Condo Prices Exploding Part 2

The Main Street part of this retail store and apartments (the part that’s in this image) were developed in 1910 by J B Mathers, who hired A J Bird to design the building, and C S Gustafson to build it. Mr. Mathers invested $30,000 in the building. Two years later he developed the Wenonah, a three-storey building a few blocks to the south, designed by W P White of Seattle. We looked at that building a while ago, and researched the developer’s history. He hired the same architect to add to the back of this building too, on East 8th. Mr. Mathers was from Ontario, born there in 1863. By 1895 he was a lumber merchant in Manitoba where he married Joanna Morrow, and they arrived in Vancouver in 1901. He became a financial broker, and accumulated property and directorships in the city. He built a brick and stone building on West Hastings in 1904, the same year as his West End house. By 1913 he was President of the Trustee Company of Vancouver, Ltd. and a director of an insurance company, a quarrying business, a cannery and the West Vancouver Land Co. He continued to own this building, with $4,000 in repairs in 1920. There were permits to him for $7,000 of repairs and alteratons in 1928 built by Mr. Howard, and two for $1,500 by Dixon & Murray and $1,325 by  A. B. Cushing Mills a month later. Mr. Mathers died in 1936 while visiting San Diego. There are a number of other images of the building in the Archives; in 1937 F W Woolworth and Co occupied the southern half (having first set up here in 1929), and G Percival, ‘Dry Goods, Ready to Wear’ had the northern half. By 1978 Woolworth had taken the whole store, as can be seen in our 1992 image. Today it’s home to a clothing store, 8th & Main, with 12 apartments on the upper floor. In earlier versions of the plan for Broadway and Main, older commercial buildings like this were limited in terms of their redevelopment potential. The arrival of SkyTrain along Broadway and new Transit Oriented Development requirements means this site is more likely to be redeveloped. Image sources: City of Vancouver Archives CVA 332-25 and CVA 99-5010 1416

“If homeowners can just hold off selling, the Canadian housing market will emerge fine from its current “deep freeze”. According to a recent TD Economics housing forecast update, the market is expected to gradually recover from the effects of the COVID-19 pandemic. After an anticipated “historic” plunge in sales in the month of April 2020, a “much stronger activity” is seen next year. A lot of that depends on whether homeowners can avoid distressed selling during this pandemic. “Absolutely key to our forecasts is the assumption that listings mirror sales by dropping substantially in the near-term and recovering gradually thereafter,” Rishi Sondhi, an economist with TD Economics, wrote. By holding off on selling, homeowners can do one thing for the market. “This puts a floor on prices and sustains relatively tight-supply demand balances across most markets, allowing for the resumption of positive price growth as provincial economies are re-opened,” Sondhi explained.” – excerpt from ‘Homeowners avoiding distressed selling key to Canadian housing market recovery: TD Economics’, Carlito Pablo, 1 May 2020, Georgia Straight No, folks, that ‘analysis’ is not from ‘The Onion’. Seems like the TD analysts have found a sure fire way of maintaining every bull market, forever… (it’s easy: just get sellers not to sell). It’s remarkable that this kind of ‘analysis’ can get parroted on & on without getting called out. Remember: Sellers aren’t competing with Buyers, they’re competing with other Sellers. How many Vancouver RE speculators (essentially each and every buyer for the last 10-15 years) are going to realize their thus-far-paper profits? We are already seeing many anecdotal examples of people who bought in 2016 or later taking losses on resales. – vreaa

Unless negotiation is successful Monday night, Metro Vancouver will face a SkyTrain shutdown starting at 5 a.m. on Tuesday, December 10. Photo by Dan Toulgoet Many Metro Vancouver  commuters may be on edge Monday wondering if car-mageddon will kick in Tuesday if there’s a SkyTrain shutdown. With the union discontinuing media statements and negotiations under a media blackout, The Tri-City News reached out to TransLink to find out what’s going on. For now, it appears talks are ongoing as both sides in the dispute try to reach an agreement before the union’s deadline strike beginning Tuesday morning. In its latest press release, CUPE Local 7000 said it is committed to negotiating for a new contract at the bargaining table and reaching a deal with no disruption of service. However, due to concerns about TransLink statements to the media, the union stated in a press release it will be making no more media statements until further notice. “If no agreement is reached, job action will begin with a full shutdown from Tuesday through Thursday,” according to a press release. CUPE Local 7000 represents approximately 900 SkyTrain workers who provide service as SkyTrain attendants and control operators as well as administration, maintenance and technical staff. Its last contract expired Aug. 31. The union is negotiating with the British Columbia Rapid Transit Co. In its press release, TransLink stated it “remains committed to getting a deal done. We will continue bargaining until the last moment to avoid this unnecessary and disruptive job action.” The last SkyTrain strike was a single-day shutdown more than 20 years ago. Additionally, Coast Mountain Bus Company has announced that it will not be increasing bus service in response to the planned strike, citing their “operational constraints and labour considerations.” Here are five things you need to know based on TransLink’s answers to questions: 1. Are there any talks scheduled today between BCRTC and CUPE 7000? Yes. Talks will continue as long as needed today (Monday). 2. What is the union is asking for? We are respecting the process and not talking about the contents of the offer at this stage. 3. Why can’t SkyTrain operate with excluded staff? While trains are automated, we need staff in the control room telling trains what to do. We can’t operate the system without these people. 4. How will you be communicating a shutdown? Customers should assume the strike is happening and prepare for it, even if there’s a chance for a last-minute deal. We will send a statement and use social media should job action be averted. We will be sending some info for customers later today. It’s important to note while all other services will be running, there will be no additional bus service. It’s regular operations. 5. What time is the shutdown to take place Tuesday if no agreement is reached? The shutdown will be effective at the start of the service day. No trains will be leaving the yard Tuesday morning if there’s no deal. If no agreement is reached, the system-wide shutdown affecting the Millennium and Expo lines (including the Evergreen Extension to Port Moody and Coquitlam) is scheduled to begin Tuesday at 5 a.m. with normal service set to resume by Friday at 5 a.m. Buses, the Canada Line, SeaBus, West Coast Express and HandyDart will not be affected. With files from Elana Shepert/Vancouver Is Awesome

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