Vancouver's Real Estate Market

[Tapioca]

Originally Posted by Mr.HappySilp

That's no true at all!

Rental units have also become unaffordable for families even with a household median income in Greater Vancouver of $74k.

The family of 5 (2 adults and 3 kids ranging form 8months, 2 years old and 4 years old) who rents my parent's basement makes less then 45k a year is doing fine.

Does your parents' suite have its own address? If not, then it's technically illegal and off the books.

The petition is talking about legal, self-contained rental accommodation, such as an apartment.

Re the petition: Asking lawyers to reveal the source of funds from their clients would never fly. Considering the rage on social media, you would think that it would have received more than 700+ signatures. IMHO, for this to get anywhere, you would need something in the 10K range. This would be a sizable constituency to make a difference in the election of an MP, for example.

[nah]

It looks like SoCal is hot as well. That's another destination for China's wealthy...

Southern California home prices surge in March; sales inch up - LA Times

[adambomb]

IMO, what a lot of Vancouverites don't get is that there are cities across this entire country with a population of baby boomers who only wish their homes would have skyrocketed in value as much as they have in Vancouver.

Vancouver real estate has given boomers in Metro Vancouver a nice cushion for retirement, meanwhile the rest of the country is dealing with a lagging economy and lagging real estate. Cashing out and downsizing is not an option for many future retirees in other provinces.

To expect the federal government to impose strict new laws on foreign ownership in only a certain part of the country and to cater to a small number of citizens seems like a long shot. Especially when we are currently the 2nd largest country in terms of land area.

[Carl Johnson]

Originally Posted by buhdeh

Sounds more like delusion than pride.

Feel free to move somewhere else if you think I am being delusional. Vancouver is the crown jewel of Canada period.

[noclue]

Has any E-petitions ever been successful?

People will sign it, make some dramatic comment to get facebook likes and forget it in 2 days.

[Hondaracer]

i thought those petitions were all bullshit because they dont ever even become motions in parliament? or is the the Provincial ones?

somthing was on the news recently (within the last 3-4 months) where a petition had a fuck load of signatures, like 10,000+ and it was delivered to parliment, but unless multiple MP's table it, i think it's not even read and just thrown away essentially.

If Christy Clark aint willing to touch the topic, you think the feds are? lol yea right

[GS8]

Originally Posted by buhdeh

Sounds more like delusion than pride.

I think we all, in some way, delude ourselves into thinking that our choices will always be the best regardless of what others will say. Pride is a word of meaning that transcends physical characteristics. It is based purely on EMOTIONAL stimuli.

I.E. You bought and own a near multi-million dollar townhouse in the city you love.

Seems pretty self-explanatory...

I've been living in Kamloops for 3 weeks now. I'd have no reservations with living here for good. It's even tempting to look at housing here and see what the long term growth outlook is for the city. Vancouver be damned with those prices.

The point I'm making is there is no 'greatest place on Earth' because the 'greatest place' is what you make of where you live and choices you make in life to either stay or go.

Then again, I'll never be proud of where I live. It's just physical space. I'll move anywhere I can have a better life whether it's through better pay, better access to services, better infrastructure etc.

[godwin]

The thing about Kamloops is for 500k, you get a 3 bedroom house with a swimming pool near the university.. (where there are tons of mainland students wanting to rent), even if you leave.

I agree, being in the physical space you still need to make connections and be part of the community.

Honestly the only people benefiting in the current rise are retirees.. or semi retirees like me. I remember in the past few decades, news kept asking "Have you saved enough for your retirement?".. I guess the solution is now right in front of us.

It kicks the western concept "you are out the house when you are 18 and I can get a job and be whatever I feel like" in the teeth.. To get into the housing market, pretty much the dad had to be on a career path that pays vs being muscians, activists or whatever people on Kits beach do 9-5 on a weekday. Because cultures where multigenerational families are the norm, provide so much more resources in situation like the current housing market in Vancouver (not to mention efficiency).

Originally Posted by GS8

I think we all, in some way, delude ourselves into thinking that our choices will always be the best regardless of what others will say. Pride is a word of meaning that transcends physical characteristics. It is based purely on EMOTIONAL stimuli.

I.E. You bought and own a near multi-million dollar townhouse in the city you love.

Seems pretty self-explanatory...

I've been living in Kamloops for 3 weeks now. I'd have no reservations with living here for good. It's even tempting to look at housing here and see what the long term growth outlook is for the city. Vancouver be damned with those prices.

The point I'm making is there is no 'greatest place on Earth' because the 'greatest place' is what you make of where you live and choices you make in life to either stay or go.

Then again, I'll never be proud of where I live. It's just physical space. I'll move anywhere I can have a better life whether it's through better pay, better access to services, better infrastructure etc.

[godwin]

Christy Clark doesn't run CRA or Fintec. People might hate her, but she can't do squat without the tools.

Just Google Michael Ching and Liberal party, you will see how intertwined foreign investors and developers are to Trudeau.

Originally Posted by Hondaracer

If Christy Clark aint willing to touch the topic, you think the feds are? lol yea right

[4444]

Originally Posted by Carl Johnson

Feel free to move somewhere else if you think I am being delusional. Vancouver is the crown jewel of Canada period.

you did say 'best place in canada economically' - that's a far stretch.

beautiful place, rains plenty, great 3 months of summer (nice and green) - expensive as fuck (if you live and work there). huge out migration of educated people.

great place, but be realistic that vancouver has problems. it's not all roses and sunshine.

a big problem is that those permanently in vancouver sit back and say 'best place on earth' whilst those that truly are able to afford vancouver just use and take from it - rich foreigners moving to vancovuer to retire (drain on system they don't pay into), corrupt and/or rich chinese (russian, arab, etc.) moving money in to real estate and have their kids go to subsidized universities (does this really help the locals?).

you can either live in ignorance, or you can stand up and say enough is enough - i wish the locals would do just that, but maybe it's not in the culture (brits are massive whiners, that's why we complain about things all the time!). this current system is not sustainable, and it will be our generation that suffers when there is an even worse healthcare system in place, little social security, etc. all the things that are taken for granted today.

you have to give for what you take.

[Great68]

Originally Posted by 4444

beautiful place, rains plenty, great 3 months of summer (nice and green) -

Come on now, Vancouver's historical averages all of 2" of rain a month between May and September.

By contrast, Toronto averages 3" of rain through those same months.

And you obviously forgot about last year's drought...

Your memory of Vancouver's climate in the spring/summer seems a bit skewed.

Fuck, It's been 25 degrees the last couple days and we're only mid april.

And then in the winter, I'll take 10 degrees and Rain over -20 and Sun & Snow any day.

[Tapioca]

Originally Posted by 4444

y


you can either live in ignorance, or you can stand up and say enough is enough - i wish the locals would do just that, but maybe it's not in the culture (brits are massive whiners, that's why we complain about things all the time!). this current system is not sustainable, and it will be our generation that suffers when there is an even worse healthcare system in place, little social security, etc. all the things that are taken for granted today.

you have to give for what you take.

If people leave Vancouver to go somewhere else in Canada, it's fine for the country. From the federal perspective, it's probably a good thing if someone educated goes to a smaller city, like Halifax or Winnipeg.

People are often fixated on the City of Vancouver and its politics, but Vancouver is really 20+ local governments. It doesn't matter if someone has to move from the City of Vancouver to Langley - they pay taxes that support local infrastructure and contribute to the local economy. Besides, what can municipal governments do to influence prices? They only control zoning and every municipality in Metro Vancouver, outside the City of Vancouver, has been approving multi-family developments. If you really, really want a detached house in Metro Vancouver, buy a bungalow in Maple Ridge for 600K.

The provincial government doesn't care if people leave the Lower Mainland for Vancouver Island, or the interior. As long as these people stay in BC, then it's okay. The last I heard, people are not leaving the province because arguably, it's still pretty good here.

So, there's really no point in whining because a lot of us understand that the political system is not designed to respond what arguably constitutes a vocal minority of people who can't/refuse to get in.

[Hondaracer]

Originally Posted by Great68

Come on now, Vancouver's historical averages all of 2" of rain a month between May and September.

By contrast, Toronto averages 3" of rain through those same months.

And you obviously forgot about last year's drought...

Your memory of Vancouver's climate in the spring/summer seems a bit skewed.

Fuck, It's been 25 degrees the last couple days and we're only mid april.

And then in the winter, I'll take 10 degrees and Rain over -20 and Sun & Snow any day.

My truck read 31 yesterday in Burnaby, April 18th lol..

If this becomes the new norm and continues the trends of the last few years, it's honestly the most desirable climate in North America. A place that has actual defined seasons but killer 4-6 month summers? Yes plz

[Mr.HappySilp]

Christy Clark wont' dare to do anything will put a stop to the housing market. Most people who vote in this city are the retire or semi retire that relies on their properties to retire. If she does anything that controls the housing market she will lose a lot of vote.

So unless the voting patterns shift and you a ton of people form younger generation voting then Christy Clark might do something about it. Beside all gov cares is collecting revenue from you. Better housing market = higher housing price = higher property tax = more revenue for gov. There are tons of way the gov can do to lower the price of the housing market but they refuse to do anything. One way they can to is restrict any foreign investment to only allowing them to purchase property that's 4million or higher. This leave the local more chance to purchase regular house. We are not talking about just foreign buyers any fund that's foreign is consider as well so foreign investor can't really start up a local company and claims they are local. As long as the money use to make the purchase is from elsewhere is it foreign.

But since the foreign investors have already paid our gov they won't do a thing.

[4444]

Originally Posted by Tapioca

If people leave Vancouver to go somewhere else in Canada, it's fine for the country. From the federal perspective, it's probably a good thing if someone educated goes to a smaller city, like Halifax or Winnipeg.

People are often fixated on the City of Vancouver and its politics, but Vancouver is really 20+ local governments. It doesn't matter if someone has to move from the City of Vancouver to Langley - they pay taxes that support local infrastructure and contribute to the local economy. Besides, what can municipal governments do to influence prices? They only control zoning and every municipality in Metro Vancouver, outside the City of Vancouver, has been approving multi-family developments. If you really, really want a detached house in Metro Vancouver, buy a bungalow in Maple Ridge for 600K.

The provincial government doesn't care if people leave the Lower Mainland for Vancouver Island, or the interior. As long as these people stay in BC, then it's okay. The last I heard, people are not leaving the province because arguably, it's still pretty good here.

So, there's really no point in whining because a lot of us understand that the political system is not designed to respond what arguably constitutes a vocal minority of people who can't/refuse to get in.

you're absolutely right, for inter provisional migration. The bigger pull for my network has been San Fran and London (UK).

[Tapioca]

Originally Posted by 4444

you're absolutely right, for inter provisional migration. The bigger pull for my network has been San Fran and London (UK).

I hate to say it, but there's always someone who's willing to come here (whether from other parts of Canada or overseas) to replace the typical 6-figure, advanced degree holder and give it a shot at a cheaper salary. Some of these people end up staying too, especially if they find someone and start a family. Or they complain about how Vancouver shit on them and write a blog to a local newspaper.

Ironically, someone I know who left Vancouver is coming back from the Bay Area to raise her family here. The place where 200K is the norm. I guess family is sometimes a stronger pull than salaries.

[Harvey Specter]

I've been keeping an eye on homes in the Ocean Park area...5000 sq/ft homes which seems to be the standard lot size in this area were listed at under a million in Dec/Jan, now you're seeing the same homes been listed close to $1.3 million.

I was hoping to buy another house in this area by the summer but that's out of the question if prices keep climbing. And another shocker for me is demand for rental homes in this area. Listed my house for $3000/month and have a list of 15 people who want to view the property next weekend and here I was thinking the rent I was requesting was too high. Unreal.

[Hondaracer]

Guy I work with bought a townhome we built in Morgan crossing in 2010, has rented it out since, was getting $1250 to start, last month rented to a new tenant for $1900

[Liquid_o2]

Since I'm in real estate and development consulting, people keep asking me which areas are the best deals in Vancouver. I tell them that there are no good deals anymore. Just buy now and pray that you didn't purchase at the peak.

An old house behind me on a 28 foot lot just was listed for 1.6 million.

[Gululu]

today's early preview for burnaby Escala. line up was well over 2 blocks long... so scary.

Spoiler!

Before Noon:





8pm:

[GS8]

Originally Posted by Gululu

today's early preview for burnaby Escala. line up was well over 2 blocks long... so scary.

Might as well overlay a sign that says 'Methadone Clinic". Different substance, same addiction.

[4444]

Originally Posted by Tapioca

I hate to say it, but there's always someone who's willing to come here (whether from other parts of Canada or overseas) to replace the typical 6-figure, advanced degree holder and give it a shot at a cheaper salary. Some of these people end up staying too, especially if they find someone and start a family. Or they complain about how Vancouver shit on them and write a blog to a local newspaper.

Ironically, someone I know who left Vancouver is coming back from the Bay Area to raise her family here. The place where 200K is the norm. I guess family is sometimes a stronger pull than salaries.

you're absolutely right, but you raise an extremely valid point that you have highly educated people leaving (people educated in BC or Canada, subsidized by taxpayers) to earn high income and pay high taxes elsewhere, and people incoming who will earn less / pay less tax - it is a net negative.

and you're right, Vancouver is the only place i'd live in Canada, I personally don't like San Fran and don't blame people that only go there to progress their career for a little while.

[4444]

Originally Posted by Gululu

today's early preview for burnaby Escala. line up was well over 2 blocks long... so scary.

Spoiler!

Before Noon:





8pm:

why is it scary?

some idiots want to blow their money on pre-builds, that's their choice. you have equal choice on where you live and how you spend your money.

[LC21]

Originally Posted by Gululu

today's early preview for burnaby Escala. line up was well over 2 blocks long... so scary.

Spoiler!

Before Noon:





8pm:

FFS, no wonder traffic was so nutty around gilmore and lougheed hwy.
Saw the floor plan, looks pretty solid.

[blkgsr]

drove by there at 5:30pm and the line up was still huge