAKER_07]: It depends on the background politics.
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[SPEAKER_07]: It depends on the subject at hand.
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[SPEAKER_07]: You know, you saw an announcement on Friday, which I'm sure will get too momentarily with them making pre-election announcements.
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[SPEAKER_07]: There's certainly no consultation on that, and there's very little policy research to really point to those decisions being announced.
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[SPEAKER_07]: So what I've seen a lot of, and I'm sure some of my co-workers in the audience, bread and augments in being one, that just had to deal with this in the past,
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[SPEAKER_07]: The government will say to the media, like we've consulted that sector on this issue.
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[SPEAKER_07]: But what they've done is they've set a meeting with you.
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[SPEAKER_07]: You've got 30 minutes with the government, and they say, oh, we have three questions for you.
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[SPEAKER_07]: Question one.
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[SPEAKER_07]: Here it is.
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[SPEAKER_07]: Question two.
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[SPEAKER_07]: Question three.
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[SPEAKER_07]: Thank you.
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[SPEAKER_07]: Consultation over.
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[SPEAKER_07]: That is not what consultation looks like.
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[SPEAKER_07]: Consultation starts with, this is our proposed measure.
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[SPEAKER_07]: Could you analyze it and tell us, what are the unforeseen consequences of this?
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[SPEAKER_07]: Is it good?
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[SPEAKER_07]: Is it bad?
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[SPEAKER_07]: Where are the aspects of this that we haven't given consideration to?
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[SPEAKER_07]: And you don't see nearly enough of that?
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[SPEAKER_07]: I think they've had enough challenges over the years that they're starting to lean increasingly in that direction and recognize they need to wire in more housing expertise into their decision-making, but it's certainly been a shortcoming of that government.
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[SPEAKER_04]: And we want to get to the announcement of the new tax on sold inventory.
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[SPEAKER_04]: But before we do, can we talk a little bit about the strategy behind calling the snap election now?
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[SPEAKER_04]: Like, what do you think the thoughts are beyond the NDP?
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[SPEAKER_04]: I mean, personally, I was pretty surprised that they did it.
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[SPEAKER_07]: I think calling a snap election immediately after your opposition party is in such disarray and the leader is basically resigned.
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[SPEAKER_07]: I don't think that's open and honest politics, so I think that's really moving forward to take advantage of the situation.
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[SPEAKER_07]: And so calling that, you know, anybody that watched that speech when he made that announcement,
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[SPEAKER_07]: I think he mentioned Donald Trump 19 times in his speech, very clearly they've done some demographic research, the public polling shows Canadians feel extremely anti Trump.
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[SPEAKER_07]: So if you call the election and you just drop Trump Trump Trump Trump Trump a whole lot of people are going to side with you.
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[SPEAKER_07]: So that's that's clearly what he did.
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[SPEAKER_07]: It's obviously election hearing.
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[SPEAKER_07]: It's seizing the opportunity to call an election while your opposition party is on a seeming great weakness because they don't have a leader.
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[SPEAKER_07]: You know, and I think the press and a lot of the public have seen the same thing.
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[SPEAKER_07]: You've read a lot of media coverage that's really saying this is not on, but it's a good way for him to establish multiple more years of government.
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[SPEAKER_07]: I just find it a surprise when you're a government that already has a majority and you've got two years left in your timeline in governance.
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[SPEAKER_07]: So they're playing a gamble.
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[SPEAKER_07]: It'll be interesting to see if it works
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[SPEAKER_06]: move, right?
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[SPEAKER_06]: I think two thirds of the voters pulled right after they called the election said it's too soon.
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[SPEAKER_06]: Like what are we doing?
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[SPEAKER_06]: This doesn't make sense.
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[SPEAKER_06]: Why are we spending a money on this?
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[SPEAKER_06]: Do you think that actually sticks?
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[SPEAKER_06]: TV, or is that just something that, you know, for three days, it's part of the news cycle, the old rage, and then it's like, okay, I forgot onto bashing developers.
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[SPEAKER_07]: We've got 27, 28 days till the election or so.
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[SPEAKER_07]: You know, I think the trick is here, there's a whole lot of hockey to play.
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[SPEAKER_07]: What is next?
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[SPEAKER_07]: I think it's hard to say.
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[SPEAKER_07]: You really don't know.
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[SPEAKER_07]: I think one of the main deciding factors in this election is going to be the conservatives with their interim leadership.
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[SPEAKER_07]: So far, I think the interim leadership has done a good job.
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[SPEAKER_07]: And then is musliming his people, you don't need any of these sort of off-shoot wedge issues, suddenly coming out, you don't need to be talking about anything that's going to sort of repulse potential voters.
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[SPEAKER_07]: Can they stay on topic?
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[SPEAKER_07]: Can they stay business focused about the economy and the future of this province?
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[SPEAKER_07]: I think they strongly need to kind of dismiss that
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[SPEAKER_07]: EBS, anti-Trump, therefore, Trump, I think it's a pretty flimsy argument to begin with, if they can pull that off, I think they can really be building support over the next handful of days, but we don't know what are the announcements, what are the policy announcements that are coming?
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[SPEAKER_07]: We haven't seen a new platform from the BC Conservatives, so there are party that's kind of miraculously pulled it together since this election has been called, but it has been an ongoing challenge for that party being a new party and a party that has a lot of sort of
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[SPEAKER_07]: from centrist conservatives to far right conservatives.
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[SPEAKER_07]: If that far right voice kind of gets out there, that always that drags down the whole party in terms of its populist vote popularity.
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[SPEAKER_07]: So, you know, we'll see what's to come.
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[SPEAKER_07]: I think this argument about Trump is pretty flimsy.
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[SPEAKER_07]: And that should be priority one when it comes to the conservatives.
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[SPEAKER_04]: Right.
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[SPEAKER_04]: And thinking about the conservatives, there's been three different leaders this year.
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[SPEAKER_04]: Can we talk a little bit about Lauren Durks and what do we know about them?
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[SPEAKER_07]: Sure, you know, he's a northern MLA.
16:58.994 --> 17:05.455
[SPEAKER_07]: He represented Carabou chill Cotin, Floor Cross from the BC Liberals in years past, I think it was in 2020.
17:05.955 --> 17:11.337
[SPEAKER_07]: And for a conservative is quite a balanced conservative when it comes to a lot of sectors and issues.
17:12.077 --> 17:20.659
[SPEAKER_07]: He spent a lot of time asking for business reform around health care, a lot of environmental policy that's actually quite sound when often conservatives
17:21.239 --> 17:23.660
[SPEAKER_07]: can be criticized for not being particularly pro-environment.
17:24.060 --> 17:25.800
[SPEAKER_07]: He cares very much about more than industry.
17:25.820 --> 17:27.621
[SPEAKER_07]: So, of course, forestry is very important to him.
17:27.681 --> 17:36.063
[SPEAKER_07]: And I think he's demonstrated that when it comes to the resources and health care, he's an informed voice and he's had a lot of skin in the game and advance of being a leader.
17:36.183 --> 17:40.784
[SPEAKER_07]: So, he's a fairly balanced representative being an interim leader.
17:40.804 --> 17:44.045
[SPEAKER_07]: I think he's a decent choice in terms of where they're going and what's next.
17:45.224 --> 17:47.825
[SPEAKER_06]: So there's a lot of hockey left to be played, as you said.
17:48.446 --> 17:49.186
[SPEAKER_06]: What are the issues?
17:49.226 --> 17:54.029
[SPEAKER_06]: I think I saw that the number one issue was affordability in general.
17:54.849 --> 18:00.152
[SPEAKER_06]: Like, what do you think in the next four weeks, the key kind of central themes are?
18:00.553 --> 18:02.013
[SPEAKER_06]: Where does housing fit into that?
18:02.033 --> 18:04.255
[SPEAKER_06]: I don't plan, does it obviously this tax?
18:05.035 --> 18:21.085
[SPEAKER_07]: It's gotten a lot of press over the weekend, but what are just the general issues that this is going to write on it's interesting juxtaposing it with the civic election which we'll get to in a few minutes obviously, but a lot of those issues are the same I think affordability is one it's a marker that we all live under the shadow of it's just.
18:21.805 --> 18:24.406
[SPEAKER_07]: excessively expensive to live in British Columbia.
18:24.906 --> 18:27.127
[SPEAKER_07]: It's expensive when you're already well-established.
18:27.688 --> 18:31.669
[SPEAKER_07]: It's particularly decimating when you're young and you're trying to start a family and move forwards.
18:32.089 --> 18:33.650
[SPEAKER_07]: Our job numbers are economy.
18:34.090 --> 18:34.771
[SPEAKER_07]: It's it's weak.
18:35.191 --> 18:37.952
[SPEAKER_07]: That of course is influencing all of the other aspects.
18:38.492 --> 18:40.113
[SPEAKER_07]: So you've got poor affordability.
18:40.613 --> 18:41.853
[SPEAKER_07]: You've got a stagnant economy.
18:42.154 --> 18:45.035
[SPEAKER_07]: You've got an extremely high cost of living and then you've got housing.
18:45.595 --> 18:54.641
[SPEAKER_07]: In terms of where does housing fit into the spectrum, it's obviously top of mind because we're early in the election call and you've already seen EB come out and make some announcements around housing.
18:54.701 --> 19:03.988
[SPEAKER_07]: So he, you know, I think he cares about all of these issues, but it's very difficult, you know, it gives a bit of an advantage to the conservatives when you're in nine year government.
19:04.748 --> 19:25.903
[SPEAKER_07]: Around these issues, they're all concerns, but they're all things that the NDP have been saying they're going to deal with for the last nine years and you don't see a lot of forward momentum on these things and you can only blame so much on Trump and so it'll be interesting to see how do they can serve as capitalized on that aspect and how do they move forwards and when the NDP are making announcements are they making announcements that are
19:26.503 --> 19:48.328
[SPEAKER_07]: sound policy announcements province wide or are they just selectively governing in terms of making announcements because they're very concerned about renters, young renters who make up a lot of their voter base and then they're just making these sort of like snap policy announcements with very little research behind them, things that are going to cost a lot of money to the social net, things that really in the long run don't benefit the overall promise.
19:48.648 --> 19:53.969
[SPEAKER_07]: I'm watching it very closely, we have my policy department really on standby for any announcement that they make so we can be
19:56.650 --> 20:08.796
[SPEAKER_06]: Do you have a sense, I mean, Adam and I talk often about how it feels like we're in a bubble, maybe it's just the world of the real estate world, you know, if you like everybody we talk to has the same issues in mind.
20:09.617 --> 20:13.899
[SPEAKER_06]: Again, we're kind of pushing off this tax, but the tax was was announced late last week.
20:13.939 --> 20:15.900
[SPEAKER_06]: I feel like everybody I know thinks it's.
20:16.740 --> 20:17.841
[SPEAKER_06]: idiotic policy, right?
20:18.702 --> 20:25.467
[SPEAKER_06]: But on polymarket, David EB was at, say, 46% on Friday, and I think Turks and was at 53%.
20:25.507 --> 20:29.791
[SPEAKER_06]: This morning, EB is at 51% and Turks and says 50.
20:30.331 --> 20:32.212
[SPEAKER_06]: I feel like this was the big announcement.
20:32.913 --> 20:34.434
[SPEAKER_06]: Do you have a sense?
20:34.474 --> 20:36.856
[SPEAKER_06]: I feel like your network is maybe more expensive than ours?
20:37.517 --> 20:40.039
[SPEAKER_06]: Like, is that what is moving the needle right now?
20:40.439 --> 20:41.140
[SPEAKER_06]: How important?
20:42.387 --> 20:43.427
[SPEAKER_06]: are these housing issues?
20:43.748 --> 20:50.230
[SPEAKER_07]: I think when it comes to these pools, first off, always recognize that margin of error is a good plus or minus 15%, right?
20:50.530 --> 20:52.911
[SPEAKER_07]: You know, it's not like they're like, oh, we pulled 30,000 people.
20:52.991 --> 20:54.471
[SPEAKER_07]: It's we called 400 people, right?
20:54.751 --> 20:56.712
[SPEAKER_07]: Oh, and this is actually the bedding market.
20:57.012 --> 20:58.573
[SPEAKER_07]: A moment at the bedding markets.
20:59.353 --> 21:04.795
[SPEAKER_07]: You know, I think in the end, he's had a boost of popularity because he's just sort of short up his base.
21:05.395 --> 21:07.617
[SPEAKER_07]: He's pantered again right to the young.
21:07.657 --> 21:08.818
[SPEAKER_07]: Say, like, here's the next thing.
21:09.179 --> 21:10.220
[SPEAKER_07]: Here's the next measure.
21:10.520 --> 21:16.346
[SPEAKER_07]: There's sort of been this like long running governmental fall sort of on one policy announcement away from restoring affordability.
21:16.826 --> 21:19.649
[SPEAKER_07]: And this is kind of moving again in that direction.
21:19.689 --> 21:21.390
[SPEAKER_07]: You know, we'll take this next set of steps.
21:21.691 --> 21:24.774
[SPEAKER_07]: I read the quote this morning that he said in that press announcement.
21:25.294 --> 21:52.363
[SPEAKER_07]: when when he announced these new taxes on Friday and I just thought it was so stunningly tone deaf in terms of the fact that and and I'm paraphrasing but he said deep pocketed developers sitting on these empty condos how much is that keeping out of the housing market I'm going to intervene and I'm going to get those into the overall you know hands of of renters or looking to start families and looking to buy affordable housing that's absolutely tone deaf to the market realities of developers and I you know I think as a policy department and
21:54.744 --> 21:57.865
[SPEAKER_07]: I don't want us to wake up every day and simply be like, oh, we're in the pocket of development.
21:57.925 --> 21:59.445
[SPEAKER_07]: All we believe in is mindless development.
21:59.705 --> 22:04.786
[SPEAKER_07]: No, but I think you'd better have some sympathy to the struggle of the development sector right now.
22:05.087 --> 22:07.767
[SPEAKER_07]: They've put a lot of money into infrastructure or development.
22:08.027 --> 22:09.368
[SPEAKER_07]: They put a lot of risk forwards.
22:09.788 --> 22:11.268
[SPEAKER_07]: And the pendulum has swung.
22:11.448 --> 22:19.130
[SPEAKER_07]: And I think one of the things about the provincial government and if I can throw a criticism at the NDP, when you are elected, you need to govern for all.
22:19.750 --> 22:22.953
[SPEAKER_07]: You know, not selectively, I know you vote for me, but you don't.
22:22.973 --> 22:24.114
[SPEAKER_07]: So you're important and you're not.
22:24.394 --> 22:28.317
[SPEAKER_07]: That is not the way to really represent, especially in a crisis economy.
22:28.337 --> 22:30.539
[SPEAKER_07]: That is not the way to represent an electorate.
22:30.599 --> 22:43.350
[SPEAKER_07]: And I very much hope that as we move forward, and you see more announcements from the NDP, that they, they broaden their focus, and so that it's not simply pandering to that electorate, trying desperately to get the voting.
22:43.370 --> 22:48.154
[SPEAKER_07]: What we need to see is some careful policy decision making to try to steer us through a crisis economy.
22:48.654 --> 22:54.056
[SPEAKER_04]: And maybe for people that might have missed the announcement, can we unpack the 2% policy?
22:54.637 --> 23:00.699
[SPEAKER_04]: And then, maybe as a follow-up question, does taxing unsold housing inventory lead to more homes built?
23:01.160 --> 23:05.421
[SPEAKER_07]: We can look at the head shaking from our senior economist for the front row right there.
23:05.782 --> 23:08.403
[SPEAKER_07]: In terms of the announcement itself, the promise was twofold.
23:08.763 --> 23:17.347
[SPEAKER_07]: Number one, to increase the spec and vacancy tax by 1% bringing it to 2% for domestic buyers and 5% for foreign purchasers.
23:18.087 --> 23:22.992
[SPEAKER_07]: And then, secondarily, to implement the new tax on vacant condos that are vacant for over a year.
23:23.212 --> 23:28.738
[SPEAKER_07]: They haven't sort of stated where that tax sits and ready, but I believe he's looking at implementing it at about 2% if it sits.
23:29.158 --> 23:33.483
[SPEAKER_07]: Now, the other thing that I think is interesting and they haven't really had time to dig down on this in the media.
23:33.963 --> 23:40.129
[SPEAKER_07]: But when you saw that press announcement with Prime Minister Carney talking about buying all that unsold inventory,
23:40.730 --> 23:45.331
[SPEAKER_07]: and then repurposing it, and then immediately there was like a big backlash around.
23:45.551 --> 23:46.492
[SPEAKER_07]: Is that necessary?
23:46.672 --> 23:48.152
[SPEAKER_07]: Is that good use of public funds?
23:48.532 --> 23:54.414
[SPEAKER_07]: Eevee said, well, if this is really not popular, if this really a bad idea, maybe we'll pivot and maybe we'll move in a different direction.
23:54.734 --> 23:56.955
[SPEAKER_07]: This is sounding a lot like it's the different direction.
23:57.115 --> 24:02.297
[SPEAKER_07]: And so I think he's kind of recycling prior ideas and going in this manner.
24:02.717 --> 24:05.818
[SPEAKER_07]: They kind of very much panders back at the traditional MEP base.
24:06.138 --> 24:09.879
[SPEAKER_04]: I'm just thinking for developers right now, there's a lot of risk.
24:10.399 --> 24:15.301
[SPEAKER_04]: Right, a lot of professors, we're seeing people, a lot of companies go into a receivership on a lot of projects.
24:16.082 --> 24:21.384
[SPEAKER_04]: What does this mean for the development community in your mind and also what does it mean for the creation of housing?
24:22.024 --> 24:29.428
[SPEAKER_07]: I think that's what makes that announcement on Friday so surprising to just ignore the fact that there are so many developers that are currently struggling.
24:29.728 --> 24:30.348
[SPEAKER_07]: Not struggling.
24:30.628 --> 24:33.709
[SPEAKER_07]: Hey, I'm a little bit struggling, but you know bankruptcy level struggling.
24:33.809 --> 24:34.390
[SPEAKER_07]: You, you have.
24:35.270 --> 24:36.932
[SPEAKER_07]: a very challenged economy out there.
24:37.332 --> 24:39.294
[SPEAKER_07]: What does it mean on the development sector?
24:39.935 --> 24:46.562
[SPEAKER_07]: I took a meeting on Friday with a series of senior executives from various organizations within the development sector.
24:47.043 --> 24:48.204
[SPEAKER_07]: They're deeply concerned.
24:48.364 --> 24:50.026
[SPEAKER_07]: They're absolutely shocked at the announcement.
24:50.306 --> 24:55.692
[SPEAKER_07]: But I think what you're going to see is it just furthers drawing things right to a standstill when it comes to new developments.
24:56.152 --> 25:00.957
[SPEAKER_07]: pre-sales, everybody's just kind of for starters, they want to wait and see where the selection goes.
25:01.597 --> 25:12.367
[SPEAKER_07]: And, you know, as something Brendan Englinson has outlined over the past year, if you don't keep frequent housing starts, you know, what you start today comes online, multiple years down the road.
25:12.807 --> 25:20.914
[SPEAKER_07]: If you don't keep those things moving, if you don't keep developers confident and reinvesting, you're going to create a housing drop further down the line, which in turn,
25:21.595 --> 25:23.777
[SPEAKER_07]: choke supply and then boosts up the prices.
25:24.037 --> 25:33.184
[SPEAKER_07]: And so here we are in an election where they're making decisions pandering to one side of the voter base, but now, you know, really risking housing affordability in years to come as a result.
25:33.224 --> 25:37.147
[SPEAKER_07]: But, you know, I think on the developer side, concern would be an understatement.
25:37.267 --> 25:40.970
[SPEAKER_07]: I think absolutely panic and degree of crises is where they're looking on it.
25:41.633 --> 25:55.719
[SPEAKER_06]: You know, it strikes me that it's actually a useful framing to think of it in relation to the, to the bailout, the condo bailout, right, because I feel like that was announced, it was attacked on the left, the developers said, we didn't ask for this.
25:55.759 --> 25:56.499
[SPEAKER_06]: This doesn't make sense.
25:56.519 --> 25:57.500
[SPEAKER_06]: This is what we needed.
25:58.020 --> 26:09.225
[SPEAKER_06]: So that was kind of the lead balloon, right, and this is going back to try it and true methods, what I'm wondering, and it's kind of shocking to me is the real state.
26:10.164 --> 26:13.906
[SPEAKER_06]: industries been under pressure since mid 2022.
26:15.167 --> 26:24.553
[SPEAKER_06]: Does it still, does it's a prize you that there's still political mileage in kind of beating this beating the developer as the boo-ie man or bogey man?
26:25.113 --> 26:29.616
[SPEAKER_07]: I think it's really unfair for the developer and I, I think it must be very challenging.
26:29.956 --> 26:33.219
[SPEAKER_07]: I sometimes say in the real estate sector like we have to remember
26:34.119 --> 26:35.760
[SPEAKER_07]: doing our government relations.
26:35.840 --> 26:37.300
[SPEAKER_07]: We're not often that popular.
26:37.460 --> 26:42.062
[SPEAKER_07]: We're we're looked at in a suspect manner and that that can be a little bit challenging.
26:42.182 --> 26:49.005
[SPEAKER_07]: I certainly noticed the difference from my ears when I worked in dairy farming doing government relations and dairy because dairy has a very high trust mechanism.
26:49.405 --> 26:53.707
[SPEAKER_07]: And sometimes realtors kind of get kind of mixed into the area where it is affordability.
26:54.707 --> 26:56.830
[SPEAKER_07]: Where are you contributing to these affordability issues?
26:57.451 --> 27:00.174
[SPEAKER_07]: The developer, of course, is a business person.
27:01.115 --> 27:09.085
[SPEAKER_07]: Or a company that exists in a capitalistic society, investing huge amounts of capital over multiple years with an expected return.
27:09.205 --> 27:10.366
[SPEAKER_07]: And you get this.
27:11.448 --> 27:17.534
[SPEAKER_07]: frequent from media and from the public attitude of how dare they expect a return on their investments.
27:17.594 --> 27:29.085
[SPEAKER_07]: They're just this big rich capitalist organization, not recognizing how much you're looking at often, you know, medium and sometimes even small-sized businesses working within this general spectrum.
27:29.185 --> 27:34.550
[SPEAKER_07]: And you know, I don't think that the NDP help with that, they like to stoke that fire in terms of perspective.
27:34.870 --> 27:44.093
[SPEAKER_06]: Well, I heard Bo Jarvis from West Group on the radio last week, and he said, just to be clear, we are doing everything we possibly can to sell these homes.
27:44.594 --> 27:46.334
[SPEAKER_06]: It's not like we're not hoarding this.
27:46.374 --> 27:48.355
[SPEAKER_06]: This makes no business sense, right?
27:48.655 --> 27:51.676
[SPEAKER_06]: We're desperately trying to sell these homes.
27:51.716 --> 27:53.217
[SPEAKER_06]: So it just speaks to your point.
27:53.757 --> 28:05.312
[SPEAKER_07]: I think when your nation is in a crisis and arguably we're in about six, into lapping economic and social crises, I think when that's the case, the issue here should be honesty and governance.
28:05.592 --> 28:11.520
[SPEAKER_07]: And not perpetuating falsehoods, not perpetuating stereotypes, not furthering reverses them politics, but
28:12.020 --> 28:38.243
[SPEAKER_07]: figure it out and the solutions to all of our problems, they're not partisan solutions, they're not far to the left, they're not far to the right, they're experts doing research and their solutions to that and it doesn't sit within a party platform, it sits within policy people and I think that addition of what governments really need on an ongoing basis is to be increasingly turning to the experts to be pointing them, not being so willing to move in partisan politics for the good of their own party.
28:38.903 --> 28:46.126
[SPEAKER_04]: And maybe before we move on to the municipal elections here, what does the real estate industry need from this election regardless of who wins?
28:46.706 --> 28:47.887
[SPEAKER_07]: You know, I alluded earlier.
28:48.727 --> 28:56.130
[SPEAKER_07]: One of the things I would like to see, and I certainly look at this on the civic side, but I would like to see a party that is governing for everybody a little bit more.
28:56.510 --> 29:11.263
[SPEAKER_07]: and not like you could you can point to special interest aspects of the NDP and they're they're very focused on those aspects they're very focused on indigenous land use issues and and fair enough these are critical issues they're very focused on on renters rental stock
29:11.843 --> 29:18.485
[SPEAKER_07]: struggling youth in this economy, you know, they sort of have their specific issues, but that's sort of like, oh, you're in the middle class, never mind.
29:18.605 --> 29:21.426
[SPEAKER_07]: You're not actually on our list for where we're focusing very much policy.
29:21.966 --> 29:23.406
[SPEAKER_07]: You can't just pick favorites.
29:23.426 --> 29:24.827
[SPEAKER_07]: You need to govern for everyone.
29:24.967 --> 29:32.609
[SPEAKER_07]: And, and, and I think that is where the real estate sector in terms of when we're asking questions of of candidates, when we're pushing government and
29:33.269 --> 29:38.373
[SPEAKER_07]: in the questions that we ask and certainly in housing policy, that concept of missing middle.
29:38.974 --> 29:40.255
[SPEAKER_07]: Let's get past just renters.
29:40.295 --> 29:43.598
[SPEAKER_07]: There's a whole big spectrum of struggle out there.
29:43.638 --> 29:47.601
[SPEAKER_07]: How do we help voice government into more balanced evidential decision-making?
29:47.641 --> 29:59.991
[SPEAKER_07]: And I think that's where the real estate sector really needs to be, you know, from the development side to our and of things on the ground as real estate organizations and then real estate practitioners, asking sound questions of candidates and the lead up to the election.
30:00.629 --> 30:23.275
[SPEAKER_07]: like this is a perfect time to plug the round table idea yeah the round table idea something we've been pushing for a very long time I think frankly one of the things that we see on an ongoing basis you have three levels of government and it's quite shocking how little coordination there is between the three levels of government and so when you're talking about housing policy you know you should have a very interwoven
30:23.995 --> 30:27.317
[SPEAKER_07]: from national to provincial down to municipal.
30:27.958 --> 30:32.061
[SPEAKER_07]: It's a very complicated scenario, but that takes smart people doing complicated work.
30:32.541 --> 30:42.948
[SPEAKER_07]: Instead, you see the federal government has their agenda, the provincial government have their agenda, and then the municipalities are often kind of like reeling and response to what has come at them in the last handful of years.
30:43.148 --> 30:47.912
[SPEAKER_07]: And, you know, I think round tables in general of strong experts,
30:48.672 --> 31:07.959
[SPEAKER_07]: Not representing just real estate interest, but for example, if the province is looking at moving in any kind of housing policy direction, having 15 experts, you know, economists, educational theorists, policy experts from market, non-market, indigenous housing, all working together to go, let's take your potential idea, let's unpack it.
31:08.399 --> 31:15.982
[SPEAKER_07]: This part works, this part doesn't, but what if you did this, put it through very careful thorough filtering, have it come out the other side as a carefully vetted,
31:16.742 --> 31:18.023
[SPEAKER_07]: idea that can work for the people.
31:18.423 --> 31:22.146
[SPEAKER_07]: Again, getting past left or right, it's just what's the good idea.
31:22.226 --> 31:24.628
[SPEAKER_07]: What's the right policy levers that can work?
31:24.929 --> 31:33.675
[SPEAKER_07]: I think one of the real challenges, you got three levels of government, each that is our own agenda, and then you have this pressure upon politicians to be like housing affordability is a massive emergency.
31:33.996 --> 31:35.217
[SPEAKER_07]: Please fix it by next week.
31:35.717 --> 31:48.621
[SPEAKER_07]: And so it results in a lot of knee jerk policy, which is really just this country chasing its own tail and wasting a lot of resources, rather than working collectively to solve the problem, which again is a very complicated problem and takes a lot of expertise.
31:49.621 --> 31:52.522
[SPEAKER_04]: So we've got two elections one week apart.
31:53.202 --> 31:55.923
[SPEAKER_04]: What does this do to the civic election?
31:56.283 --> 31:56.763
[SPEAKER_07]: I think it's.
31:57.702 --> 32:01.605
[SPEAKER_07]: unfortunate for both elections because I don't think it's everybody is just going to default.
32:02.105 --> 32:03.646
[SPEAKER_07]: Hey, I'm going to vote in the provincial election.
32:03.666 --> 32:08.749
[SPEAKER_07]: I think you'll have some people vote in the civic election and not vote provincially and then vice versa.
32:09.230 --> 32:10.451
[SPEAKER_07]: Just it's a lot of time off work.
32:10.491 --> 32:11.271
[SPEAKER_07]: It's a lot of energy.
32:11.751 --> 32:12.572
[SPEAKER_07]: It's a lot of focus.
32:13.112 --> 32:17.955
[SPEAKER_07]: We already struggle enough within the electorate from general disconnection.
32:17.996 --> 32:20.557
[SPEAKER_07]: You have a lot of people who don't vote at the best of times.
32:21.058 --> 32:24.100
[SPEAKER_07]: Now you put two elections back to back last week.
32:24.820 --> 32:29.483
[SPEAKER_07]: the UBCM conference was taking place, which is the provincial conference of municipalities.
32:29.884 --> 32:42.472
[SPEAKER_07]: They put forward as an emergency request to government, just to ask David, please don't call an election right now, because there is word that may be happening, because they don't want it interfering and overshadowing with the civic elections.
32:42.973 --> 32:44.954
[SPEAKER_07]: David, he has, of course, chosen to do so.
32:45.474 --> 32:47.396
[SPEAKER_07]: I think it's unfortunate on the civic side.
32:47.436 --> 32:49.998
[SPEAKER_07]: It's obviously the provincial stuff tends to get more focus.
32:50.578 --> 32:57.139
[SPEAKER_07]: But we have a lot of, you know, all these issues that we're talking about might be a crime, be it affordability, but all trickles right down on the community level.
32:57.680 --> 33:00.980
[SPEAKER_07]: It's very important towards a lot of challenges in communities right across the province.
33:01.340 --> 33:04.601
[SPEAKER_07]: And the people that we vote for within this province and the civic level.
33:05.041 --> 33:11.062
[SPEAKER_07]: This is an important election at an important time where communities are facing challenges like never before.
33:11.382 --> 33:17.424
[SPEAKER_07]: And it's, you know, I hope everybody in this room take the time to get out and vote both weeks.
33:17.464 --> 33:18.344
[SPEAKER_07]: Don't pick one or the other.
33:19.430 --> 33:27.693
[SPEAKER_06]: So I think everybody kind of understands or at least everybody I talk to is very interested in the provincial election.
33:27.713 --> 33:34.456
[SPEAKER_06]: I feel like that it's a it's a this is a very important one for the problem So British Columbia how important are these municipal elections?
33:34.476 --> 33:38.498
[SPEAKER_06]: I know you just kind of spoke to it, but maybe thinking specifically about
33:39.415 --> 33:45.918
[SPEAKER_06]: the real estate industry, housing affordability, how important are the Metro Vancouver elections?
33:46.418 --> 33:48.839
[SPEAKER_07]: I think they're important.
33:49.439 --> 33:52.240
[SPEAKER_07]: You've had a lot of zoning changes within municipalities.
33:52.940 --> 33:55.281
[SPEAKER_07]: You've had a lot of housing targets placed upon municipalities.
33:55.721 --> 34:03.604
[SPEAKER_07]: I think one of the really big looming crises on the municipal level, much more pronounced in some municipalities and others is amenity spending.
34:04.064 --> 34:04.825
[SPEAKER_07]: You have a government,
34:05.583 --> 34:11.908
[SPEAKER_07]: saying you must build X number of new housing in this municipality by this year.
34:12.248 --> 34:14.530
[SPEAKER_07]: But oh, no, no, we don't have anybody to build a new school.
34:14.710 --> 34:17.172
[SPEAKER_07]: Oh, no, no, there's no money to build a new hospital.
34:17.192 --> 34:18.633
[SPEAKER_07]: Now you can get away with that for a year.
34:19.033 --> 34:20.795
[SPEAKER_07]: You can get away with it for five years.
34:21.822 --> 34:26.665
[SPEAKER_07]: But in case anyone isn't noticing, we're drawing $13 billion deficits right now, right?
34:26.685 --> 34:29.126
[SPEAKER_07]: There's no like sudden influx of cash coming at us.
34:29.486 --> 34:33.609
[SPEAKER_07]: So you're densifying, densifying, densifying with no investment in amenity spending.
34:33.869 --> 34:35.690
[SPEAKER_07]: That is a looming crisis waiting to happen.
34:35.730 --> 34:44.095
[SPEAKER_07]: And if I look at places, I live in New Westminster, which is a very small arguably overbuilt community, you know, by the time they built the new high school,
34:44.815 --> 34:46.177
[SPEAKER_07]: to service the local community.
34:46.217 --> 34:51.183
[SPEAKER_07]: It was already so packed that they have to run that school in three shifts.
34:51.624 --> 34:52.184
[SPEAKER_07]: That's bad.
34:52.385 --> 34:53.726
[SPEAKER_07]: What happens in five years?
34:53.987 --> 34:54.707
[SPEAKER_07]: That's a new school.
34:54.948 --> 34:57.311
[SPEAKER_07]: That's a new school.
34:57.531 --> 35:01.075
[SPEAKER_07]: One of the focuses I increasingly have is I look at these aspects.
35:01.656 --> 35:05.638
[SPEAKER_07]: I think that when you're building communities, when you're densifying, you know, we are we are a problem.
35:05.678 --> 35:11.122
[SPEAKER_07]: We need new people to move to the province, we want to build our economies, we want to have strong communities.
35:11.882 --> 35:17.025
[SPEAKER_07]: But that doesn't just mean growth that all blind costs, it needs careful sustained growth.
35:17.085 --> 35:20.868
[SPEAKER_07]: And I think the government giving these housing targets has kind of
35:21.608 --> 35:24.550
[SPEAKER_07]: inspired communities to treat it like the growth is an emergency.
35:24.590 --> 35:25.731
[SPEAKER_07]: We better just accommodate it.
35:26.452 --> 35:28.313
[SPEAKER_07]: And I think we need to get to a point in the communities.
35:28.353 --> 35:31.356
[SPEAKER_07]: And this is where the people running the civic elections are very important.
35:31.716 --> 35:34.618
[SPEAKER_07]: You need people that are concerned with sustainable communities.
35:34.919 --> 35:41.023
[SPEAKER_07]: And I want where I live to be a viable, beautiful place 25 years, 50 years from now.
35:41.744 --> 35:42.525
[SPEAKER_07]: I think we all do.
35:42.685 --> 35:46.928
[SPEAKER_07]: And that's where it's incumbent upon us as a promise to make sound decisions about growth.
35:47.048 --> 35:49.030
[SPEAKER_07]: And urban planning is a complicated game.
35:49.690 --> 35:59.951
[SPEAKER_07]: And I hope that the NDP recognize a bit more of that because I think you can't just keep pushing to densify densify, if you don't in the amenities to go with it, we already have enough problems in hospital waiting rooms and schools.
36:00.777 --> 36:06.579
[SPEAKER_04]: Just in thinking about, so we've talked a lot about housing, what are some of the issues that are dominating the civic elections?
36:06.839 --> 36:08.140
[SPEAKER_07]: I think one of the big ones is crime.
36:08.740 --> 36:12.522
[SPEAKER_07]: You know, crime and drug use, I think it touches upon all of our neighborhoods.
36:12.662 --> 36:20.205
[SPEAKER_07]: You see it, the downtowny side was interesting, reading a lot of the coverage during FIFA, about the downtowny side, and the fact that I think
36:21.065 --> 36:27.528
[SPEAKER_07]: for us for being many of us being Vancouverites and those of us that you spend time in the downtown eastside and that just becomes the norm.
36:28.089 --> 36:29.129
[SPEAKER_07]: Hey, I guess that's okay.
36:29.149 --> 36:30.590
[SPEAKER_07]: Well, it's it's not okay.
36:30.630 --> 36:36.493
[SPEAKER_07]: Like these are people in desperate need of assistance and we're supposed to be a grand social democracy.
36:36.553 --> 36:42.676
[SPEAKER_07]: We're failing these people and meanwhile crime is just proliferating proliferating proliferating so is the addiction.
36:42.716 --> 36:44.637
[SPEAKER_07]: And so I think leading it to the Vancouver.
36:45.237 --> 36:49.401
[SPEAKER_07]: Civic elections, you're seeing this increasingly becoming an issue of municipal concern.
36:49.861 --> 36:52.123
[SPEAKER_07]: And it's difficult because who solves this problem?
36:52.163 --> 36:52.964
[SPEAKER_07]: To solve it federally?
36:52.984 --> 36:53.404
[SPEAKER_07]: Do you solve it?
36:53.424 --> 36:53.905
[SPEAKER_07]: Preventionally?
36:53.925 --> 36:54.445
[SPEAKER_07]: Do you solve it?
36:54.485 --> 36:54.805
[SPEAKER_07]: Civic?
36:55.446 --> 36:58.088
[SPEAKER_07]: On the civic side of things, I don't think there's some there's some one answer to that.
36:58.208 --> 37:03.193
[SPEAKER_07]: But I think those are issues of great concern for a lot of communities because it seems like a really endemic scenario.
37:03.953 --> 37:11.079
[SPEAKER_07]: You see a fortability, and if you look at most civic elections, you look at the candidates, you read their platform.
37:11.559 --> 37:12.860
[SPEAKER_07]: I'm going to help with affordability.
37:12.880 --> 37:14.922
[SPEAKER_07]: It tends to be a metric that's often there.
37:15.483 --> 37:19.125
[SPEAKER_07]: I don't know particularly how much you can do at the civic level around affordability.
37:19.446 --> 37:25.471
[SPEAKER_07]: It's quite challenging, and then it falls to the various platforms, but housing in the different perspectives on housing.
37:25.991 --> 37:26.732
[SPEAKER_07]: It's interesting.
37:27.432 --> 37:34.555
[SPEAKER_07]: that's where you see things like having a bit of variability from, I want to preserve communities to, I want to build more social housing.
37:34.675 --> 37:37.136
[SPEAKER_07]: I want to make this community more affordable for young families.
37:37.256 --> 37:41.538
[SPEAKER_07]: I want to build more housing for people in need of, you know, various emergency housing.
37:41.738 --> 37:44.579
[SPEAKER_07]: That's where the different parties really are sort of carving out different ground.
37:45.391 --> 37:58.007
[SPEAKER_06]: So the thinking of the province taking away a lot of the zoning power from municipalities, what in your mind is left for the mayor and council to decide in a lot of ways?
37:58.567 --> 37:59.829
[SPEAKER_06]: I mean, I guess that can change though.
38:00.289 --> 38:02.092
[SPEAKER_07]: Yeah, there's also that aspect of pushback.
38:02.823 --> 38:09.109
[SPEAKER_07]: Like I think that there's times where municipalities need to say, you know, you can't treat all communities as the same community.
38:09.589 --> 38:12.972
[SPEAKER_07]: We have different needs than Clona as you can't just do that.
38:13.112 --> 38:15.594
[SPEAKER_07]: We have special needs and I need to advocate for those special needs.
38:16.375 --> 38:26.124
[SPEAKER_07]: You know, using an example, Clona, when the short-term rental legislation was put into place, Clona, I see, heads nodding in the audience, but Clona's immediate economy,
38:26.644 --> 38:33.730
[SPEAKER_07]: It's pretty decimated, come summer, because no longer can you rent that place for your family that you've rented the last six years when you all go up and spend time at the lake.
38:34.251 --> 38:52.126
[SPEAKER_07]: That kind of thing is the situation where you've got a regional issue that's coming out of a blanket, provincial policy, who deals with that, who is the defender at the civic level, that's your elected governance, and so all of our communities differ, we all have different wants and needs, we all have different priorities, but you need to be voting
38:54.628 --> 39:04.635
[SPEAKER_07]: You need to be sensitive and respectful of provincial needs and provincial long-term goals, but you also have to defend your city and defend the needs of your city, and be willing to make difficult decisions.
39:04.675 --> 39:05.836
[SPEAKER_07]: I think that's the other aspects.
39:05.896 --> 39:12.700
[SPEAKER_07]: It's to work in an era of tight budgets and decline of amenities and the decline of funds.
39:12.860 --> 39:16.863
[SPEAKER_07]: And so trying to do a lot with a little, you've got to make very careful decisions.
39:17.484 --> 39:17.984
[SPEAKER_07]: I think it's
39:19.725 --> 39:27.243
[SPEAKER_07]: You know, it's people that we all tend to know and are out there in common life like taking the time to throw themselves in to really try to make the place that they live better.
39:28.306 --> 39:35.308
[SPEAKER_04]: It's hard to talk about all of the municipalities, but maybe if we can talk about some of the most interesting races in the selection of Vancouver.
39:35.348 --> 39:41.390
[SPEAKER_04]: Yeah, maybe start with Vancouver and Ken Sim has obviously been a pretty polarizing mayor in Vancouver.
39:42.030 --> 39:47.672
[SPEAKER_04]: How did Ken do in your mind and then maybe moving on to the other candidates?
39:47.812 --> 39:52.574
[SPEAKER_07]: I'll tell you, I was at a business in Vancouver event when Ken Sim announced his...
39:53.658 --> 39:56.920
[SPEAKER_07]: proposal that we move, thank you for finances and to Bitcoin.
39:58.161 --> 40:00.602
[SPEAKER_07]: I can't say I was particularly into that one.
40:00.982 --> 40:05.605
[SPEAKER_07]: I think one of the challenges in the civic side is you're learning to be a politician live.
40:05.725 --> 40:07.806
[SPEAKER_07]: You've been elected and you're figuring it out.
40:08.107 --> 40:11.729
[SPEAKER_07]: I think over his term, he's had issues of transparency.
40:12.229 --> 40:19.994
[SPEAKER_07]: He's had issues of making decisions where you're dismissing people without the city manager, the parks board.
40:20.254 --> 40:21.475
[SPEAKER_07]: You're trying to move things forward.
40:22.115 --> 40:24.736
[SPEAKER_07]: without really taking the professional level that you should.
40:24.776 --> 40:26.157
[SPEAKER_07]: And you're learning less, right?
40:26.177 --> 40:27.657
[SPEAKER_07]: You get a lot of pushback on these things.
40:28.098 --> 40:30.419
[SPEAKER_07]: So, you know, I think he's learned over his term.
40:30.439 --> 40:37.982
[SPEAKER_07]: I think what you're seeing as you're moving into the next election, he's starting to really go hard with his party on these issues of crime.
40:38.682 --> 40:39.483
[SPEAKER_07]: And really,
40:40.563 --> 40:42.004
[SPEAKER_07]: That's what he wants us his legacy.
40:42.144 --> 40:46.986
[SPEAKER_07]: He's recognizing that the livability of Vancouver, we have to move the dial on this, and we have to do it hard and fast.
40:47.447 --> 40:50.748
[SPEAKER_07]: And again, it raises that issue of how much can you do this at the civic level.
40:51.208 --> 40:53.550
[SPEAKER_07]: But I think if the civic level makes it a five-alarm fire,
40:54.462 --> 41:01.190
[SPEAKER_07]: that in turn pushes forward more participation from a province which in turn draws in the federal side of things.
41:01.410 --> 41:11.381
[SPEAKER_07]: And again, the downtown east side, not to mention the whole rest of the city and the ensuing municipalities, but these are crisis point issues that are going to take like a lot of time, a lot of money and a lot of resources fixed.
41:12.162 --> 41:18.108
[SPEAKER_07]: I think he's really like doubling down on that issue to try and say, if you reelect me, I'm ready, I'm willing, I'm able.
41:18.148 --> 41:20.490
[SPEAKER_07]: We're going to go hard on this and try to really move the dial.
41:20.891 --> 41:24.714
[SPEAKER_07]: You've had mayors say it in the past as well, but you know, he seems very determined.
41:25.315 --> 41:28.238
[SPEAKER_06]: It's interesting, again, we're kind of in a bubble.
41:28.278 --> 41:31.941
[SPEAKER_06]: I feel like everybody's talking about street disorder as the number one.
41:32.882 --> 41:33.243
[SPEAKER_06]: issue.
41:33.923 --> 41:36.806
[SPEAKER_06]: And there's a privacy on the ballot, right?
41:36.946 --> 41:41.711
[SPEAKER_06]: One about open drug use and one about involuntary care.
41:42.412 --> 41:51.461
[SPEAKER_06]: Again, going to the betting markets this morning, Ken Sim, I think feed fries at like 68% whereas Ken Sim's may be 30 and then everybody else is kind of one
41:56.673 --> 42:02.979
[SPEAKER_06]: Like, I get the hockey, there's a lot of hockey left to play, but Ken Sim seems to be in a pretty tricky spot right now.
42:03.099 --> 42:08.345
[SPEAKER_06]: And I'm not sure if it's, if it's, if it's got the teeth that a lot of us sort of would.
42:08.385 --> 42:11.388
[SPEAKER_07]: He's had a lot of bad press for the duration of his governance.
42:11.468 --> 42:15.212
[SPEAKER_07]: And I think he's really trying to sort of like re cast his image.
42:15.432 --> 42:17.374
[SPEAKER_07]: I think it's a, it's a challenge.
42:17.394 --> 42:20.136
[SPEAKER_07]: And I, yeah, you know, I don't think he's the strongest.
42:20.737 --> 42:22.698
[SPEAKER_07]: course to bet on in this race, essentially.
42:22.718 --> 42:24.480
[SPEAKER_07]: Like it's a very crowded race.
42:24.700 --> 42:27.322
[SPEAKER_07]: Yeah, you've got former city counselors.
42:27.782 --> 42:29.323
[SPEAKER_07]: You've got a former chief of staff.
42:30.104 --> 42:36.668
[SPEAKER_07]: You've got a lot of people with a fair amount of expertise different areas of focus, but you know, strong candidates.
42:36.729 --> 42:41.112
[SPEAKER_07]: And I think the other thing as well is the Broadway court or has caused a lot of
42:41.952 --> 42:47.018
[SPEAKER_07]: You know, right, various concern on the residential side, which is a big part of the voting base.
42:47.539 --> 42:51.764
[SPEAKER_07]: And so, you know, I think there's a bit of a sense of desire for new blood.
42:51.884 --> 42:54.107
[SPEAKER_07]: It's a challenging area to be running in.
42:54.547 --> 42:56.529
[SPEAKER_04]: What other races outside of Vancouver?
42:57.330 --> 42:57.891
[SPEAKER_04]: Where's watching?
42:58.131 --> 43:07.213
[SPEAKER_07]: I self-interested, but I think newest Mister is particularly interesting one because, you know, newest Mister has traditionally tended to be deeply three layers of NDP support.
43:07.373 --> 43:15.755
[SPEAKER_07]: You saw federally a turn away from that when Peter Julian lost the election as MP in the last federal election, and they voted a liberal candidate.
43:16.415 --> 43:24.157
[SPEAKER_07]: On that topic of crime and downturn of economy, that's become a sort of wedge issue of great concern within New Westminster.
43:24.237 --> 43:25.157
[SPEAKER_07]: And again,
43:28.338 --> 43:37.088
[SPEAKER_07]: You know, rental-based voters and special interest governance, it's really like that left versus right scenario.
43:37.268 --> 43:41.232
[SPEAKER_07]: And so where that goes, I think that'll be really interesting to see what comes in.
43:41.312 --> 43:43.214
[SPEAKER_07]: I think story is a very interesting race.
43:43.535 --> 43:45.136
[SPEAKER_07]: You have 15 people running his mayor.
43:45.797 --> 43:56.739
[SPEAKER_07]: In that race, you know, you've brand a lock running again, you have the former mayor running, you know, that's a very big metropolitan area when it comes to intro Vancouver, as certainly a race.
43:56.759 --> 44:00.480
[SPEAKER_07]: We all need to pay attention to because they're very development forward.
44:00.860 --> 44:03.960
[SPEAKER_07]: They have a lot of crime issues as well there as well.
44:04.080 --> 44:11.782
[SPEAKER_07]: So, you know, they're they're like a young diversion of growing metropolis in comparison to Vancouver and so it'll be interesting to see sort of where they land.
44:12.082 --> 44:22.609
[SPEAKER_04]: Yeah, I was thinking about it on the drive in this morning about just the market, clearly a lot of agents that would be in the room are going to be listing product for the full market, probably in the next few weeks.
44:23.110 --> 44:28.574
[SPEAKER_04]: What does this election do to the market in your mind or what consideration should, should agents have?
44:28.794 --> 44:30.075
[SPEAKER_07]: You have that aspect of,
44:30.755 --> 44:48.433
[SPEAKER_07]: Trump, where, you know, I think when we're all looking at the market and doing various analysis at economists should be yelling this at us from, from his seat in the front row, but, you know, fear of cross-border issues and trade and paired with quite a week domestic or provincial economy, it's a stagnated.
44:49.033 --> 44:49.473
[SPEAKER_07]: economy.
44:49.513 --> 44:51.194
[SPEAKER_07]: You know, it's a, it's a stagnated market.
44:51.714 --> 45:03.841
[SPEAKER_07]: You know, I think you're going to see a lot of things on hold right now when it's kind of left versus right in terms of where the things go is, is there much of a public belief that if David EBS elected he's going to be better dealing with cross border issues.
45:04.790 --> 45:08.552
[SPEAKER_07]: Does anyone really take a lot of confidence in that?
45:08.993 --> 45:11.174
[SPEAKER_07]: Does the potential home buyer?
45:11.554 --> 45:13.355
[SPEAKER_07]: It's kind of hard to see that.
45:14.056 --> 45:20.540
[SPEAKER_07]: If the conservatives get in, does that create new optimism when it comes to the business sector and the economy?
45:20.860 --> 45:22.301
[SPEAKER_07]: And maybe there's a bit of a surge there.
45:22.381 --> 45:27.244
[SPEAKER_07]: So I think you're seeing a lot of people just everything is on hold while they wait and see where the dust settles.
45:28.084 --> 45:32.287
[SPEAKER_06]: What should realtors be doing between now and the end of October?
45:32.957 --> 45:49.344
[SPEAKER_07]: Well, I think certainly we need to follow on a daily basis, follow your community's politics, go to some of the live debates, figure out, actually, who's got the soundest policies, where you see gaps in some of the thinking of some of these people at the community level.
45:49.725 --> 45:52.106
[SPEAKER_07]: One of the interesting aspects is they're there to reach out to.
45:52.186 --> 45:54.467
[SPEAKER_07]: You can help round out some of their perspectives.
45:54.847 --> 45:59.289
[SPEAKER_07]: You can be there to ask questions, to be at the podium, to actually get them to respond.
45:59.689 --> 46:01.330
[SPEAKER_07]: You can then communicate with them afterwards.
46:01.610 --> 46:10.117
[SPEAKER_07]: We've tried to create some basic resources for realtors so that they can go on our website and they can look and they can download and take these questions to debate.
46:10.157 --> 46:15.081
[SPEAKER_07]: So on the ground, you can kind of come in at a knowing level and ask some questions of relevance.
46:15.501 --> 46:17.984
[SPEAKER_07]: And then I think on the other side of the fence, on the provincial side,
46:18.684 --> 46:38.080
[SPEAKER_07]: You know, we've got to follow the announcements on a daily basis and see where things are going on the housing side, but same thing, like, like, attend the debates where you can, the few that there will be, the lead-up and vote for the where you're seeing things going in terms of who is building the most sound policies for the sector into the future.
46:38.280 --> 46:41.703
[SPEAKER_07]: It's, uh, this is a very challenged economy and a very challenged time.
46:41.763 --> 46:43.864
[SPEAKER_07]: So I think the outcomes of both of these elections are
46:45.105 --> 46:50.828
[SPEAKER_04]: I think we have a few minutes left and we thought about opening up for some questions if anyone has any questions for Trevor.
46:51.849 --> 46:55.451
[SPEAKER_00]: It was a pleasure to hear Nikki speak this morning.
46:56.191 --> 47:05.256
[SPEAKER_00]: I've spent four years in Australia and seeing how they in so many ways are 15 to 20 years ahead of us.
47:06.192 --> 47:27.705
[SPEAKER_00]: No corny visited Australia this year and what I'm quite surprised with he and David Eby that they haven't taken into consideration all of these vacant condos that developers own and Australia I'm not sure how many years ago I'm going to say five maybe longer they took the foreign investor out of the market.
47:28.565 --> 47:30.866
[SPEAKER_00]: except for new construction.
47:31.406 --> 47:38.730
[SPEAKER_00]: And so many people, you know, with a, I think it's someone is applying to move to Australia every minute.
47:40.110 --> 47:46.974
[SPEAKER_00]: And anyone that is foreign is still allowed to purchase there if they buy new construction.
47:47.654 --> 47:55.798
[SPEAKER_00]: And is there any way that any of you's could influence our provincial and federal government to take this into consideration to be able to help out our
47:56.880 --> 48:09.362
[SPEAKER_07]: That is an excellent question, and I'll tell you at one thirty today, Mike Moffitt is speaking, who started the missing middle initiative, who is an extremely informed and notable policy analyst speaking of this conference.
48:09.402 --> 48:13.363
[SPEAKER_07]: So for any of you really interested in housing policy, don't miss that session.
48:13.423 --> 48:15.063
[SPEAKER_07]: I'm I'm certainly looking forward to it.
48:15.463 --> 48:23.004
[SPEAKER_07]: So what you're referring to is often called the Australia model, right, which is where you're you're looking for foreign investment, the foreign investment comes
48:26.765 --> 48:33.867
[SPEAKER_07]: We have this problem in this country where we've demonized foreign buyers, kind of in the regional side of things going that's why everything is so expensive.
48:34.247 --> 48:35.627
[SPEAKER_07]: It's because of all this foreign investment.
48:35.967 --> 48:39.148
[SPEAKER_07]: That was a prior speaking point the government of kind of straight away from.
48:39.908 --> 48:49.591
[SPEAKER_07]: So you've got that aspect of then you have the other side of things where the federal government of kind of put the clamps on students coming in international students because that's really like pressured the rental market.
48:50.191 --> 48:53.792
[SPEAKER_07]: But to answer your question in terms of the Australian model, we very much advocate for that.
48:53.852 --> 48:54.532
[SPEAKER_07]: That's something that we're
48:54.792 --> 49:01.336
[SPEAKER_07]: pushing and we're continuing conversations with both levels of government provincially and federally to try to inspire that.
49:01.876 --> 49:15.223
[SPEAKER_07]: It's challenging because like when you see the foreign home buyer ban at the federal side, that's a great example of a policy that's not going to move the dial because you're not selling homes to foreign buyers and such and volume that it could escalate the market.
49:15.383 --> 49:17.705
[SPEAKER_07]: It's one percent of a large market.
49:18.025 --> 49:19.085
[SPEAKER_07]: It's not going to heavily jaded.
49:19.425 --> 49:19.766
[SPEAKER_07]: However,
49:20.526 --> 49:32.269
[SPEAKER_07]: That concept with the public and unknowing public, there's often this very anti-almost xenophobic sense of, if you keep foreign money out, that'll help control our costs.
49:32.689 --> 49:34.069
[SPEAKER_07]: These foreign buyers are driving everything up.
49:34.089 --> 49:38.910
[SPEAKER_07]: We're just like patting me false, and government's kind of like, they just sort of foster that themselves.
49:39.270 --> 49:47.092
[SPEAKER_07]: So really, I think it falls to the levels of government to really kind of, they have to clarify this and move past, recognizing that if you want to build new builds,
49:47.732 --> 49:52.495
[SPEAKER_07]: The money doesn't exist domestically to build at the volume and numbers we need of new builds.
49:52.515 --> 49:53.615
[SPEAKER_07]: You need foreign investment.
49:53.916 --> 49:59.719
[SPEAKER_07]: Foreign investment is a good thing and governments need to get behind that and kind of alter their course of where they've discussed things.
49:59.759 --> 50:01.220
[SPEAKER_07]: So yeah, thank you for that question.
50:01.880 --> 50:03.361
[SPEAKER_04]: Any more questions or Trevor?
50:04.061 --> 50:04.121
[SPEAKER_02]: Hi.
50:04.621 --> 50:05.761
[SPEAKER_02]: Thank you for taking my question.
50:06.682 --> 50:13.243
[SPEAKER_02]: What are your thoughts on a developer moving forward on wood frame construction development in this market today?
50:13.623 --> 50:20.285
[SPEAKER_02]: Let's just say in suburbia, three story, 60 plus homes with a three-year build-out.
50:20.565 --> 50:26.526
[SPEAKER_07]: I mean, I don't work in the development sector, so it's time some of that's called the
50:29.480 --> 50:31.101
[SPEAKER_07]: It isn't when I would throw an opinion on it.
50:31.121 --> 50:33.983
[SPEAKER_07]: I think there's much better experts to a sort of opinion on that one.
50:34.644 --> 50:41.008
[SPEAKER_06]: I feel like the one thing I would say that we were talking about before yesterday was this new tax proposal.
50:41.448 --> 50:48.773
[SPEAKER_06]: You might want to hold off until after the election would be my thinking just because this new tax doesn't make it exciting to be holding any inventory.
50:48.793 --> 50:50.875
[SPEAKER_06]: That's for sure, but what do I know?
50:52.310 --> 51:02.815
[SPEAKER_08]: I missed the first half, so I apologize maybe you answered this question, but the developers really seem to be the boohy man right now and they're reaping in all this profit and let them go to hell right now.
51:03.375 --> 51:15.420
[SPEAKER_08]: But really, it hasn't been just the developers have been taking their margins, but it's really those people who have enjoyed that growth in the last 15 years in the buying the presales and assigning in it.
51:15.640 --> 51:17.381
[SPEAKER_08]: And they are a big part of
51:17.961 --> 51:21.642
[SPEAKER_08]: the people who've made a lot of the money in the last 15 years.
51:22.082 --> 51:27.864
[SPEAKER_08]: Craig, I'm just, I just want to defend the developers a little bit, and I don't know if my argument is sound.
51:28.544 --> 51:31.065
[SPEAKER_07]: I, yes, but I think that's yesterday's profit.
51:31.425 --> 51:34.346
[SPEAKER_07]: You know, I think that when we come in on the market, you need to come in on it today.
51:34.366 --> 51:34.986
[SPEAKER_07]: I agree.
51:35.046 --> 51:38.067
[SPEAKER_07]: We talked about this a little bit earlier, but the developer looked at is
51:38.847 --> 51:53.917
[SPEAKER_07]: You know, out there taking advantage of the public right right now the developer is just trying to survive and so you can look at the past, you can look at the market, you can look at where things were, but you know, you need to really judge the market based on today's levers and
51:54.555 --> 52:11.610
[SPEAKER_07]: You know, I think that while it is true that the developers in years past have, yes, obviously they've enjoyed great margins, great success, investors are really the ones that are like heavily reaping the profits as well, none of those markers are before us right now.
52:11.630 --> 52:18.497
[SPEAKER_07]: And so you know, David, even making a comment like he did last Friday, it's just out of touch for companies that are struggling to survive.
52:19.077 --> 52:22.538
[SPEAKER_07]: And if they can't build neither can all that trades people associated.
52:22.638 --> 52:25.018
[SPEAKER_07]: And so it's not just this high of a developer.
52:25.318 --> 52:31.180
[SPEAKER_07]: It's an entire infrastructure model that you're talking about that represents so much of the the, you know, the working sectors of this province.
52:31.240 --> 52:39.982
[SPEAKER_07]: And but again, we need to get past some of these sort of black and white stereotypes of images that they're just the big rich corporation.
52:40.982 --> 52:41.802
[SPEAKER_07]: I'm on your side.
52:43.307 --> 52:59.731
[SPEAKER_10]: Hi, I just wanted to ask a question on the round table because my understanding is that the the original ask at not this year is but last year is you'd be seeing was that the provincial round table wasn't going to work and then they asked for Unis the poll round tables.
53:00.331 --> 53:06.873
[SPEAKER_10]: Where are we with that like what's the practical next at because this is the platform for solution for collaboration.
53:07.393 --> 53:12.855
[SPEAKER_07]: There's a lot of movement on the round tables inside of government right now, but we're in the middle of multiple elections.
53:12.895 --> 53:16.037
[SPEAKER_07]: And so where the dust settles, we'll kind of slow things.
53:16.197 --> 53:28.002
[SPEAKER_07]: I, I am optimistic that we will see pay a provincial round table put into place within the next year, within 2027, if the NDP move forward.
53:28.563 --> 53:33.385
[SPEAKER_07]: Now, ironically, the BC Conservative side, they've long been in support of this,
53:34.245 --> 53:35.346
[SPEAKER_07]: But then they get into party.
53:35.726 --> 53:37.308
[SPEAKER_07]: They're going to need to make a name for themselves.
53:37.328 --> 53:38.889
[SPEAKER_07]: They got to figure out all their own housing policy.
53:39.169 --> 53:47.256
[SPEAKER_07]: We're now even from that party, openly at risk of are they turning to evidential policy, or are they just playing the big party on the block?
53:47.276 --> 53:48.557
[SPEAKER_07]: They make it up a bunch of announcements.
53:48.617 --> 53:54.161
[SPEAKER_07]: And there's also always that aspect of front a wipe away, a lot of what the opposition party is just done.
53:54.602 --> 53:56.443
[SPEAKER_07]: And so I certainly recognize it.
53:56.483 --> 54:02.809
[SPEAKER_07]: Like we've, we after multiple years have made strong momentum on the provincial side with the NDP, which is now at risk because of the selection.
54:03.489 --> 54:16.401
[SPEAKER_07]: And even though the conservatives are generally for it, it will be a whole lot more advocacy, like kind of back to the drawing board, making sure that they in turn stay behind this and see it as what needs to guide them.
54:16.421 --> 54:18.783
[SPEAKER_07]: Because there's an arrogance that comes with government.
54:18.903 --> 54:23.545
[SPEAKER_07]: you don't necessarily as the prevailing government want to be told by others, what are the right decisions to do?
54:23.925 --> 54:28.287
[SPEAKER_07]: And I think that's what sort of kept these round tables from being sort of more widely accepted than they are.
54:28.687 --> 54:30.808
[SPEAKER_07]: At the municipal side, we've been taking steps.
54:31.208 --> 54:32.769
[SPEAKER_07]: It's really at the regional side.
54:33.109 --> 54:39.272
[SPEAKER_07]: So you'll multiple districts working together or larger regions, working collaboratively to establish their own round tables.
54:39.312 --> 54:42.313
[SPEAKER_07]: And so I think that's something else that we'll see building out in the coming year.
54:42.553 --> 54:44.054
[SPEAKER_07]: Kind of once we get through the selection cycle.
54:45.161 --> 54:45.421
[SPEAKER_04]: Great.
54:46.142 --> 54:46.382
[SPEAKER_04]: All right.
54:46.402 --> 54:47.242
[SPEAKER_04]: We'll travel our groups.
54:47.282 --> 54:51.865
[SPEAKER_04]: Thank you so much for taking the time today and thanks for forming us on the upcoming elections.
54:52.105 --> 54:56.768
[SPEAKER_07]: It's nice to see you both in person by the Zoom for once and thank you all for coming.
54:56.808 --> 55:05.633
[SPEAKER_07]: And I just urge you all as interested practitioners within this field influence your government where you can ask the difficult questions of candidates.
55:06.551 --> 55:19.620
[SPEAKER_07]: really try to push what are the smart evidential things that you're getting behind of and getting behind on and what do you really stand for as a party and vote for who you think is the best representative and let's put some good people in the office.
55:20.401 --> 55:20.901
[SPEAKER_07]: Thank you very much.
55:30.903 --> 55:47.230
[SPEAKER_05]: So there you have it folks are discussion with Trevor Harder use from the BCREA about all things election this fall and it's all happening very quick really enjoyed being involved with the conference Pacific West this year really enjoyed talking to Trevor.
55:47.270 --> 55:52.032
[SPEAKER_04]: He's an absolute pro super insightful and yeah I know I feel like that's everywhere.
55:52.092 --> 55:57.014
[SPEAKER_04]: I go people want to talk provincial election right now hard to imagine.
55:57.034 --> 55:58.455
[SPEAKER_04]: I think where we talking about this.
55:58.495 --> 55:58.715
[SPEAKER_04]: I think
55:58.955 --> 56:19.469
[SPEAKER_04]: with Bo Jarvis and no spoiler alerts, but I think he was saying that this will probably vote well for a lot of the mayoral incumbents because a lot of people are not going to give as much thought to the municipal elections as they would have and probably not as much right research into the candidates as they as they would have.
56:19.569 --> 56:25.753
[SPEAKER_04]: So I think his point which is a fair one is that you'll see a lot of mayors kind of hold their position.
56:26.333 --> 56:27.934
[SPEAKER_04]: tough to say about Vancouver though.
56:27.954 --> 56:30.155
[SPEAKER_04]: I don't I haven't checked polymarket lately.
56:30.195 --> 56:38.859
[SPEAKER_04]: I mean, I refresh it for the provincial election every 45 minutes, but I haven't checked it for the Pete Fry can sim.
56:39.179 --> 56:40.380
[SPEAKER_04]: I think he's still way up.
56:40.540 --> 56:41.320
[SPEAKER_04]: He's still way up.
56:41.461 --> 56:44.142
[SPEAKER_05]: But here's the interesting thing about polymarket.
56:44.722 --> 56:47.664
[SPEAKER_05]: I think EME is now it's a very volatile.
56:48.024 --> 56:50.005
[SPEAKER_05]: I think EME is now in the lead on polymarket
56:52.506 --> 56:56.527
[SPEAKER_05]: Yeah, yeah, how do I hate to say it doesn't make much sense honestly.
56:56.547 --> 56:59.508
[SPEAKER_05]: There's like wild swings, at least in what I'm checking.
56:59.868 --> 57:03.429
[SPEAKER_06]: Oh yeah, I'm going back to the old school polls.
57:03.789 --> 57:13.152
[SPEAKER_05]: The old school polls still have, uh, I mean, I guess they don't refreshes every second, but the volatility strikes me as a little strange.
57:14.312 --> 57:14.592
[SPEAKER_04]: Yeah.
57:14.912 --> 57:15.232
[SPEAKER_04]: Okay.
57:15.332 --> 57:20.013
[SPEAKER_04]: So we've been reporting live from Pauli Market here for three weeks and it's useless.
57:20.553 --> 57:20.873
[SPEAKER_04]: All right.
57:20.913 --> 57:23.314
[SPEAKER_04]: Well, that's good to know Matt.
57:23.434 --> 57:24.394
[SPEAKER_04]: We'll keep with the polls.
57:24.974 --> 57:27.515
[SPEAKER_04]: Make sure you get out and vote however you decide to vote.
57:27.935 --> 57:29.615
[SPEAKER_04]: And we'll be reminding everybody of that.
57:29.635 --> 57:32.435
[SPEAKER_04]: But I do feel like everything is so close right now.
57:32.455 --> 57:33.636
[SPEAKER_04]: Your vote really matters.
57:34.016 --> 57:35.096
[SPEAKER_04]: Getting involved for sure.
57:35.336 --> 57:35.616
[SPEAKER_05]: Yeah.
57:36.096 --> 57:36.676
[SPEAKER_05]: Absolutely.
57:36.916 --> 57:39.077
[SPEAKER_05]: And other than voting, if you're interested in buying
57:40.577 --> 57:43.860
[SPEAKER_05]: That is what we specialize in Vancouver real estate podcast calm.
57:43.920 --> 57:45.081
[SPEAKER_05]: We have buyers resources.
57:45.101 --> 57:51.446
[SPEAKER_05]: We have sellers resources and of course, if you're finding any value in the show enjoying it.
57:51.946 --> 57:53.027
[SPEAKER_05]: Please share it with a friend.
57:53.247 --> 57:59.793
[SPEAKER_05]: That is how we grow and we got some big shows coming up so stay tuned and out of anything else for the week.
58:00.495 --> 58:07.057
[SPEAKER_04]: No, uh, you can try me anytime 777-866-4574 or add them at Vancouver Real Estate Podcast.com.
58:07.598 --> 58:12.479
[SPEAKER_05]: Or me at 777-847-254 or Matt at Vancouver Real Estate Podcast.com.
58:12.859 --> 58:17.141
[SPEAKER_05]: We also have that non-partisan line in for Vancouver Real Estate Podcast.com.
58:17.441 --> 58:19.882
[SPEAKER_05]: We'll have a great week and- Well, it's not for the week.
58:20.382 --> 58:20.822
[SPEAKER_04]: We're back?
58:20.842 --> 58:21.162
[SPEAKER_04]: Oh, yeah.
58:21.182 --> 58:22.083
[SPEAKER_04]: They're on in the week.
58:22.823 --> 58:23.823
[SPEAKER_04]: Back in a couple days.
58:24.283 --> 58:27.765
[SPEAKER_04]: So, uh, yeah, look forward to Bo Jarvis on coming out on Thursday.
58:28.025 --> 58:28.545
[SPEAKER_04]: Take care.
58:29.103 --> 58:31.267
[SPEAKER_01]: Thank you, God, for saving us for radio.
58:31.467 --> 58:32.850
[SPEAKER_01]: Subscribe today.
59:03.474 --> 59:03.554
[SPEAKER_03]: You
00:00.612 --> 00:17.046
[SPEAKER_07]: I read the quote this morning that he said in that press announcement, when he announced these new taxes on Friday, and I just thought it was so stunningly tone deaf in terms of the fact that, and I'm paraphrasing, but he said, deep pocketed developers sitting on these empty condos, how much is that keeping out of the housing market?
00:17.326 --> 00:23.932
[SPEAKER_07]: I'm going to intervene and I'm going to get those into the overall hands of renters or looking to start families and looking to buy affordable housing.
00:24.232 --> 00:25.233
[SPEAKER_07]: That's absolutely toned
00:27.594 --> 00:30.977
[SPEAKER_01]: This is the Vancouver Weather State podcast.
00:44.597 --> 00:46.358
[SPEAKER_04]: And welcome back to Vancouver real estate podcast.
00:46.398 --> 00:59.662
[SPEAKER_04]: I'm your host Adam Sclina and I'm your the most Matt Sclina And Matt should say host but also realtors with Oakland Realty in downtown Vancouver so excited for today We have of course Trevor Hargreaves on the show.
01:00.182 --> 01:01.302
[SPEAKER_05]: Trevor Hargreaves Adam.
01:01.322 --> 01:06.184
[SPEAKER_05]: We have to say we didn't release our show last week and the reason was simple
01:06.784 --> 01:16.794
[SPEAKER_05]: We were doing the conference circuit, which was the first for us live podcast on Monday, with Trevor Hardrieves live podcast on Friday with Bo Jarvis.
01:17.595 --> 01:19.137
[SPEAKER_05]: We're releasing both this week.
01:19.157 --> 01:25.463
[SPEAKER_05]: We're going to start with Trevor Hardrieves, of course senior VP government relations, marketing and communications at the BCREA.
01:26.224 --> 01:41.643
[SPEAKER_05]: task as fan favorite we sat down a Trevor at the Pacific West conference and talked all things politics I feel like that's what we're talking to everybody about right now but it was provincial, it was municipal, Trevor's got thoughts
01:42.404 --> 01:43.324
[SPEAKER_05]: We had questions.
01:43.784 --> 01:44.424
[SPEAKER_05]: It was a great time.
01:44.944 --> 01:45.385
[SPEAKER_04]: Yeah, Matt.
01:45.585 --> 01:46.605
[SPEAKER_04]: I really enjoyed that.
01:46.665 --> 01:58.527
[SPEAKER_04]: And now so today we'll have Trevor Hargraves and then on this upcoming Thursday, we'll have our conversation with Bo Jarvis from the RE 360 conference, which was fantastic as well.
01:58.567 --> 01:59.367
[SPEAKER_04]: So that's live.
01:59.427 --> 02:07.549
[SPEAKER_04]: And the nice little treat for both of these is you get some audience participation and some questions at the end of the show that we've kept in.
02:07.669 --> 02:08.889
[SPEAKER_04]: So that will be great.
02:09.349 --> 02:14.993
[SPEAKER_05]: Yeah, but before we get to our talk with Trevor Hardgreed's Adam, we got a couple things.
02:15.774 --> 02:17.835
[SPEAKER_05]: First, put the real and real estate.
02:18.136 --> 02:19.917
[SPEAKER_04]: The real and real estate news, Matt.
02:19.937 --> 02:20.758
[SPEAKER_04]: Is that your job?
02:20.778 --> 02:21.959
[SPEAKER_04]: It's our CHI's job.
02:21.999 --> 02:29.624
[SPEAKER_04]: Yes, so Howard CHI provides us with the headlines and this week we've got some some great headlines from the industry.
02:30.185 --> 02:33.667
[SPEAKER_04]: So first, of course, the NDP leader David E. B.
02:37.868 --> 02:45.592
[SPEAKER_04]: everybody's talking about this, what it means for the development community, not great news for the industry overall.
02:45.812 --> 02:51.014
[SPEAKER_05]: We talked about Trevor and Bo about this, so you know, a lot about it on both shows this week.
02:51.514 --> 02:53.275
[SPEAKER_04]: No, it's going to be phenomenal.
02:53.335 --> 02:55.316
[SPEAKER_04]: So that's something that's coming soon.
02:55.817 --> 03:07.162
[SPEAKER_04]: So that's headline number one is of course the proposed 2% tax in August, the Lower Mainland just saw two projects launch pre-sales with a total 76 units according to MLA Canada.
03:07.762 --> 03:12.405
[SPEAKER_04]: Which, you know, is not great in terms of adding supply to the market.
03:12.825 --> 03:17.647
[SPEAKER_04]: Surrey-based developer Maskeen had two projects placed under receiver ship earlier.
03:17.687 --> 03:19.508
[SPEAKER_04]: This year, both have now sold.
03:20.028 --> 03:24.931
[SPEAKER_04]: One was a high rise in Langley and another one was multi-building low rise in Surrey.
03:25.571 --> 03:32.515
[SPEAKER_04]: And last but not least, the government of Canada announced the launch of the 1.5 Canada rental protection fund.
03:33.055 --> 03:45.545
[SPEAKER_04]: which is structured very similar to the one we have in BC, which basically allows for non-profit or mission-driven groups to buy up existing affordable rental buildings and shield them from redevelopment.
03:46.026 --> 03:47.146
[SPEAKER_04]: And that's the headlines.
03:47.647 --> 03:48.327
[SPEAKER_04]: Fantastic.
03:48.347 --> 03:50.529
[SPEAKER_05]: We also have that segment that remains nameless.
03:50.649 --> 03:53.472
[SPEAKER_05]: This is our quiz question of the week Adam.
03:53.572 --> 03:54.613
[SPEAKER_05]: I got one for you.
03:55.133 --> 03:57.095
[SPEAKER_05]: Should say the stats came out in September.
03:57.755 --> 04:03.000
[SPEAKER_05]: A little bit different, I think sales volume, single family was actually up a little bit.
04:03.720 --> 04:15.310
[SPEAKER_05]: Town home was basically flat year over year and then condos just fell off a cliff, which is a trend that we're going to be watching here because it was the numbers were pretty shocking for September.
04:15.570 --> 04:19.734
[SPEAKER_05]: But this question this week, it doesn't have anything to do with condos it has to do with single family.
04:19.814 --> 04:20.514
[SPEAKER_05]: And here it is.
04:21.295 --> 04:35.779
[SPEAKER_05]: At him over the last 10 years, how did the benchmark price of a Vancouver West Detach Chose perform compared to a Detached House in East Vancouver, so the spread between the two.
04:35.799 --> 04:38.739
[SPEAKER_05]: I'm going to give you five options.
04:39.600 --> 04:44.341
[SPEAKER_05]: Was the spread 26 points worse for a Vancouver West House?
04:49.781 --> 04:52.803
[SPEAKER_05]: about the same, or five points better.
04:53.884 --> 04:54.184
[SPEAKER_05]: Hmm.
04:54.984 --> 05:04.691
[SPEAKER_05]: But before we get to that, don't even talk about it yet, because we have a couple of listings in downtown Vancouver, but I know you want to talk about one, and it starts with a pH.
05:05.782 --> 05:07.903
[SPEAKER_04]: Yeah, Ph.
05:07.943 --> 05:13.685
[SPEAKER_04]: So we've got a penthouse to this is 802 at 1225 Barclay Street.
05:14.185 --> 05:14.965
[SPEAKER_04]: I love this place.
05:15.005 --> 05:16.286
[SPEAKER_04]: I absolutely love this place.
05:16.366 --> 05:19.046
[SPEAKER_04]: Half of the entire floor plate is your unit.
05:19.126 --> 05:26.109
[SPEAKER_04]: So you have almost 1,400 square feet of open space completely renovated with this beautiful kitchen.
05:26.189 --> 05:29.310
[SPEAKER_04]: And then above the kitchen, the stunning lantern skylight.
05:29.850 --> 05:33.671
[SPEAKER_04]: First time I've ever heard the term lantern skylight mat, but you got to see the photos to
05:35.892 --> 05:50.693
[SPEAKER_04]: AC brand new fireplace mountain views you have an elevator that comes up you share a lobby which is your neighbor no connecting walls really no neighbors and it's a it's a concrete building so bring your electric guitar you can uh
05:50.973 --> 05:52.694
[SPEAKER_05]: You can find your drops for real estate.
05:52.875 --> 06:12.228
[SPEAKER_05]: You can find it at Vancouver real estate podcast.com There's nothing better at them than concrete boutique buildings in the West end in my mind No, and that's what this is and it would before we get back to the quiz question because I just highlighted the challenge is in the condom market We had our first open house at peach too on the weekend at them.
06:12.268 --> 06:12.769
[SPEAKER_05]: You were there
06:13.349 --> 06:38.955
[SPEAKER_04]: 30 people did you say 30 groups it felt like old times i i'd get the elevator down it was it was uh you know four or five groups waiting for me so it's you know what it is is it's like anything and we've been talking about it on this show unique beautiful properties there's still a ton of demand for them and this one's completely special so uh yeah no check it out on our site let's get back to this question Matt give me my uh multiple choice just one more time and for the listeners playing along.
06:40.271 --> 06:48.797
[SPEAKER_05]: 26 points worse, 13 points worse, 8 points worse, about the same and 5 points better.
06:49.377 --> 06:55.841
[SPEAKER_05]: How did the Westside Detached House Market perform over the last 10 years in relation to Eastman?
06:56.862 --> 06:58.563
[SPEAKER_04]: I'm going to go 13 points worse.
06:59.674 --> 07:00.576
[SPEAKER_04]: That's your final answer.
07:01.197 --> 07:02.318
[SPEAKER_05]: That's my final answer.
07:03.160 --> 07:05.543
[SPEAKER_05]: Adam, you're optimistic about the west side.
07:05.583 --> 07:08.248
[SPEAKER_05]: It's 26 point spreads.
07:08.268 --> 07:08.768
[SPEAKER_05]: Wow.
07:08.889 --> 07:09.530
[SPEAKER_05]: Points worse.
07:10.151 --> 07:12.574
[SPEAKER_05]: East Van is up in the last 10 years, 8.8%.
07:12.635 --> 07:12.875
[SPEAKER_05]: Percent.
07:14.878 --> 07:20.261
[SPEAKER_05]: Vancouver West is down 17% in the last 10 years.
07:21.001 --> 07:29.386
[SPEAKER_05]: Wow, that difference is 25.8% or 26 with rounding, which is what I did.
07:29.626 --> 07:34.909
[SPEAKER_04]: The gap between the two markets I don't think has never been tighter as long as I've been in real estate anyways.
07:34.969 --> 07:36.490
[SPEAKER_04]: It's unbelievable.
07:37.310 --> 07:38.591
[SPEAKER_04]: It's very narrow right now.
07:44.534 --> 07:46.038
[SPEAKER_04]: small margin, small difference.
07:46.118 --> 07:48.322
[SPEAKER_05]: So here's another interesting point.
07:48.523 --> 07:52.151
[SPEAKER_05]: The price gap over the last 10 years is shrank by about $730,000.
07:52.191 --> 07:53.093
[SPEAKER_05]: Three quarters of a million bucks.
07:55.960 --> 08:08.529
[SPEAKER_04]: Yeah, but here's the thing, so I mean, this leads you to think the logic is that this should push people more to the west side, you know, maybe stronger schools, nicer parks, you know,
08:16.475 --> 08:17.977
[SPEAKER_05]: You know where I see that happening?
08:18.357 --> 08:30.550
[SPEAKER_05]: The only place I see it is amongst teenage girls, I feel like my daughters always on the west side, and now pushing to move to the west side, and so are all recent friends.
08:30.610 --> 08:31.190
[SPEAKER_05]: I don't know why.
08:31.711 --> 08:34.574
[SPEAKER_05]: What it is, but they're big on kits, and they're big on Dunbar.
08:35.114 --> 08:35.455
[SPEAKER_05]: Wow.
08:36.055 --> 08:36.436
[SPEAKER_05]: Dunbar.
08:36.856 --> 08:38.357
[SPEAKER_05]: That's a, that's a bit anecdotal.
08:38.637 --> 08:40.677
[SPEAKER_05]: I'm not sure if that's a market trend.
08:43.178 --> 08:46.840
[SPEAKER_06]: They really like a couple kids that live over there, I guess, but anyway.
08:47.040 --> 08:47.280
[SPEAKER_06]: Yeah.
08:47.960 --> 08:48.600
[SPEAKER_05]: I digress.
08:48.920 --> 08:51.001
[SPEAKER_05]: We should get to our talk with Trevor Hardries.
08:51.541 --> 08:51.741
[SPEAKER_05]: Yeah.
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[SPEAKER_05]: Enjoy.
09:02.447 --> 09:13.055
[SPEAKER_09]: So good morning, everyone, and welcome to the Managing Broker stream sponsored by the British Columbia Real Estate Association, also known as BCRA here at the Pac West, 2026 conference.
09:13.616 --> 09:17.899
[SPEAKER_09]: My name is Kim Heizmann, and I'm pleased to co-host this event with Bob Wood.
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[SPEAKER_09]: Our first presentation, Live podcast taping of the Vancouver Real Estate podcast, BC election breakdown.
09:25.205 --> 09:31.190
[SPEAKER_09]: And an engaging conversation centered around the current state of our provincial politics and the two upcoming elections.
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[SPEAKER_09]: Our first speaker is Trevor Hargreaves.
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[SPEAKER_09]: Trevor oversees research and policy government relations and communications at BCRA.
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[SPEAKER_09]: He also serves as an occasional a junked profession at the solder school of business at the University of British Columbia.
09:47.311 --> 09:47.972
[SPEAKER_09]: Good morning, guys.
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[SPEAKER_04]: Thanks everybody for coming.
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[SPEAKER_04]: Really great to see so many faces here today to talk about the upcoming municipal and provincial elections.
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[SPEAKER_04]: And of course, thank you, Trevor, for letting us ask you some questions about the upcoming both races.
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[SPEAKER_04]: The Trevor are our greatest, of course, senior VP of government relations, marketing and communications at BCREA.
10:12.743 --> 10:15.985
[SPEAKER_04]: Maybe we'll skip the first question, which is tell us a little bit about yourself.
10:16.025 --> 10:16.666
[SPEAKER_04]: Thank you for coming.
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[SPEAKER_04]: But Trevor, why should the BCRA care about the election or why do they?
10:24.832 --> 10:31.518
[SPEAKER_07]: Well, I mean, housing affordability is a pretty top of my question when it comes to the electorate in this province.
10:31.698 --> 10:36.583
[SPEAKER_07]: I think when it comes to any political issue that hits the podium between the two parties.
10:37.583 --> 10:44.226
[SPEAKER_07]: One of the topics that is the most in danger of sort of quick knee jerk announcements under researched policy.
10:44.506 --> 10:49.007
[SPEAKER_07]: Things are just thrown out by parties desperate to get their popularity up.
10:49.227 --> 10:50.428
[SPEAKER_07]: It's housing affordability.
10:50.608 --> 10:52.048
[SPEAKER_07]: It's housing policy.
10:52.609 --> 10:54.549
[SPEAKER_07]: It's the sector in which we work.
10:54.629 --> 10:56.970
[SPEAKER_07]: So I think we need to pay a lot of attention to where this moves.
10:57.010 --> 11:01.532
[SPEAKER_07]: And of course, do what we can to try to influence public policy to be as
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[SPEAKER_07]: Evidentially based is possible, not ideas that are conceived of and announced the next day at a podium without any research by them.
11:10.072 --> 11:12.954
[SPEAKER_06]: So, David E. B. just called a snap election Trevor.
11:13.555 --> 11:17.918
[SPEAKER_06]: Before we get to that, obviously, he's been in power for a number of years, nine years.
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[SPEAKER_06]: Is he much for consultation?
11:20.060 --> 11:24.743
[SPEAKER_06]: Like, how is your experience been in your role at BCRA with the provincial government?
11:25.084 --> 11:26.505
[SPEAKER_07]: This has been the government.
11:27.085 --> 11:35.191
[SPEAKER_07]: Let me take a minute to give some credit to David E. B. I think that when he came in, he really said, hey, I'm going to come in as a premier that really does move the dial.
11:36.032 --> 11:37.013
[SPEAKER_07]: on housing affordability.
11:37.173 --> 11:38.534
[SPEAKER_07]: I'm going to actually deal with this problem.
11:38.975 --> 11:40.116
[SPEAKER_07]: I'm going to comprehensively do it.
11:40.516 --> 11:53.787
[SPEAKER_07]: But when they took power, they really came in ideologically trying to push forward a whole series of measures that again were not necessarily based on careful research, not careful policy analysis, it's more ideology.
11:54.668 --> 11:56.950
[SPEAKER_07]: rather than careful policy expertise.
11:57.431 --> 12:09.423
[SPEAKER_07]: So to that end, you saw them come in and just sort of implement a series of things, a good example, rezoning within municipalities, housing targets on municipalities, things like this, like this was not consulted work.
12:09.883 --> 12:14.688
[SPEAKER_07]: Over the years since, you know, we're nine years in, I'd say it's kind of in fits and starts about when
12:15.669 --> 12:16.449
[SPEAKER_07]: They're consultative.
12:16.529 --> 12:18.110
[SPEAKER_07]: It depends on the background politics.
12:18.671 --> 12:20.271
[SPEAKER_07]: It depends on the subject at hand.
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[SPEAKER_07]: You know, you saw an announcement on Friday, which I'm sure will get too momentarily with them making pre-election announcements.
12:26.835 --> 12:33.178
[SPEAKER_07]: There's certainly no consultation on that, and there's very little policy research to really point to those decisions being announced.
12:33.278 --> 12:40.222
[SPEAKER_07]: So what I've seen a lot of, and I'm sure some of my co-workers in the audience, bread and augments in being one, that just had to deal with this in the past,
12:41.102 --> 12:44.808
[SPEAKER_07]: The government will say to the media, like we've consulted that sector on this issue.
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[SPEAKER_07]: But what they've done is they've set a meeting with you.
12:48.373 --> 12:51.657
[SPEAKER_07]: You've got 30 minutes with the government, and they say, oh, we have three questions for you.
12:51.998 --> 12:52.499
[SPEAKER_07]: Question one.
12:52.959 --> 12:53.280
[SPEAKER_07]: Here it is.
12:53.340 --> 12:53.800
[SPEAKER_07]: Question two.
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[SPEAKER_07]: Question three.
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[SPEAKER_07]: Thank you.
12:55.142 --> 12:55.883
[SPEAKER_07]: Consultation over.
12:56.804 --> 12:58.305
[SPEAKER_07]: That is not what consultation looks like.
12:58.345 --> 13:01.006
[SPEAKER_07]: Consultation starts with, this is our proposed measure.
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[SPEAKER_07]: Could you analyze it and tell us, what are the unforeseen consequences of this?
13:05.328 --> 13:05.768
[SPEAKER_07]: Is it good?
13:06.128 --> 13:06.668
[SPEAKER_07]: Is it bad?
13:07.108 --> 13:10.110
[SPEAKER_07]: Where are the aspects of this that we haven't given consideration to?
13:10.250 --> 13:12.531
[SPEAKER_07]: And you don't see nearly enough of that?
13:13.131 --> 13:22.835
[SPEAKER_07]: I think they've had enough challenges over the years that they're starting to lean increasingly in that direction and recognize they need to wire in more housing expertise into their decision-making, but it's certainly been a shortcoming of that government.
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[SPEAKER_04]: And we want to get to the announcement of the new tax on sold inventory.
13:27.936 --> 13:34.025
[SPEAKER_04]: But before we do, can we talk a little bit about the strategy behind calling the snap election now?
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[SPEAKER_04]: Like, what do you think the thoughts are beyond the NDP?
13:37.450 --> 13:40.234
[SPEAKER_04]: I mean, personally, I was pretty surprised that they did it.
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[SPEAKER_07]: I think calling a snap election immediately after your opposition party is in such disarray and the leader is basically resigned.
13:49.082 --> 13:54.047
[SPEAKER_07]: I don't think that's open and honest politics, so I think that's really moving forward to take advantage of the situation.
13:54.728 --> 13:58.871
[SPEAKER_07]: And so calling that, you know, anybody that watched that speech when he made that announcement,
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[SPEAKER_07]: I think he mentioned Donald Trump 19 times in his speech, very clearly they've done some demographic research, the public polling shows Canadians feel extremely anti Trump.
14:10.635 --> 14:15.496
[SPEAKER_07]: So if you call the election and you just drop Trump Trump Trump Trump Trump a whole lot of people are going to side with you.
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[SPEAKER_07]: So that's that's clearly what he did.
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[SPEAKER_07]: It's obviously election hearing.
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[SPEAKER_07]: It's seizing the opportunity to call an election while your opposition party is on a seeming great weakness because they don't have a leader.
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[SPEAKER_07]: You know, and I think the press and a lot of the public have seen the same thing.
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[SPEAKER_07]: You've read a lot of media coverage that's really saying this is not on, but it's a good way for him to establish multiple more years of government.
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[SPEAKER_07]: I just find it a surprise when you're a government that already has a majority and you've got two years left in your timeline in governance.
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[SPEAKER_07]: So they're playing a gamble.
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[SPEAKER_07]: It'll be interesting to see if it works
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[SPEAKER_06]: move, right?
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[SPEAKER_06]: I think two thirds of the voters pulled right after they called the election said it's too soon.
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[SPEAKER_06]: Like what are we doing?
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[SPEAKER_06]: This doesn't make sense.
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[SPEAKER_06]: Why are we spending a money on this?
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[SPEAKER_06]: Do you think that actually sticks?
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[SPEAKER_06]: TV, or is that just something that, you know, for three days, it's part of the news cycle, the old rage, and then it's like, okay, I forgot onto bashing developers.
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[SPEAKER_07]: We've got 27, 28 days till the election or so.
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[SPEAKER_07]: You know, I think the trick is here, there's a whole lot of hockey to play.
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[SPEAKER_07]: What is next?
15:25.292 --> 15:26.773
[SPEAKER_07]: I think it's hard to say.
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[SPEAKER_07]: You really don't know.
15:27.974 --> 15:33.840
[SPEAKER_07]: I think one of the main deciding factors in this election is going to be the conservatives with their interim leadership.
15:34.580 --> 15:38.302
[SPEAKER_07]: So far, I think the interim leadership has done a good job.
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[SPEAKER_07]: And then is musliming his people, you don't need any of these sort of off-shoot wedge issues, suddenly coming out, you don't need to be talking about anything that's going to sort of repulse potential voters.
15:50.107 --> 15:51.207
[SPEAKER_07]: Can they stay on topic?
15:51.507 --> 15:55.009
[SPEAKER_07]: Can they stay business focused about the economy and the future of this province?
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[SPEAKER_07]: I think they strongly need to kind of dismiss that
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[SPEAKER_07]: EBS, anti-Trump, therefore, Trump, I think it's a pretty flimsy argument to begin with, if they can pull that off, I think they can really be building support over the next handful of days, but we don't know what are the announcements, what are the policy announcements that are coming?
16:13.554 --> 16:26.836
[SPEAKER_07]: We haven't seen a new platform from the BC Conservatives, so there are party that's kind of miraculously pulled it together since this election has been called, but it has been an ongoing challenge for that party being a new party and a party that has a lot of sort of
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[SPEAKER_07]: from centrist conservatives to far right conservatives.
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[SPEAKER_07]: If that far right voice kind of gets out there, that always that drags down the whole party in terms of its populist vote popularity.
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[SPEAKER_07]: So, you know, we'll see what's to come.
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[SPEAKER_07]: I think this argument about Trump is pretty flimsy.
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[SPEAKER_07]: And that should be priority one when it comes to the conservatives.
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[SPEAKER_04]: Right.
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[SPEAKER_04]: And thinking about the conservatives, there's been three different leaders this year.
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[SPEAKER_04]: Can we talk a little bit about Lauren Durks and what do we know about them?
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[SPEAKER_07]: Sure, you know, he's a northern MLA.
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[SPEAKER_07]: He represented Carabou chill Cotin, Floor Cross from the BC Liberals in years past, I think it was in 2020.
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[SPEAKER_07]: And for a conservative is quite a balanced conservative when it comes to a lot of sectors and issues.
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[SPEAKER_07]: He spent a lot of time asking for business reform around health care, a lot of environmental policy that's actually quite sound when often conservatives
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[SPEAKER_07]: can be criticized for not being particularly pro-environment.
17:24.060 --> 17:25.800
[SPEAKER_07]: He cares very much about more than industry.
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[SPEAKER_07]: So, of course, forestry is very important to him.
17:27.681 --> 17:36.063
[SPEAKER_07]: And I think he's demonstrated that when it comes to the resources and health care, he's an informed voice and he's had a lot of skin in the game and advance of being a leader.
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[SPEAKER_07]: So, he's a fairly balanced representative being an interim leader.
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[SPEAKER_07]: I think he's a decent choice in terms of where they're going and what's next.
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[SPEAKER_06]: So there's a lot of hockey left to be played, as you said.
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[SPEAKER_06]: What are the issues?
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[SPEAKER_06]: I think I saw that the number one issue was affordability in general.
17:54.849 --> 18:00.152
[SPEAKER_06]: Like, what do you think in the next four weeks, the key kind of central themes are?
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[SPEAKER_06]: Where does housing fit into that?
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[SPEAKER_06]: I don't plan, does it obviously this tax?
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[SPEAKER_07]: It's gotten a lot of press over the weekend, but what are just the general issues that this is going to write on it's interesting juxtaposing it with the civic election which we'll get to in a few minutes obviously, but a lot of those issues are the same I think affordability is one it's a marker that we all live under the shadow of it's just.
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[SPEAKER_07]: excessively expensive to live in British Columbia.
18:24.906 --> 18:27.127
[SPEAKER_07]: It's expensive when you're already well-established.
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[SPEAKER_07]: It's particularly decimating when you're young and you're trying to start a family and move forwards.
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[SPEAKER_07]: Our job numbers are economy.
18:34.090 --> 18:34.771
[SPEAKER_07]: It's it's weak.
18:35.191 --> 18:37.952
[SPEAKER_07]: That of course is influencing all of the other aspects.
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[SPEAKER_07]: So you've got poor affordability.
18:40.613 --> 18:41.853
[SPEAKER_07]: You've got a stagnant economy.
18:42.154 --> 18:45.035
[SPEAKER_07]: You've got an extremely high cost of living and then you've got housing.
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[SPEAKER_07]: In terms of where does housing fit into the spectrum, it's obviously top of mind because we're early in the election call and you've already seen EB come out and make some announcements around housing.
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[SPEAKER_07]: So he, you know, I think he cares about all of these issues, but it's very difficult, you know, it gives a bit of an advantage to the conservatives when you're in nine year government.
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[SPEAKER_07]: Around these issues, they're all concerns, but they're all things that the NDP have been saying they're going to deal with for the last nine years and you don't see a lot of forward momentum on these things and you can only blame so much on Trump and so it'll be interesting to see how do they can serve as capitalized on that aspect and how do they move forwards and when the NDP are making announcements are they making announcements that are
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[SPEAKER_07]: sound policy announcements province wide or are they just selectively governing in terms of making announcements because they're very concerned about renters, young renters who make up a lot of their voter base and then they're just making these sort of like snap policy announcements with very little research behind them, things that are going to cost a lot of money to the social net, things that really in the long run don't benefit the overall promise.
19:48.648 --> 19:53.969
[SPEAKER_07]: I'm watching it very closely, we have my policy department really on standby for any announcement that they make so we can be
19:56.650 --> 20:08.796
[SPEAKER_06]: Do you have a sense, I mean, Adam and I talk often about how it feels like we're in a bubble, maybe it's just the world of the real estate world, you know, if you like everybody we talk to has the same issues in mind.
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[SPEAKER_06]: Again, we're kind of pushing off this tax, but the tax was was announced late last week.
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[SPEAKER_06]: I feel like everybody I know thinks it's.
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[SPEAKER_06]: idiotic policy, right?
20:18.702 --> 20:25.467
[SPEAKER_06]: But on polymarket, David EB was at, say, 46% on Friday, and I think Turks and was at 53%.
20:25.507 --> 20:29.791
[SPEAKER_06]: This morning, EB is at 51% and Turks and says 50.
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[SPEAKER_06]: I feel like this was the big announcement.
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[SPEAKER_06]: Do you have a sense?
20:34.474 --> 20:36.856
[SPEAKER_06]: I feel like your network is maybe more expensive than ours?
20:37.517 --> 20:40.039
[SPEAKER_06]: Like, is that what is moving the needle right now?
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[SPEAKER_06]: How important?
20:42.387 --> 20:43.427
[SPEAKER_06]: are these housing issues?
20:43.748 --> 20:50.230
[SPEAKER_07]: I think when it comes to these pools, first off, always recognize that margin of error is a good plus or minus 15%, right?
20:50.530 --> 20:52.911
[SPEAKER_07]: You know, it's not like they're like, oh, we pulled 30,000 people.
20:52.991 --> 20:54.471
[SPEAKER_07]: It's we called 400 people, right?
20:54.751 --> 20:56.712
[SPEAKER_07]: Oh, and this is actually the bedding market.
20:57.012 --> 20:58.573
[SPEAKER_07]: A moment at the bedding markets.
20:59.353 --> 21:04.795
[SPEAKER_07]: You know, I think in the end, he's had a boost of popularity because he's just sort of short up his base.
21:05.395 --> 21:07.617
[SPEAKER_07]: He's pantered again right to the young.
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[SPEAKER_07]: Say, like, here's the next thing.
21:09.179 --> 21:10.220
[SPEAKER_07]: Here's the next measure.
21:10.520 --> 21:16.346
[SPEAKER_07]: There's sort of been this like long running governmental fall sort of on one policy announcement away from restoring affordability.
21:16.826 --> 21:19.649
[SPEAKER_07]: And this is kind of moving again in that direction.
21:19.689 --> 21:21.390
[SPEAKER_07]: You know, we'll take this next set of steps.
21:21.691 --> 21:24.774
[SPEAKER_07]: I read the quote this morning that he said in that press announcement.
21:25.294 --> 21:52.363
[SPEAKER_07]: when when he announced these new taxes on Friday and I just thought it was so stunningly tone deaf in terms of the fact that and and I'm paraphrasing but he said deep pocketed developers sitting on these empty condos how much is that keeping out of the housing market I'm going to intervene and I'm going to get those into the overall you know hands of of renters or looking to start families and looking to buy affordable housing that's absolutely tone deaf to the market realities of developers and I you know I think as a policy department and
21:54.744 --> 21:57.865
[SPEAKER_07]: I don't want us to wake up every day and simply be like, oh, we're in the pocket of development.
21:57.925 --> 21:59.445
[SPEAKER_07]: All we believe in is mindless development.
21:59.705 --> 22:04.786
[SPEAKER_07]: No, but I think you'd better have some sympathy to the struggle of the development sector right now.
22:05.087 --> 22:07.767
[SPEAKER_07]: They've put a lot of money into infrastructure or development.
22:08.027 --> 22:09.368
[SPEAKER_07]: They put a lot of risk forwards.
22:09.788 --> 22:11.268
[SPEAKER_07]: And the pendulum has swung.
22:11.448 --> 22:19.130
[SPEAKER_07]: And I think one of the things about the provincial government and if I can throw a criticism at the NDP, when you are elected, you need to govern for all.
22:19.750 --> 22:22.953
[SPEAKER_07]: You know, not selectively, I know you vote for me, but you don't.
22:22.973 --> 22:24.114
[SPEAKER_07]: So you're important and you're not.
22:24.394 --> 22:28.317
[SPEAKER_07]: That is not the way to really represent, especially in a crisis economy.
22:28.337 --> 22:30.539
[SPEAKER_07]: That is not the way to represent an electorate.
22:30.599 --> 22:43.350
[SPEAKER_07]: And I very much hope that as we move forward, and you see more announcements from the NDP, that they, they broaden their focus, and so that it's not simply pandering to that electorate, trying desperately to get the voting.
22:43.370 --> 22:48.154
[SPEAKER_07]: What we need to see is some careful policy decision making to try to steer us through a crisis economy.
22:48.654 --> 22:54.056
[SPEAKER_04]: And maybe for people that might have missed the announcement, can we unpack the 2% policy?
22:54.637 --> 23:00.699
[SPEAKER_04]: And then, maybe as a follow-up question, does taxing unsold housing inventory lead to more homes built?
23:01.160 --> 23:05.421
[SPEAKER_07]: We can look at the head shaking from our senior economist for the front row right there.
23:05.782 --> 23:08.403
[SPEAKER_07]: In terms of the announcement itself, the promise was twofold.
23:08.763 --> 23:17.347
[SPEAKER_07]: Number one, to increase the spec and vacancy tax by 1% bringing it to 2% for domestic buyers and 5% for foreign purchasers.
23:18.087 --> 23:22.992
[SPEAKER_07]: And then, secondarily, to implement the new tax on vacant condos that are vacant for over a year.
23:23.212 --> 23:28.738
[SPEAKER_07]: They haven't sort of stated where that tax sits and ready, but I believe he's looking at implementing it at about 2% if it sits.
23:29.158 --> 23:33.483
[SPEAKER_07]: Now, the other thing that I think is interesting and they haven't really had time to dig down on this in the media.
23:33.963 --> 23:40.129
[SPEAKER_07]: But when you saw that press announcement with Prime Minister Carney talking about buying all that unsold inventory,
23:40.730 --> 23:45.331
[SPEAKER_07]: and then repurposing it, and then immediately there was like a big backlash around.
23:45.551 --> 23:46.492
[SPEAKER_07]: Is that necessary?
23:46.672 --> 23:48.152
[SPEAKER_07]: Is that good use of public funds?
23:48.532 --> 23:54.414
[SPEAKER_07]: Eevee said, well, if this is really not popular, if this really a bad idea, maybe we'll pivot and maybe we'll move in a different direction.
23:54.734 --> 23:56.955
[SPEAKER_07]: This is sounding a lot like it's the different direction.
23:57.115 --> 24:02.297
[SPEAKER_07]: And so I think he's kind of recycling prior ideas and going in this manner.
24:02.717 --> 24:05.818
[SPEAKER_07]: They kind of very much panders back at the traditional MEP base.
24:06.138 --> 24:09.879
[SPEAKER_04]: I'm just thinking for developers right now, there's a lot of risk.
24:10.399 --> 24:15.301
[SPEAKER_04]: Right, a lot of professors, we're seeing people, a lot of companies go into a receivership on a lot of projects.
24:16.082 --> 24:21.384
[SPEAKER_04]: What does this mean for the development community in your mind and also what does it mean for the creation of housing?
24:22.024 --> 24:29.428
[SPEAKER_07]: I think that's what makes that announcement on Friday so surprising to just ignore the fact that there are so many developers that are currently struggling.
24:29.728 --> 24:30.348
[SPEAKER_07]: Not struggling.
24:30.628 --> 24:33.709
[SPEAKER_07]: Hey, I'm a little bit struggling, but you know bankruptcy level struggling.
24:33.809 --> 24:34.390
[SPEAKER_07]: You, you have.
24:35.270 --> 24:36.932
[SPEAKER_07]: a very challenged economy out there.
24:37.332 --> 24:39.294
[SPEAKER_07]: What does it mean on the development sector?
24:39.935 --> 24:46.562
[SPEAKER_07]: I took a meeting on Friday with a series of senior executives from various organizations within the development sector.
24:47.043 --> 24:48.204
[SPEAKER_07]: They're deeply concerned.
24:48.364 --> 24:50.026
[SPEAKER_07]: They're absolutely shocked at the announcement.
24:50.306 --> 24:55.692
[SPEAKER_07]: But I think what you're going to see is it just furthers drawing things right to a standstill when it comes to new developments.
24:56.152 --> 25:00.957
[SPEAKER_07]: pre-sales, everybody's just kind of for starters, they want to wait and see where the selection goes.
25:01.597 --> 25:12.367
[SPEAKER_07]: And, you know, as something Brendan Englinson has outlined over the past year, if you don't keep frequent housing starts, you know, what you start today comes online, multiple years down the road.
25:12.807 --> 25:20.914
[SPEAKER_07]: If you don't keep those things moving, if you don't keep developers confident and reinvesting, you're going to create a housing drop further down the line, which in turn,
25:21.595 --> 25:23.777
[SPEAKER_07]: choke supply and then boosts up the prices.
25:24.037 --> 25:33.184
[SPEAKER_07]: And so here we are in an election where they're making decisions pandering to one side of the voter base, but now, you know, really risking housing affordability in years to come as a result.
25:33.224 --> 25:37.147
[SPEAKER_07]: But, you know, I think on the developer side, concern would be an understatement.
25:37.267 --> 25:40.970
[SPEAKER_07]: I think absolutely panic and degree of crises is where they're looking on it.
25:41.633 --> 25:55.719
[SPEAKER_06]: You know, it strikes me that it's actually a useful framing to think of it in relation to the, to the bailout, the condo bailout, right, because I feel like that was announced, it was attacked on the left, the developers said, we didn't ask for this.
25:55.759 --> 25:56.499
[SPEAKER_06]: This doesn't make sense.
25:56.519 --> 25:57.500
[SPEAKER_06]: This is what we needed.
25:58.020 --> 26:09.225
[SPEAKER_06]: So that was kind of the lead balloon, right, and this is going back to try it and true methods, what I'm wondering, and it's kind of shocking to me is the real state.
26:10.164 --> 26:13.906
[SPEAKER_06]: industries been under pressure since mid 2022.
26:15.167 --> 26:24.553
[SPEAKER_06]: Does it still, does it's a prize you that there's still political mileage in kind of beating this beating the developer as the boo-ie man or bogey man?
26:25.113 --> 26:29.616
[SPEAKER_07]: I think it's really unfair for the developer and I, I think it must be very challenging.
26:29.956 --> 26:33.219
[SPEAKER_07]: I sometimes say in the real estate sector like we have to remember
26:34.119 --> 26:35.760
[SPEAKER_07]: doing our government relations.
26:35.840 --> 26:37.300
[SPEAKER_07]: We're not often that popular.
26:37.460 --> 26:42.062
[SPEAKER_07]: We're we're looked at in a suspect manner and that that can be a little bit challenging.
26:42.182 --> 26:49.005
[SPEAKER_07]: I certainly noticed the difference from my ears when I worked in dairy farming doing government relations and dairy because dairy has a very high trust mechanism.
26:49.405 --> 26:53.707
[SPEAKER_07]: And sometimes realtors kind of get kind of mixed into the area where it is affordability.
26:54.707 --> 26:56.830
[SPEAKER_07]: Where are you contributing to these affordability issues?
26:57.451 --> 27:00.174
[SPEAKER_07]: The developer, of course, is a business person.
27:01.115 --> 27:09.085
[SPEAKER_07]: Or a company that exists in a capitalistic society, investing huge amounts of capital over multiple years with an expected return.
27:09.205 --> 27:10.366
[SPEAKER_07]: And you get this.
27:11.448 --> 27:17.534
[SPEAKER_07]: frequent from media and from the public attitude of how dare they expect a return on their investments.
27:17.594 --> 27:29.085
[SPEAKER_07]: They're just this big rich capitalist organization, not recognizing how much you're looking at often, you know, medium and sometimes even small-sized businesses working within this general spectrum.
27:29.185 --> 27:34.550
[SPEAKER_07]: And you know, I don't think that the NDP help with that, they like to stoke that fire in terms of perspective.
27:34.870 --> 27:44.093
[SPEAKER_06]: Well, I heard Bo Jarvis from West Group on the radio last week, and he said, just to be clear, we are doing everything we possibly can to sell these homes.
27:44.594 --> 27:46.334
[SPEAKER_06]: It's not like we're not hoarding this.
27:46.374 --> 27:48.355
[SPEAKER_06]: This makes no business sense, right?
27:48.655 --> 27:51.676
[SPEAKER_06]: We're desperately trying to sell these homes.
27:51.716 --> 27:53.217
[SPEAKER_06]: So it just speaks to your point.
27:53.757 --> 28:05.312
[SPEAKER_07]: I think when your nation is in a crisis and arguably we're in about six, into lapping economic and social crises, I think when that's the case, the issue here should be honesty and governance.
28:05.592 --> 28:11.520
[SPEAKER_07]: And not perpetuating falsehoods, not perpetuating stereotypes, not furthering reverses them politics, but
28:12.020 --> 28:38.243
[SPEAKER_07]: figure it out and the solutions to all of our problems, they're not partisan solutions, they're not far to the left, they're not far to the right, they're experts doing research and their solutions to that and it doesn't sit within a party platform, it sits within policy people and I think that addition of what governments really need on an ongoing basis is to be increasingly turning to the experts to be pointing them, not being so willing to move in partisan politics for the good of their own party.
28:38.903 --> 28:46.126
[SPEAKER_04]: And maybe before we move on to the municipal elections here, what does the real estate industry need from this election regardless of who wins?
28:46.706 --> 28:47.887
[SPEAKER_07]: You know, I alluded earlier.
28:48.727 --> 28:56.130
[SPEAKER_07]: One of the things I would like to see, and I certainly look at this on the civic side, but I would like to see a party that is governing for everybody a little bit more.
28:56.510 --> 29:11.263
[SPEAKER_07]: and not like you could you can point to special interest aspects of the NDP and they're they're very focused on those aspects they're very focused on indigenous land use issues and and fair enough these are critical issues they're very focused on on renters rental stock
29:11.843 --> 29:18.485
[SPEAKER_07]: struggling youth in this economy, you know, they sort of have their specific issues, but that's sort of like, oh, you're in the middle class, never mind.
29:18.605 --> 29:21.426
[SPEAKER_07]: You're not actually on our list for where we're focusing very much policy.
29:21.966 --> 29:23.406
[SPEAKER_07]: You can't just pick favorites.
29:23.426 --> 29:24.827
[SPEAKER_07]: You need to govern for everyone.
29:24.967 --> 29:32.609
[SPEAKER_07]: And, and, and I think that is where the real estate sector in terms of when we're asking questions of of candidates, when we're pushing government and
29:33.269 --> 29:38.373
[SPEAKER_07]: in the questions that we ask and certainly in housing policy, that concept of missing middle.
29:38.974 --> 29:40.255
[SPEAKER_07]: Let's get past just renters.
29:40.295 --> 29:43.598
[SPEAKER_07]: There's a whole big spectrum of struggle out there.
29:43.638 --> 29:47.601
[SPEAKER_07]: How do we help voice government into more balanced evidential decision-making?
29:47.641 --> 29:59.991
[SPEAKER_07]: And I think that's where the real estate sector really needs to be, you know, from the development side to our and of things on the ground as real estate organizations and then real estate practitioners, asking sound questions of candidates and the lead up to the election.
30:00.629 --> 30:23.275
[SPEAKER_07]: like this is a perfect time to plug the round table idea yeah the round table idea something we've been pushing for a very long time I think frankly one of the things that we see on an ongoing basis you have three levels of government and it's quite shocking how little coordination there is between the three levels of government and so when you're talking about housing policy you know you should have a very interwoven
30:23.995 --> 30:27.317
[SPEAKER_07]: from national to provincial down to municipal.
30:27.958 --> 30:32.061
[SPEAKER_07]: It's a very complicated scenario, but that takes smart people doing complicated work.
30:32.541 --> 30:42.948
[SPEAKER_07]: Instead, you see the federal government has their agenda, the provincial government have their agenda, and then the municipalities are often kind of like reeling and response to what has come at them in the last handful of years.
30:43.148 --> 30:47.912
[SPEAKER_07]: And, you know, I think round tables in general of strong experts,
30:48.672 --> 31:07.959
[SPEAKER_07]: Not representing just real estate interest, but for example, if the province is looking at moving in any kind of housing policy direction, having 15 experts, you know, economists, educational theorists, policy experts from market, non-market, indigenous housing, all working together to go, let's take your potential idea, let's unpack it.
31:08.399 --> 31:15.982
[SPEAKER_07]: This part works, this part doesn't, but what if you did this, put it through very careful thorough filtering, have it come out the other side as a carefully vetted,
31:16.742 --> 31:18.023
[SPEAKER_07]: idea that can work for the people.
31:18.423 --> 31:22.146
[SPEAKER_07]: Again, getting past left or right, it's just what's the good idea.
31:22.226 --> 31:24.628
[SPEAKER_07]: What's the right policy levers that can work?
31:24.929 --> 31:33.675
[SPEAKER_07]: I think one of the real challenges, you got three levels of government, each that is our own agenda, and then you have this pressure upon politicians to be like housing affordability is a massive emergency.
31:33.996 --> 31:35.217
[SPEAKER_07]: Please fix it by next week.
31:35.717 --> 31:48.621
[SPEAKER_07]: And so it results in a lot of knee jerk policy, which is really just this country chasing its own tail and wasting a lot of resources, rather than working collectively to solve the problem, which again is a very complicated problem and takes a lot of expertise.
31:49.621 --> 31:52.522
[SPEAKER_04]: So we've got two elections one week apart.
31:53.202 --> 31:55.923
[SPEAKER_04]: What does this do to the civic election?
31:56.283 --> 31:56.763
[SPEAKER_07]: I think it's.
31:57.702 --> 32:01.605
[SPEAKER_07]: unfortunate for both elections because I don't think it's everybody is just going to default.
32:02.105 --> 32:03.646
[SPEAKER_07]: Hey, I'm going to vote in the provincial election.
32:03.666 --> 32:08.749
[SPEAKER_07]: I think you'll have some people vote in the civic election and not vote provincially and then vice versa.
32:09.230 --> 32:10.451
[SPEAKER_07]: Just it's a lot of time off work.
32:10.491 --> 32:11.271
[SPEAKER_07]: It's a lot of energy.
32:11.751 --> 32:12.572
[SPEAKER_07]: It's a lot of focus.
32:13.112 --> 32:17.955
[SPEAKER_07]: We already struggle enough within the electorate from general disconnection.
32:17.996 --> 32:20.557
[SPEAKER_07]: You have a lot of people who don't vote at the best of times.
32:21.058 --> 32:24.100
[SPEAKER_07]: Now you put two elections back to back last week.
32:24.820 --> 32:29.483
[SPEAKER_07]: the UBCM conference was taking place, which is the provincial conference of municipalities.
32:29.884 --> 32:42.472
[SPEAKER_07]: They put forward as an emergency request to government, just to ask David, please don't call an election right now, because there is word that may be happening, because they don't want it interfering and overshadowing with the civic elections.
32:42.973 --> 32:44.954
[SPEAKER_07]: David, he has, of course, chosen to do so.
32:45.474 --> 32:47.396
[SPEAKER_07]: I think it's unfortunate on the civic side.
32:47.436 --> 32:49.998
[SPEAKER_07]: It's obviously the provincial stuff tends to get more focus.
32:50.578 --> 32:57.139
[SPEAKER_07]: But we have a lot of, you know, all these issues that we're talking about might be a crime, be it affordability, but all trickles right down on the community level.
32:57.680 --> 33:00.980
[SPEAKER_07]: It's very important towards a lot of challenges in communities right across the province.
33:01.340 --> 33:04.601
[SPEAKER_07]: And the people that we vote for within this province and the civic level.
33:05.041 --> 33:11.062
[SPEAKER_07]: This is an important election at an important time where communities are facing challenges like never before.
33:11.382 --> 33:17.424
[SPEAKER_07]: And it's, you know, I hope everybody in this room take the time to get out and vote both weeks.
33:17.464 --> 33:18.344
[SPEAKER_07]: Don't pick one or the other.
33:19.430 --> 33:27.693
[SPEAKER_06]: So I think everybody kind of understands or at least everybody I talk to is very interested in the provincial election.
33:27.713 --> 33:34.456
[SPEAKER_06]: I feel like that it's a it's a this is a very important one for the problem So British Columbia how important are these municipal elections?
33:34.476 --> 33:38.498
[SPEAKER_06]: I know you just kind of spoke to it, but maybe thinking specifically about
33:39.415 --> 33:45.918
[SPEAKER_06]: the real estate industry, housing affordability, how important are the Metro Vancouver elections?
33:46.418 --> 33:48.839
[SPEAKER_07]: I think they're important.
33:49.439 --> 33:52.240
[SPEAKER_07]: You've had a lot of zoning changes within municipalities.
33:52.940 --> 33:55.281
[SPEAKER_07]: You've had a lot of housing targets placed upon municipalities.
33:55.721 --> 34:03.604
[SPEAKER_07]: I think one of the really big looming crises on the municipal level, much more pronounced in some municipalities and others is amenity spending.
34:04.064 --> 34:04.825
[SPEAKER_07]: You have a government,
34:05.583 --> 34:11.908
[SPEAKER_07]: saying you must build X number of new housing in this municipality by this year.
34:12.248 --> 34:14.530
[SPEAKER_07]: But oh, no, no, we don't have anybody to build a new school.
34:14.710 --> 34:17.172
[SPEAKER_07]: Oh, no, no, there's no money to build a new hospital.
34:17.192 --> 34:18.633
[SPEAKER_07]: Now you can get away with that for a year.
34:19.033 --> 34:20.795
[SPEAKER_07]: You can get away with it for five years.
34:21.822 --> 34:26.665
[SPEAKER_07]: But in case anyone isn't noticing, we're drawing $13 billion deficits right now, right?
34:26.685 --> 34:29.126
[SPEAKER_07]: There's no like sudden influx of cash coming at us.
34:29.486 --> 34:33.609
[SPEAKER_07]: So you're densifying, densifying, densifying with no investment in amenity spending.
34:33.869 --> 34:35.690
[SPEAKER_07]: That is a looming crisis waiting to happen.
34:35.730 --> 34:44.095
[SPEAKER_07]: And if I look at places, I live in New Westminster, which is a very small arguably overbuilt community, you know, by the time they built the new high school,
34:44.815 --> 34:46.177
[SPEAKER_07]: to service the local community.
34:46.217 --> 34:51.183
[SPEAKER_07]: It was already so packed that they have to run that school in three shifts.
34:51.624 --> 34:52.184
[SPEAKER_07]: That's bad.
34:52.385 --> 34:53.726
[SPEAKER_07]: What happens in five years?
34:53.987 --> 34:54.707
[SPEAKER_07]: That's a new school.
34:54.948 --> 34:57.311
[SPEAKER_07]: That's a new school.
34:57.531 --> 35:01.075
[SPEAKER_07]: One of the focuses I increasingly have is I look at these aspects.
35:01.656 --> 35:05.638
[SPEAKER_07]: I think that when you're building communities, when you're densifying, you know, we are we are a problem.
35:05.678 --> 35:11.122
[SPEAKER_07]: We need new people to move to the province, we want to build our economies, we want to have strong communities.
35:11.882 --> 35:17.025
[SPEAKER_07]: But that doesn't just mean growth that all blind costs, it needs careful sustained growth.
35:17.085 --> 35:20.868
[SPEAKER_07]: And I think the government giving these housing targets has kind of
35:21.608 --> 35:24.550
[SPEAKER_07]: inspired communities to treat it like the growth is an emergency.
35:24.590 --> 35:25.731
[SPEAKER_07]: We better just accommodate it.
35:26.452 --> 35:28.313
[SPEAKER_07]: And I think we need to get to a point in the communities.
35:28.353 --> 35:31.356
[SPEAKER_07]: And this is where the people running the civic elections are very important.
35:31.716 --> 35:34.618
[SPEAKER_07]: You need people that are concerned with sustainable communities.
35:34.919 --> 35:41.023
[SPEAKER_07]: And I want where I live to be a viable, beautiful place 25 years, 50 years from now.
35:41.744 --> 35:42.525
[SPEAKER_07]: I think we all do.
35:42.685 --> 35:46.928
[SPEAKER_07]: And that's where it's incumbent upon us as a promise to make sound decisions about growth.
35:47.048 --> 35:49.030
[SPEAKER_07]: And urban planning is a complicated game.
35:49.690 --> 35:59.951
[SPEAKER_07]: And I hope that the NDP recognize a bit more of that because I think you can't just keep pushing to densify densify, if you don't in the amenities to go with it, we already have enough problems in hospital waiting rooms and schools.
36:00.777 --> 36:06.579
[SPEAKER_04]: Just in thinking about, so we've talked a lot about housing, what are some of the issues that are dominating the civic elections?
36:06.839 --> 36:08.140
[SPEAKER_07]: I think one of the big ones is crime.
36:08.740 --> 36:12.522
[SPEAKER_07]: You know, crime and drug use, I think it touches upon all of our neighborhoods.
36:12.662 --> 36:20.205
[SPEAKER_07]: You see it, the downtowny side was interesting, reading a lot of the coverage during FIFA, about the downtowny side, and the fact that I think
36:21.065 --> 36:27.528
[SPEAKER_07]: for us for being many of us being Vancouverites and those of us that you spend time in the downtown eastside and that just becomes the norm.
36:28.089 --> 36:29.129
[SPEAKER_07]: Hey, I guess that's okay.
36:29.149 --> 36:30.590
[SPEAKER_07]: Well, it's it's not okay.
36:30.630 --> 36:36.493
[SPEAKER_07]: Like these are people in desperate need of assistance and we're supposed to be a grand social democracy.
36:36.553 --> 36:42.676
[SPEAKER_07]: We're failing these people and meanwhile crime is just proliferating proliferating proliferating so is the addiction.
36:42.716 --> 36:44.637
[SPEAKER_07]: And so I think leading it to the Vancouver.
36:45.237 --> 36:49.401
[SPEAKER_07]: Civic elections, you're seeing this increasingly becoming an issue of municipal concern.
36:49.861 --> 36:52.123
[SPEAKER_07]: And it's difficult because who solves this problem?
36:52.163 --> 36:52.964
[SPEAKER_07]: To solve it federally?
36:52.984 --> 36:53.404
[SPEAKER_07]: Do you solve it?
36:53.424 --> 36:53.905
[SPEAKER_07]: Preventionally?
36:53.925 --> 36:54.445
[SPEAKER_07]: Do you solve it?
36:54.485 --> 36:54.805
[SPEAKER_07]: Civic?
36:55.446 --> 36:58.088
[SPEAKER_07]: On the civic side of things, I don't think there's some there's some one answer to that.
36:58.208 --> 37:03.193
[SPEAKER_07]: But I think those are issues of great concern for a lot of communities because it seems like a really endemic scenario.
37:03.953 --> 37:11.079
[SPEAKER_07]: You see a fortability, and if you look at most civic elections, you look at the candidates, you read their platform.
37:11.559 --> 37:12.860
[SPEAKER_07]: I'm going to help with affordability.
37:12.880 --> 37:14.922
[SPEAKER_07]: It tends to be a metric that's often there.
37:15.483 --> 37:19.125
[SPEAKER_07]: I don't know particularly how much you can do at the civic level around affordability.
37:19.446 --> 37:25.471
[SPEAKER_07]: It's quite challenging, and then it falls to the various platforms, but housing in the different perspectives on housing.
37:25.991 --> 37:26.732
[SPEAKER_07]: It's interesting.
37:27.432 --> 37:34.555
[SPEAKER_07]: that's where you see things like having a bit of variability from, I want to preserve communities to, I want to build more social housing.
37:34.675 --> 37:37.136
[SPEAKER_07]: I want to make this community more affordable for young families.
37:37.256 --> 37:41.538
[SPEAKER_07]: I want to build more housing for people in need of, you know, various emergency housing.
37:41.738 --> 37:44.579
[SPEAKER_07]: That's where the different parties really are sort of carving out different ground.
37:45.391 --> 37:58.007
[SPEAKER_06]: So the thinking of the province taking away a lot of the zoning power from municipalities, what in your mind is left for the mayor and council to decide in a lot of ways?
37:58.567 --> 37:59.829
[SPEAKER_06]: I mean, I guess that can change though.
38:00.289 --> 38:02.092
[SPEAKER_07]: Yeah, there's also that aspect of pushback.
38:02.823 --> 38:09.109
[SPEAKER_07]: Like I think that there's times where municipalities need to say, you know, you can't treat all communities as the same community.
38:09.589 --> 38:12.972
[SPEAKER_07]: We have different needs than Clona as you can't just do that.
38:13.112 --> 38:15.594
[SPEAKER_07]: We have special needs and I need to advocate for those special needs.
38:16.375 --> 38:26.124
[SPEAKER_07]: You know, using an example, Clona, when the short-term rental legislation was put into place, Clona, I see, heads nodding in the audience, but Clona's immediate economy,
38:26.644 --> 38:33.730
[SPEAKER_07]: It's pretty decimated, come summer, because no longer can you rent that place for your family that you've rented the last six years when you all go up and spend time at the lake.
38:34.251 --> 38:52.126
[SPEAKER_07]: That kind of thing is the situation where you've got a regional issue that's coming out of a blanket, provincial policy, who deals with that, who is the defender at the civic level, that's your elected governance, and so all of our communities differ, we all have different wants and needs, we all have different priorities, but you need to be voting
38:54.628 --> 39:04.635
[SPEAKER_07]: You need to be sensitive and respectful of provincial needs and provincial long-term goals, but you also have to defend your city and defend the needs of your city, and be willing to make difficult decisions.
39:04.675 --> 39:05.836
[SPEAKER_07]: I think that's the other aspects.
39:05.896 --> 39:12.700
[SPEAKER_07]: It's to work in an era of tight budgets and decline of amenities and the decline of funds.
39:12.860 --> 39:16.863
[SPEAKER_07]: And so trying to do a lot with a little, you've got to make very careful decisions.
39:17.484 --> 39:17.984
[SPEAKER_07]: I think it's
39:19.725 --> 39:27.243
[SPEAKER_07]: You know, it's people that we all tend to know and are out there in common life like taking the time to throw themselves in to really try to make the place that they live better.
39:28.306 --> 39:35.308
[SPEAKER_04]: It's hard to talk about all of the municipalities, but maybe if we can talk about some of the most interesting races in the selection of Vancouver.
39:35.348 --> 39:41.390
[SPEAKER_04]: Yeah, maybe start with Vancouver and Ken Sim has obviously been a pretty polarizing mayor in Vancouver.
39:42.030 --> 39:47.672
[SPEAKER_04]: How did Ken do in your mind and then maybe moving on to the other candidates?
39:47.812 --> 39:52.574
[SPEAKER_07]: I'll tell you, I was at a business in Vancouver event when Ken Sim announced his...
39:53.658 --> 39:56.920
[SPEAKER_07]: proposal that we move, thank you for finances and to Bitcoin.
39:58.161 --> 40:00.602
[SPEAKER_07]: I can't say I was particularly into that one.
40:00.982 --> 40:05.605
[SPEAKER_07]: I think one of the challenges in the civic side is you're learning to be a politician live.
40:05.725 --> 40:07.806
[SPEAKER_07]: You've been elected and you're figuring it out.
40:08.107 --> 40:11.729
[SPEAKER_07]: I think over his term, he's had issues of transparency.
40:12.229 --> 40:19.994
[SPEAKER_07]: He's had issues of making decisions where you're dismissing people without the city manager, the parks board.
40:20.254 --> 40:21.475
[SPEAKER_07]: You're trying to move things forward.
40:22.115 --> 40:24.736
[SPEAKER_07]: without really taking the professional level that you should.
40:24.776 --> 40:26.157
[SPEAKER_07]: And you're learning less, right?
40:26.177 --> 40:27.657
[SPEAKER_07]: You get a lot of pushback on these things.
40:28.098 --> 40:30.419
[SPEAKER_07]: So, you know, I think he's learned over his term.
40:30.439 --> 40:37.982
[SPEAKER_07]: I think what you're seeing as you're moving into the next election, he's starting to really go hard with his party on these issues of crime.
40:38.682 --> 40:39.483
[SPEAKER_07]: And really,
40:40.563 --> 40:42.004
[SPEAKER_07]: That's what he wants us his legacy.
40:42.144 --> 40:46.986
[SPEAKER_07]: He's recognizing that the livability of Vancouver, we have to move the dial on this, and we have to do it hard and fast.
40:47.447 --> 40:50.748
[SPEAKER_07]: And again, it raises that issue of how much can you do this at the civic level.
40:51.208 --> 40:53.550
[SPEAKER_07]: But I think if the civic level makes it a five-alarm fire,
40:54.462 --> 41:01.190
[SPEAKER_07]: that in turn pushes forward more participation from a province which in turn draws in the federal side of things.
41:01.410 --> 41:11.381
[SPEAKER_07]: And again, the downtown east side, not to mention the whole rest of the city and the ensuing municipalities, but these are crisis point issues that are going to take like a lot of time, a lot of money and a lot of resources fixed.
41:12.162 --> 41:18.108
[SPEAKER_07]: I think he's really like doubling down on that issue to try and say, if you reelect me, I'm ready, I'm willing, I'm able.
41:18.148 --> 41:20.490
[SPEAKER_07]: We're going to go hard on this and try to really move the dial.
41:20.891 --> 41:24.714
[SPEAKER_07]: You've had mayors say it in the past as well, but you know, he seems very determined.
41:25.315 --> 41:28.238
[SPEAKER_06]: It's interesting, again, we're kind of in a bubble.
41:28.278 --> 41:31.941
[SPEAKER_06]: I feel like everybody's talking about street disorder as the number one.
41:32.882 --> 41:33.243
[SPEAKER_06]: issue.
41:33.923 --> 41:36.806
[SPEAKER_06]: And there's a privacy on the ballot, right?
41:36.946 --> 41:41.711
[SPEAKER_06]: One about open drug use and one about involuntary care.
41:42.412 --> 41:51.461
[SPEAKER_06]: Again, going to the betting markets this morning, Ken Sim, I think feed fries at like 68% whereas Ken Sim's may be 30 and then everybody else is kind of one
41:56.673 --> 42:02.979
[SPEAKER_06]: Like, I get the hockey, there's a lot of hockey left to play, but Ken Sim seems to be in a pretty tricky spot right now.
42:03.099 --> 42:08.345
[SPEAKER_06]: And I'm not sure if it's, if it's, if it's got the teeth that a lot of us sort of would.
42:08.385 --> 42:11.388
[SPEAKER_07]: He's had a lot of bad press for the duration of his governance.
42:11.468 --> 42:15.212
[SPEAKER_07]: And I think he's really trying to sort of like re cast his image.
42:15.432 --> 42:17.374
[SPEAKER_07]: I think it's a, it's a challenge.
42:17.394 --> 42:20.136
[SPEAKER_07]: And I, yeah, you know, I don't think he's the strongest.
42:20.737 --> 42:22.698
[SPEAKER_07]: course to bet on in this race, essentially.
42:22.718 --> 42:24.480
[SPEAKER_07]: Like it's a very crowded race.
42:24.700 --> 42:27.322
[SPEAKER_07]: Yeah, you've got former city counselors.
42:27.782 --> 42:29.323
[SPEAKER_07]: You've got a former chief of staff.
42:30.104 --> 42:36.668
[SPEAKER_07]: You've got a lot of people with a fair amount of expertise different areas of focus, but you know, strong candidates.
42:36.729 --> 42:41.112
[SPEAKER_07]: And I think the other thing as well is the Broadway court or has caused a lot of
42:41.952 --> 42:47.018
[SPEAKER_07]: You know, right, various concern on the residential side, which is a big part of the voting base.
42:47.539 --> 42:51.764
[SPEAKER_07]: And so, you know, I think there's a bit of a sense of desire for new blood.
42:51.884 --> 42:54.107
[SPEAKER_07]: It's a challenging area to be running in.
42:54.547 --> 42:56.529
[SPEAKER_04]: What other races outside of Vancouver?
42:57.330 --> 42:57.891
[SPEAKER_04]: Where's watching?
42:58.131 --> 43:07.213
[SPEAKER_07]: I self-interested, but I think newest Mister is particularly interesting one because, you know, newest Mister has traditionally tended to be deeply three layers of NDP support.
43:07.373 --> 43:15.755
[SPEAKER_07]: You saw federally a turn away from that when Peter Julian lost the election as MP in the last federal election, and they voted a liberal candidate.
43:16.415 --> 43:24.157
[SPEAKER_07]: On that topic of crime and downturn of economy, that's become a sort of wedge issue of great concern within New Westminster.
43:24.237 --> 43:25.157
[SPEAKER_07]: And again,
43:28.338 --> 43:37.088
[SPEAKER_07]: You know, rental-based voters and special interest governance, it's really like that left versus right scenario.
43:37.268 --> 43:41.232
[SPEAKER_07]: And so where that goes, I think that'll be really interesting to see what comes in.
43:41.312 --> 43:43.214
[SPEAKER_07]: I think story is a very interesting race.
43:43.535 --> 43:45.136
[SPEAKER_07]: You have 15 people running his mayor.
43:45.797 --> 43:56.739
[SPEAKER_07]: In that race, you know, you've brand a lock running again, you have the former mayor running, you know, that's a very big metropolitan area when it comes to intro Vancouver, as certainly a race.
43:56.759 --> 44:00.480
[SPEAKER_07]: We all need to pay attention to because they're very development forward.
44:00.860 --> 44:03.960
[SPEAKER_07]: They have a lot of crime issues as well there as well.
44:04.080 --> 44:11.782
[SPEAKER_07]: So, you know, they're they're like a young diversion of growing metropolis in comparison to Vancouver and so it'll be interesting to see sort of where they land.
44:12.082 --> 44:22.609
[SPEAKER_04]: Yeah, I was thinking about it on the drive in this morning about just the market, clearly a lot of agents that would be in the room are going to be listing product for the full market, probably in the next few weeks.
44:23.110 --> 44:28.574
[SPEAKER_04]: What does this election do to the market in your mind or what consideration should, should agents have?
44:28.794 --> 44:30.075
[SPEAKER_07]: You have that aspect of,
44:30.755 --> 44:48.433
[SPEAKER_07]: Trump, where, you know, I think when we're all looking at the market and doing various analysis at economists should be yelling this at us from, from his seat in the front row, but, you know, fear of cross-border issues and trade and paired with quite a week domestic or provincial economy, it's a stagnated.
44:49.033 --> 44:49.473
[SPEAKER_07]: economy.
44:49.513 --> 44:51.194
[SPEAKER_07]: You know, it's a, it's a stagnated market.
44:51.714 --> 45:03.841
[SPEAKER_07]: You know, I think you're going to see a lot of things on hold right now when it's kind of left versus right in terms of where the things go is, is there much of a public belief that if David EBS elected he's going to be better dealing with cross border issues.
45:04.790 --> 45:08.552
[SPEAKER_07]: Does anyone really take a lot of confidence in that?
45:08.993 --> 45:11.174
[SPEAKER_07]: Does the potential home buyer?
45:11.554 --> 45:13.355
[SPEAKER_07]: It's kind of hard to see that.
45:14.056 --> 45:20.540
[SPEAKER_07]: If the conservatives get in, does that create new optimism when it comes to the business sector and the economy?
45:20.860 --> 45:22.301
[SPEAKER_07]: And maybe there's a bit of a surge there.
45:22.381 --> 45:27.244
[SPEAKER_07]: So I think you're seeing a lot of people just everything is on hold while they wait and see where the dust settles.
45:28.084 --> 45:32.287
[SPEAKER_06]: What should realtors be doing between now and the end of October?
45:32.957 --> 45:49.344
[SPEAKER_07]: Well, I think certainly we need to follow on a daily basis, follow your community's politics, go to some of the live debates, figure out, actually, who's got the soundest policies, where you see gaps in some of the thinking of some of these people at the community level.
45:49.725 --> 45:52.106
[SPEAKER_07]: One of the interesting aspects is they're there to reach out to.
45:52.186 --> 45:54.467
[SPEAKER_07]: You can help round out some of their perspectives.
45:54.847 --> 45:59.289
[SPEAKER_07]: You can be there to ask questions, to be at the podium, to actually get them to respond.
45:59.689 --> 46:01.330
[SPEAKER_07]: You can then communicate with them afterwards.
46:01.610 --> 46:10.117
[SPEAKER_07]: We've tried to create some basic resources for realtors so that they can go on our website and they can look and they can download and take these questions to debate.
46:10.157 --> 46:15.081
[SPEAKER_07]: So on the ground, you can kind of come in at a knowing level and ask some questions of relevance.
46:15.501 --> 46:17.984
[SPEAKER_07]: And then I think on the other side of the fence, on the provincial side,
46:18.684 --> 46:38.080
[SPEAKER_07]: You know, we've got to follow the announcements on a daily basis and see where things are going on the housing side, but same thing, like, like, attend the debates where you can, the few that there will be, the lead-up and vote for the where you're seeing things going in terms of who is building the most sound policies for the sector into the future.
46:38.280 --> 46:41.703
[SPEAKER_07]: It's, uh, this is a very challenged economy and a very challenged time.
46:41.763 --> 46:43.864
[SPEAKER_07]: So I think the outcomes of both of these elections are
46:45.105 --> 46:50.828
[SPEAKER_04]: I think we have a few minutes left and we thought about opening up for some questions if anyone has any questions for Trevor.
46:51.849 --> 46:55.451
[SPEAKER_00]: It was a pleasure to hear Nikki speak this morning.
46:56.191 --> 47:05.256
[SPEAKER_00]: I've spent four years in Australia and seeing how they in so many ways are 15 to 20 years ahead of us.
47:06.192 --> 47:27.705
[SPEAKER_00]: No corny visited Australia this year and what I'm quite surprised with he and David Eby that they haven't taken into consideration all of these vacant condos that developers own and Australia I'm not sure how many years ago I'm going to say five maybe longer they took the foreign investor out of the market.
47:28.565 --> 47:30.866
[SPEAKER_00]: except for new construction.
47:31.406 --> 47:38.730
[SPEAKER_00]: And so many people, you know, with a, I think it's someone is applying to move to Australia every minute.
47:40.110 --> 47:46.974
[SPEAKER_00]: And anyone that is foreign is still allowed to purchase there if they buy new construction.
47:47.654 --> 47:55.798
[SPEAKER_00]: And is there any way that any of you's could influence our provincial and federal government to take this into consideration to be able to help out our
47:56.880 --> 48:09.362
[SPEAKER_07]: That is an excellent question, and I'll tell you at one thirty today, Mike Moffitt is speaking, who started the missing middle initiative, who is an extremely informed and notable policy analyst speaking of this conference.
48:09.402 --> 48:13.363
[SPEAKER_07]: So for any of you really interested in housing policy, don't miss that session.
48:13.423 --> 48:15.063
[SPEAKER_07]: I'm I'm certainly looking forward to it.
48:15.463 --> 48:23.004
[SPEAKER_07]: So what you're referring to is often called the Australia model, right, which is where you're you're looking for foreign investment, the foreign investment comes
48:26.765 --> 48:33.867
[SPEAKER_07]: We have this problem in this country where we've demonized foreign buyers, kind of in the regional side of things going that's why everything is so expensive.
48:34.247 --> 48:35.627
[SPEAKER_07]: It's because of all this foreign investment.
48:35.967 --> 48:39.148
[SPEAKER_07]: That was a prior speaking point the government of kind of straight away from.
48:39.908 --> 48:49.591
[SPEAKER_07]: So you've got that aspect of then you have the other side of things where the federal government of kind of put the clamps on students coming in international students because that's really like pressured the rental market.
48:50.191 --> 48:53.792
[SPEAKER_07]: But to answer your question in terms of the Australian model, we very much advocate for that.
48:53.852 --> 48:54.532
[SPEAKER_07]: That's something that we're
48:54.792 --> 49:01.336
[SPEAKER_07]: pushing and we're continuing conversations with both levels of government provincially and federally to try to inspire that.
49:01.876 --> 49:15.223
[SPEAKER_07]: It's challenging because like when you see the foreign home buyer ban at the federal side, that's a great example of a policy that's not going to move the dial because you're not selling homes to foreign buyers and such and volume that it could escalate the market.
49:15.383 --> 49:17.705
[SPEAKER_07]: It's one percent of a large market.
49:18.025 --> 49:19.085
[SPEAKER_07]: It's not going to heavily jaded.
49:19.425 --> 49:19.766
[SPEAKER_07]: However,
49:20.526 --> 49:32.269
[SPEAKER_07]: That concept with the public and unknowing public, there's often this very anti-almost xenophobic sense of, if you keep foreign money out, that'll help control our costs.
49:32.689 --> 49:34.069
[SPEAKER_07]: These foreign buyers are driving everything up.
49:34.089 --> 49:38.910
[SPEAKER_07]: We're just like patting me false, and government's kind of like, they just sort of foster that themselves.
49:39.270 --> 49:47.092
[SPEAKER_07]: So really, I think it falls to the levels of government to really kind of, they have to clarify this and move past, recognizing that if you want to build new builds,
49:47.732 --> 49:52.495
[SPEAKER_07]: The money doesn't exist domestically to build at the volume and numbers we need of new builds.
49:52.515 --> 49:53.615
[SPEAKER_07]: You need foreign investment.
49:53.916 --> 49:59.719
[SPEAKER_07]: Foreign investment is a good thing and governments need to get behind that and kind of alter their course of where they've discussed things.
49:59.759 --> 50:01.220
[SPEAKER_07]: So yeah, thank you for that question.
50:01.880 --> 50:03.361
[SPEAKER_04]: Any more questions or Trevor?
50:04.061 --> 50:04.121
[SPEAKER_02]: Hi.
50:04.621 --> 50:05.761
[SPEAKER_02]: Thank you for taking my question.
50:06.682 --> 50:13.243
[SPEAKER_02]: What are your thoughts on a developer moving forward on wood frame construction development in this market today?
50:13.623 --> 50:20.285
[SPEAKER_02]: Let's just say in suburbia, three story, 60 plus homes with a three-year build-out.
50:20.565 --> 50:26.526
[SPEAKER_07]: I mean, I don't work in the development sector, so it's time some of that's called the
50:29.480 --> 50:31.101
[SPEAKER_07]: It isn't when I would throw an opinion on it.
50:31.121 --> 50:33.983
[SPEAKER_07]: I think there's much better experts to a sort of opinion on that one.
50:34.644 --> 50:41.008
[SPEAKER_06]: I feel like the one thing I would say that we were talking about before yesterday was this new tax proposal.
50:41.448 --> 50:48.773
[SPEAKER_06]: You might want to hold off until after the election would be my thinking just because this new tax doesn't make it exciting to be holding any inventory.
50:48.793 --> 50:50.875
[SPEAKER_06]: That's for sure, but what do I know?
50:52.310 --> 51:02.815
[SPEAKER_08]: I missed the first half, so I apologize maybe you answered this question, but the developers really seem to be the boohy man right now and they're reaping in all this profit and let them go to hell right now.
51:03.375 --> 51:15.420
[SPEAKER_08]: But really, it hasn't been just the developers have been taking their margins, but it's really those people who have enjoyed that growth in the last 15 years in the buying the presales and assigning in it.
51:15.640 --> 51:17.381
[SPEAKER_08]: And they are a big part of
51:17.961 --> 51:21.642
[SPEAKER_08]: the people who've made a lot of the money in the last 15 years.
51:22.082 --> 51:27.864
[SPEAKER_08]: Craig, I'm just, I just want to defend the developers a little bit, and I don't know if my argument is sound.
51:28.544 --> 51:31.065
[SPEAKER_07]: I, yes, but I think that's yesterday's profit.
51:31.425 --> 51:34.346
[SPEAKER_07]: You know, I think that when we come in on the market, you need to come in on it today.
51:34.366 --> 51:34.986
[SPEAKER_07]: I agree.
51:35.046 --> 51:38.067
[SPEAKER_07]: We talked about this a little bit earlier, but the developer looked at is
51:38.847 --> 51:53.917
[SPEAKER_07]: You know, out there taking advantage of the public right right now the developer is just trying to survive and so you can look at the past, you can look at the market, you can look at where things were, but you know, you need to really judge the market based on today's levers and
51:54.555 --> 52:11.610
[SPEAKER_07]: You know, I think that while it is true that the developers in years past have, yes, obviously they've enjoyed great margins, great success, investors are really the ones that are like heavily reaping the profits as well, none of those markers are before us right now.
52:11.630 --> 52:18.497
[SPEAKER_07]: And so you know, David, even making a comment like he did last Friday, it's just out of touch for companies that are struggling to survive.
52:19.077 --> 52:22.538
[SPEAKER_07]: And if they can't build neither can all that trades people associated.
52:22.638 --> 52:25.018
[SPEAKER_07]: And so it's not just this high of a developer.
52:25.318 --> 52:31.180
[SPEAKER_07]: It's an entire infrastructure model that you're talking about that represents so much of the the, you know, the working sectors of this province.
52:31.240 --> 52:39.982
[SPEAKER_07]: And but again, we need to get past some of these sort of black and white stereotypes of images that they're just the big rich corporation.
52:40.982 --> 52:41.802
[SPEAKER_07]: I'm on your side.
52:43.307 --> 52:59.731
[SPEAKER_10]: Hi, I just wanted to ask a question on the round table because my understanding is that the the original ask at not this year is but last year is you'd be seeing was that the provincial round table wasn't going to work and then they asked for Unis the poll round tables.
53:00.331 --> 53:06.873
[SPEAKER_10]: Where are we with that like what's the practical next at because this is the platform for solution for collaboration.
53:07.393 --> 53:12.855
[SPEAKER_07]: There's a lot of movement on the round tables inside of government right now, but we're in the middle of multiple elections.
53:12.895 --> 53:16.037
[SPEAKER_07]: And so where the dust settles, we'll kind of slow things.
53:16.197 --> 53:28.002
[SPEAKER_07]: I, I am optimistic that we will see pay a provincial round table put into place within the next year, within 2027, if the NDP move forward.
53:28.563 --> 53:33.385
[SPEAKER_07]: Now, ironically, the BC Conservative side, they've long been in support of this,
53:34.245 --> 53:35.346
[SPEAKER_07]: But then they get into party.
53:35.726 --> 53:37.308
[SPEAKER_07]: They're going to need to make a name for themselves.
53:37.328 --> 53:38.889
[SPEAKER_07]: They got to figure out all their own housing policy.
53:39.169 --> 53:47.256
[SPEAKER_07]: We're now even from that party, openly at risk of are they turning to evidential policy, or are they just playing the big party on the block?
53:47.276 --> 53:48.557
[SPEAKER_07]: They make it up a bunch of announcements.
53:48.617 --> 53:54.161
[SPEAKER_07]: And there's also always that aspect of front a wipe away, a lot of what the opposition party is just done.
53:54.602 --> 53:56.443
[SPEAKER_07]: And so I certainly recognize it.
53:56.483 --> 54:02.809
[SPEAKER_07]: Like we've, we after multiple years have made strong momentum on the provincial side with the NDP, which is now at risk because of the selection.
54:03.489 --> 54:16.401
[SPEAKER_07]: And even though the conservatives are generally for it, it will be a whole lot more advocacy, like kind of back to the drawing board, making sure that they in turn stay behind this and see it as what needs to guide them.
54:16.421 --> 54:18.783
[SPEAKER_07]: Because there's an arrogance that comes with government.
54:18.903 --> 54:23.545
[SPEAKER_07]: you don't necessarily as the prevailing government want to be told by others, what are the right decisions to do?
54:23.925 --> 54:28.287
[SPEAKER_07]: And I think that's what sort of kept these round tables from being sort of more widely accepted than they are.
54:28.687 --> 54:30.808
[SPEAKER_07]: At the municipal side, we've been taking steps.
54:31.208 --> 54:32.769
[SPEAKER_07]: It's really at the regional side.
54:33.109 --> 54:39.272
[SPEAKER_07]: So you'll multiple districts working together or larger regions, working collaboratively to establish their own round tables.
54:39.312 --> 54:42.313
[SPEAKER_07]: And so I think that's something else that we'll see building out in the coming year.
54:42.553 --> 54:44.054
[SPEAKER_07]: Kind of once we get through the selection cycle.
54:45.161 --> 54:45.421
[SPEAKER_04]: Great.
54:46.142 --> 54:46.382
[SPEAKER_04]: All right.
54:46.402 --> 54:47.242
[SPEAKER_04]: We'll travel our groups.
54:47.282 --> 54:51.865
[SPEAKER_04]: Thank you so much for taking the time today and thanks for forming us on the upcoming elections.
54:52.105 --> 54:56.768
[SPEAKER_07]: It's nice to see you both in person by the Zoom for once and thank you all for coming.
54:56.808 --> 55:05.633
[SPEAKER_07]: And I just urge you all as interested practitioners within this field influence your government where you can ask the difficult questions of candidates.
55:06.551 --> 55:19.620
[SPEAKER_07]: really try to push what are the smart evidential things that you're getting behind of and getting behind on and what do you really stand for as a party and vote for who you think is the best representative and let's put some good people in the office.
55:20.401 --> 55:20.901
[SPEAKER_07]: Thank you very much.
55:30.903 --> 55:47.230
[SPEAKER_05]: So there you have it folks are discussion with Trevor Harder use from the BCREA about all things election this fall and it's all happening very quick really enjoyed being involved with the conference Pacific West this year really enjoyed talking to Trevor.
55:47.270 --> 55:52.032
[SPEAKER_04]: He's an absolute pro super insightful and yeah I know I feel like that's everywhere.
55:52.092 --> 55:57.014
[SPEAKER_04]: I go people want to talk provincial election right now hard to imagine.
55:57.034 --> 55:58.455
[SPEAKER_04]: I think where we talking about this.
55:58.495 --> 55:58.715
[SPEAKER_04]: I think
55:58.955 --> 56:19.469
[SPEAKER_04]: with Bo Jarvis and no spoiler alerts, but I think he was saying that this will probably vote well for a lot of the mayoral incumbents because a lot of people are not going to give as much thought to the municipal elections as they would have and probably not as much right research into the candidates as they as they would have.
56:19.569 --> 56:25.753
[SPEAKER_04]: So I think his point which is a fair one is that you'll see a lot of mayors kind of hold their position.
56:26.333 --> 56:27.934
[SPEAKER_04]: tough to say about Vancouver though.
56:27.954 --> 56:30.155
[SPEAKER_04]: I don't I haven't checked polymarket lately.
56:30.195 --> 56:38.859
[SPEAKER_04]: I mean, I refresh it for the provincial election every 45 minutes, but I haven't checked it for the Pete Fry can sim.
56:39.179 --> 56:40.380
[SPEAKER_04]: I think he's still way up.
56:40.540 --> 56:41.320
[SPEAKER_04]: He's still way up.
56:41.461 --> 56:44.142
[SPEAKER_05]: But here's the interesting thing about polymarket.
56:44.722 --> 56:47.664
[SPEAKER_05]: I think EME is now it's a very volatile.
56:48.024 --> 56:50.005
[SPEAKER_05]: I think EME is now in the lead on polymarket
56:52.506 --> 56:56.527
[SPEAKER_05]: Yeah, yeah, how do I hate to say it doesn't make much sense honestly.
56:56.547 --> 56:59.508
[SPEAKER_05]: There's like wild swings, at least in what I'm checking.
56:59.868 --> 57:03.429
[SPEAKER_06]: Oh yeah, I'm going back to the old school polls.
57:03.789 --> 57:13.152
[SPEAKER_05]: The old school polls still have, uh, I mean, I guess they don't refreshes every second, but the volatility strikes me as a little strange.
57:14.312 --> 57:14.592
[SPEAKER_04]: Yeah.
57:14.912 --> 57:15.232
[SPEAKER_04]: Okay.
57:15.332 --> 57:20.013
[SPEAKER_04]: So we've been reporting live from Pauli Market here for three weeks and it's useless.
57:20.553 --> 57:20.873
[SPEAKER_04]: All right.
57:20.913 --> 57:23.314
[SPEAKER_04]: Well, that's good to know Matt.
57:23.434 --> 57:24.394
[SPEAKER_04]: We'll keep with the polls.
57:24.974 --> 57:27.515
[SPEAKER_04]: Make sure you get out and vote however you decide to vote.
57:27.935 --> 57:29.615
[SPEAKER_04]: And we'll be reminding everybody of that.
57:29.635 --> 57:32.435
[SPEAKER_04]: But I do feel like everything is so close right now.
57:32.455 --> 57:33.636
[SPEAKER_04]: Your vote really matters.
57:34.016 --> 57:35.096
[SPEAKER_04]: Getting involved for sure.
57:35.336 --> 57:35.616
[SPEAKER_05]: Yeah.
57:36.096 --> 57:36.676
[SPEAKER_05]: Absolutely.
57:36.916 --> 57:39.077
[SPEAKER_05]: And other than voting, if you're interested in buying
57:40.577 --> 57:43.860
[SPEAKER_05]: That is what we specialize in Vancouver real estate podcast calm.
57:43.920 --> 57:45.081
[SPEAKER_05]: We have buyers resources.
57:45.101 --> 57:51.446
[SPEAKER_05]: We have sellers resources and of course, if you're finding any value in the show enjoying it.
57:51.946 --> 57:53.027
[SPEAKER_05]: Please share it with a friend.
57:53.247 --> 57:59.793
[SPEAKER_05]: That is how we grow and we got some big shows coming up so stay tuned and out of anything else for the week.
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[SPEAKER_04]: No, uh, you can try me anytime 777-866-4574 or add them at Vancouver Real Estate Podcast.com.
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[SPEAKER_05]: Or me at 777-847-254 or Matt at Vancouver Real Estate Podcast.com.
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[SPEAKER_05]: We also have that non-partisan line in for Vancouver Real Estate Podcast.com.
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[SPEAKER_05]: We'll have a great week and- Well, it's not for the week.
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[SPEAKER_04]: We're back?
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[SPEAKER_04]: Oh, yeah.
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[SPEAKER_04]: They're on in the week.
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[SPEAKER_04]: Back in a couple days.
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[SPEAKER_04]: So, uh, yeah, look forward to Bo Jarvis on coming out on Thursday.
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[SPEAKER_04]: Take care.
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[SPEAKER_01]: Thank you, God, for saving us for radio.
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[SPEAKER_01]: Subscribe today.
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[SPEAKER_03]: You
