Vancouver's Real Estate Market

[JDMDreams]

^^^ I think it's reasonable, everything has it's cost. Since we love to say Van is top tier city, #1 where else can you have all these mountains, snow, rain and hobos within 30 min. You gotta pay to play. This is the replacement cost. If your house burns down it's gonna cost $1.5 to rebuild so prices isn't gonna be $300k that your average Walmart worker can afford. And if your life is working at singhortons maybe you shouldn't be living in Van. It's how you want to live your life, no one is holding a gun to your head forcing you to stay in Van, you have to live within your means or find a way to grow your means.

That's like hobz going to beetle and slaps on the roof and says he only has $3 let's see how fast they throw him out.

[68style]

It should be out of reach for most though, 800K Vancouver residents would be fighting for the 8-15K commercial units. There's probably < 100,000 units in lower mainland.

I agree, you can't suddenly introduce an affordable pool of assets to be accumulated into a stratospheric market, be like blood in a shark tank.

That wasn't really the point though was it? There's no simple steps (as is being purported) for anyone to accumulate wealth just by investing in appropriate property in the lower mainland. At least not without a massive amount of assistance.

[Gerbs]

Originally Posted by 68style

That wasn't really the point though was it? There's no simple steps (as is being purported) for anyone to accumulate wealth just by investing in appropriate property in the lower mainland. At least not without a massive amount of assistance.

Should it be simple though?

Vancouver and the Lower Mainland have some of Canada’s most desirable homes. If it were easy to just show up and find a home that any job could support while maintaining a decent lifestyle, 42 Million Canadians and even people from abroad would move here.

It's still simple to buy a $200-300K 1BR in Chilliwack, Calgary, Kelowna with $20/hour.
- https://www.rew.ca/properties/109-91...-chilliwack-bc

[BIC_BAWS]

Originally Posted by 68style

There's no simple steps (as is being purported) for anyone to accumulate wealth just by investing in appropriate property in the lower mainland.

Read below. I don't think he's saying it's easy and he specified not lower mainland.

Originally Posted by Hehe

The key is venturing out. It doesn’t have to be in Vancouver. The same concept that I’m saying here applies anything from YVR to the middle of nowhere town. As long as numbers work, why not?

What I want to say is, sure. If you only want to do it in Van, save up because this place is one of the most expensive RE markets in the world. But it doesn’t have to be here. My last suggestion of knowing clearly the price of an area can be anywhere. You might know a town that I have never heard of and find success there. As long as you do your homework, pick a place that fit your budget, it’s not impossible to start small. We all start somewhere. And many of people in the field that I’ve met didn’t all come from rich families.

[BIC_BAWS]

Originally Posted by 68style

I don't think it matters when most of the population cant afford the downpayment on a 1 bedroom condo though dude... and don't necessarily have parents or whatever else they can live with.

It's out of reach for most.

Idk how true is this. I know first year nurses making 170K cause of OT. And various other roles that make at least 150K. I think it's more lifestyle inflation than anything. Cue avocado toast meme.

Hell even my brother who worked (part time) his way through school, saved and invested everything has a sizable investment amount - at least 150K enough for a down payment. Granted he's also in a position of privilege and circumstance, paid his schooling with his own money every year, but lives at home rent free.

IMO, the problem now isn't saving up for the DP, it's qualifying for the mtg, which you need to increase income to do so.

Originally Posted by Gerbs

It's still simple to buy a $200-300K 1BR in Chilliwack, Calgary, Kelowna with $20/hour.
- https://www.rew.ca/properties/109-91...-chilliwack-bc

Funny enough you mention this, because I've noticed there are many many cheap properties for sale. West End, sub $450K, but strata fees are like $800+. Here's a list of a few.

Manic might be onto smt that Nanaimo is slept on too. All with garages.

Old House - $700K

New House - $688K

Newer Duplex, $700K

3BD 2BA 1277SQFT TH - $550K

2BD 2BA 1358 SQFT TH - $560K

Older 2/2 1234SQFT TH - $400K

If you really wanted a house, you can also live in a pretty nice place, albeit leasehold for $400-450K in Vernon

https://www.rew.ca/properties/427-hu...enue-vernon-bc

https://www.rew.ca/properties/533-loon-avenue-vernon-bc

There was also a few listings I found of interest in Ladysmith and Royal Bay area.

[Badhobz]

yeah but if you dont live in the Lower Mainland, your chances of meaningful employment also drop significantly. So catch 22. moves to small town, houses are more affordable, but now youre paid like 20-30k less than jobs in the city.

[bcrdukes]

I think living and working in the Lower Mainland itself is the catch 22.

Then again, the amount of money people on this forum have is like Top 1% of GVRD.

[EvoFire]

I'd say top 5% of Canada is likely, but we are middle income in Vancouver and Toronto. The spreads between Van/TO vs the rest of Canada is huge. The national average is skew significantly due to the disparity.

[noclue]

“I started with a small ($20million) loan from my father” Donald J Trump
“Look at me showing off my lambo on IG, I can teach you to be rich from stocks/RE/Airbnb” (just buy my online course for $5k)

[bcrdukes]

Insert gaggle of bikini-clad blondes.

[westopher]

Originally Posted by BIC_BAWS

Idk how true is this. I know first year nurses making 170K cause of OT. And various other roles that make at least 150K. I think it's more lifestyle inflation than anything. Cue avocado toast meme.

Dude first year nurses start at 37.67/hr. Anyone who’s telling you they are making 2.7x their salary via overtime is full of fuckin shit.
You aren’t even legally allowed to take that much overtime based on rules set by the health care authority. My wife has been a nurse for 15 years. If she took EVERY single possible OT shift available for a year she might make that at $20/hr more than a first year nurse.

[bcrdukes]

BIC_BAWS - Resident RS Liar

[Gerbs]

Originally Posted by westopher

Dude first year nurses start at 37.67/hr. Anyone who’s telling you they are making 2.7x their salary via overtime is full of fuckin shit.
You aren’t even legally allowed to take that much overtime based on rules set by the health care authority. My wife has been a nurse for 15 years. If she took EVERY single possible OT shift available for a year she might make that at $20/hr more than a first year nurse.

I just asked my friend who bought a $650K Condo before 30 solo. He's working 32 hours while studying for NP now. Life's a grind. He said there's a girl in ICU that works 7 days a week, night shift bonus and clears $250K.

[Gerbs]

Originally Posted by Badhobz

yeah but if you dont live in the Lower Mainland, your chances of meaningful employment also drop significantly. So catch 22. moves to small town, houses are more affordable, but now youre paid like 20-30k less than jobs in the city.

Your household can work as a retail manager for $50-60K x 2 and buy a $400-650K House in a small town.


or clear $150K in Van and run the math 100x to make sure you're not succumbing to lifestyle inflation by buying a $45K Civic Hybrid. Then proceed to barely buy a 1BR condo

[SSM_DC5]

Originally Posted by westopher

Dude first year nurses start at 37.67/hr. Anyone who’s telling you they are making 2.7x their salary via overtime is full of fuckin shit.
You aren’t even legally allowed to take that much overtime based on rules set by the health care authority. My wife has been a nurse for 15 years. If she took EVERY single possible OT shift available for a year she might make that at $20/hr more than a first year nurse.

Mike's gf will tell you that your lady is outdated with her dinosaur ways. Fatigue policy doesn't exist anymore! OT ban does not exist anymore. You want to work 30 days in a row go right ahead.

[yray]

7 days a week 10 hour ICU shift

well they are intubated 90% of the time and you get a 2 hour break

at that point, you might as well go to prison

[Gerbs]

I joked that she must have a SFH though!

[bcrdukes]

Liar x 2

[Eff-1]

If anything, the last few pages have only reinforced something I always thought.

My parents with seven figure incomes taught me to be rich and I did it all myself.

It's impossible for anyone born with rich parents to position themselves as someone who "worked hard to acheive their own success".

You can keep trying, but it'll never happen.

[68style]

All those wealthy nurses as an example living it up all over town too, only thing stopping them from being major players economically is their wasteful lifestyles!!!... ffs people need a reality check

[Gerbs]

Originally Posted by Eff-1

It's impossible for anyone born with rich parents to position themselves as someone who "worked hard to acheive their own success".

You can keep trying, but it'll never happen.

I agree, the zero-risk lets you YOLO a $20k/month lease on a restaurant or venture.

Or somehow their connection opens up 10-20+ leads as a realtor.

Being able to do a 6-8+ year education program with rent + tuition covered overseas because you couldn't get into UBC

[68style]

Well.. nevermind when your parents might be in the exact same industry and hook you up with all their experience and connections.

[supafamous]

Originally Posted by bcrdukes

I think living and working in the Lower Mainland itself is the catch 22.

Then again, the amount of money people on this forum have is like Top 1% of GVRD.

Originally Posted by EvoFire

I'd say top 5% of Canada is likely, but we are middle income in Vancouver and Toronto. The spreads between Van/TO vs the rest of Canada is huge. The national average is skew significantly due to the disparity.

According to Statistics Canada data, the income levels that make up these percentiles are:

Those who have 1% household income earn $315,911
Those who have 5% household income earn $162,210
Those who have a 10% household income earn $125,942
Those who have a 25% household income earn $81,184
Those who have a 50% household income earn $46,151
Those who have a 75% household income earn $22,465

Also: In Canada, it’s estimated that only 11% of Canadians bring in $100,000 annually as a single income. Surprisingly, only 19.1% of Canadian households bring in $100,000 annually. In fact, more people in the United States earn incomes above $100,000 than Canadians. The percentage of Americans that fit into this category is 15.73%.

We also have to take into account net worth too as making $250k/yr at age 30 (when you are probably worth nothing) is way different than at age 50 (when you are possibly worth millions)

https://www.springfinancial.ca/blog/...-by-age-canada

A top percentage of Canadians - Average Net Worth (including real estate)
1% $9,737,000
2% $2,500,000
5% $980,000
10% $840,000
50% $482,000

Median BC net worth is 773k.

[EvoFire]

So we are within 5% category on both income and net worth. That's likely going to be the case for most people who bought a house in GVRD in the last 10 years. There's also a shit ton of hidden income as basement rentals are not counted, a lot of tipping is not counted, cash deals are not counted.

[Badhobz]

im 1% BITCHES !!!! hoooray!

eat my dick, im going to costco to buy hotdogs now.