1. On density.
Mayor Sim recognized that density is required to address Vancouver’s housing needs, but said its actual implementation comes with caveats. Stating that “we can’t necessarily say density trumps everything,” he went on to say that natural beauty and other concerns play a role. Noting that view cones often prevented taller buildings from being constructed in many areas, he remarked on the loss of height “due to something incredibly silly.”
Sim’s ultimate point is that he wants to “make it easier to build.” His administration did alter some view cones and delete others, but the view cone policy has not been entirely eliminated.
2. On house prices, currency and Bitcoin.
When noting that house prices have gone up in terms of dollars, Sim remarked that they have remained relatively flat compared to gold. While this is correct, it is a comment that deserves more thorough explanation. Sim stated that in 1995, it cost 958 oz. of gold to buy a house in Vancouver and in 2022 it cost 957 oz. For some context, 958 oz. of gold in 1995 was priced at around $527.20/Troy oz. Multiplied by 958 oz., that’s $505,057.60. The average home price in Vancouver in 1995 was around $505,188.17. In 2022, gold prices were around $2,341.24/Troy oz. Multiplied by 957 oz., that’s $2,240,566.68. The average home price in Vancouver in 2022 was $2,441,414.58. While the math checks out, we could also say the price of gold rises just as rapidly as house prices. Sim claimed that this was due to “currency debasement,” (i.e. printing of excess money), but it can be explained in other ways.
We could also say that house prices have actually outpaced inflation. Indeed, a $500,000 home in 1999 would be around $863,394 today adjusted for inflation, but a $500,000 home in Vancouver in 1999 is priced much higher than $863,394 in 2024, indicating house prices here are not purely based on whatever the currency itself is doing.
Sim also previously remarked that Bitcoin could be a solution to the housing affordability problem, and has been pushing for its use by the city for taxes and other purposes. He has noted that people could use it as an avenue to homeownership, and has been working with the city to form its own Bitcoin reserve, but Sim hasn’t explained exactly how Bitcoin could help. Much like any other investment, one would still have to buy Bitcoin and hope its value increases faster than home prices for it to be of any use in buying a home. Even if the homes themselves are priced in Bitcoin, you would still need enough Bitcoin to buy a home – there’s no guarantee that would happen. Sim himself is an investor in Coinbase and BTCC.
3. On the city’s 3/3/3/1 permit policy.
Addressing Vancouver’s historically slow permitting and approvals process, Mayor Sim stated that his administration had adopted its 3/3/3/1 approval process, introduced in June 2023. That means three days to approve renovations, three weeks to approve single-family home and townhome permits, three months for multi-family units where zoning already permits and one year for highrises or large-scale processes. The city has achieved its first goal of three days for renovations, with the help of AI. The AI approval tool used to make the 3/3/3/1 progress tracker remains private for now, with the eventual goal of making it public. Regarding the other targets, Sim stated that the city was making progress.
4. On quality of life.
Mayor Sim made comparisons to Austin, Hong Kong and other cities where he noted local businesses and restaurants add variety and life to cities, remarking that housing is not the only thing a city needs. He stated that these could be models for Vancouver’s own approach to nightlife and entertainment.
5. On the Downtown Eastside.
The Downtown Eastside is a “humanitarian crisis” according to Sim. He claimed that the city has done much of what it can do and that the province must step in as well to handle the situation. He also stated that the culture and people of the area are strong.
Watch the full video to see for yourself what Mayor Sim had to say about housing in Vancouver and what his administration has done to handle this and other topics.
