I really do wonder what the limits are as far as housing goes here. Will townhouses in Langley be worth over a million dollars in 10 years? They are already creeping up past 600k now. Assuming no restrictions are put in place, it'll be interesting to see how out of hand it actually gets.

FailFish

It boggles my mind that you are citing such an extreme example as something to support your argument that RE purchase and mortgage-free ownership can happen, while completely ignoring how RE prices have shot up off the charts, and in particular, how the price increase are on orders of magnitude higher than salary increases.

Even if you can do this during your bachelor life, can a married couple do something like that? Can a young family do that?

For the past many years, Vancouver housing has been consistently ranked as the 2nd or 3rd least affordable in the world (with Hong Kong always being at the top of this dubious distinction). If you think the problem is still with people such as myself complaining and demanding someone else to help us, you are either blind or delusional.

People I know with zero skills, no trade, and bad work ethics made 200k+ and saved it during the oil boom.

Still money to be made out there but If your family's well being was that important a few years seems like a a small price to pay for a big down payment on a roof over your head

Imo a "young family" put the Themselves into that position by bringing a child into a lifestyle they were already struggling to afford.

And again, I go back to, isn't a condo in Whalley enough "home" for someone? There is no longer a right of even perception thay the norm is a detached home

I've yet to hear anyone that's bought in at today's over inflated market prices say that other people need to just work 24/7 and deal with it. Every person I know that says this either bought in when it was still affordable, or were gifted a house. They never worked three jobs but have no problem telling other people how it's not a big deal.

But also Vancouver has been ranked high in most liveable cities in the world, ranked high in climate livability in Canada, ranked high in employment opportunities within Canada.

Generally, Metro Vancouver is a nice place to live with the ability to find steady employment and raise a family. It would be delusional to think these factors don't come into play when questioning why we end up ranked as one of the least affordable. We consistently rank high in least affordable yet people keep pouring into the city. Both Canadian citizens and foreign immigrants. Even the drug addicted know to come to Vancouver for the best gov't services.

There is large percentage of the young population in Metro Vancouver that laugh at the idea of living anywhere East of Burnaby, let alone buying anything that far in the suburbs. These are the ones you see crying about housing prices in East Van. They very well could afford a decent home in Langley or Maple Ridge and be able to comfortably pay a mortgage or raise a family, but then they end up crying about the "commute" and lack of "culture". What if a 600k place in Langley hits close to 1M in a few years as mentioned. Wouldn't moving out to Langley be a smart move in the long run? Is the "culture" in East Van worth the annual rent increase? When was Vancouver "affordable?" The real estate thread started 2012 when you could still pick up a 2bed/2bath for less than 300k and that was considered "over-inflated" pricing back then. Unfortunately, those who laugh at living in the suburbs are also the ones that hope a NDP gov't will magically be able to bring housing prices down 30-40% so they can continue to live in their "fair trade" utopia. NDP knows it and that's why the keep touting it in their election promises. :crybaby:

But "affordable" now may not have been "affordable" back then when they bought in. Such as when most of our parents bought in at 2-300k for a detached house with 20% interest rates, it SEEMS AFFORDABLE now, but tell that to them back in 1992. It was hard but doable

No matter what, its always a gamble, "what if the market keeps going up?" "what if it crashses?". Historically, the odds are that prices are going to keep rising no matter what, the damage has been done. If there is a market correction, those that overstretched their means will feel it first

Going to be some good deals on those that over stretched there finances.
Might have to pickup a second place then maybe even a 3rd.
:fuckyea:

You guys do know that if a market does crash, the reason that it crashes effects people that are currently mortgaging a home AND people that want to purchase a new home as well right? It's not just, oh market crashes, people that own and can't afford to pay for there huge over leveraged mortgages will go bankrupt and everyone on the sidelines will just buy in no problems.

In this particular aspect, the housing market is really a bit of a zero sum game. In a market upswing, those who are benefiting from the RE price surges are doing so at the expense of those who are trying to save up enough to land themselves a home. In the market downturn, those picking up inventory during the housing price drops are benefiting at the expense of those who are selling, whatever that reason for selling might be.

I hate it when people make it sound like we're evil or something when we wish the market would come down to a more reasonable levels because those would have just bought would sink under their negative asset. You can easily turn that argument around, and say that those who wish for continual strength in the RE market are evil because no newcomers would be able to get into home ownership. IMO, an argument like this is not particularly useful because people would be affected either way.

What's a reasonable decline in the market?

15%? 25%?

I think the majority of people crossing their fingers for a "crash" are in fact just bitter assholes because even if the market crashed 30% which would be basically unheard of
Globally, they still wouldn't be able to get into the market

Simply wishing Ill upon others is an asshole move.

Is this the election thread?

I'm gonna wait till the last minute. Okay......... last hour.

Steve Darling is the Liberal candidate for my riding. Nuff said. Not decided as to which of the other canidates to vote for.



As a side note, I'm hoping Fassbender gets bent over and.................. up the wazoo. Not my favourite dictator, as far as dictators go.

LOL~ Just goes to show that housing affordability is an election issue that a lot of us hold near and dear to our hearts.

I quite agree on hoping how Fassbender gets bent over. On the waiting until the final hour bit though -- the line up usually gets longer when everyone goes to vote last minute. So please try to go early if you can.

Don't think any politician can do much about the housing affordability issue.


All the yummy mommy's come out the last hour........... just kidding.

Is it just my voting locale or do they use pencils in the booths where u guys are too?

i was instructed to use the pencil in the booth as opposed to the pen i had borrowed from her..

dat rigged shit?

No one is really making you sound evil for trying to buy a home for yourself and for your family. I believe everyone that works hard deserves the right to. However, that home may not be in your ideal location and you'll have to live with that, no matter if your commute is an hour to work, or how far away you're from family etc etc.

Have you ever thought of any legitimate reasons that would make the RE prices crash 50% that would only effect home owners now and not people waiting in the sidelines? Because I know of none. It's all a matter of supply and demand right now and no choice in the election will fix that

Apparently there is a lot of free food tonight at the campaign HQ's of many candidates. :considered:

Skip the dishes tonight? :accepted:

You're wishing Whalley condos upon everyone else, if that's not ill then what is lol

Voted.

True, I can't think of any legitimate reasons that would make RE prices crash 50%, but I can think of a couple of reasons on why and how the price hikes got there so fast. Hint -- it's a combination of federal and provincial policies that accelerated the price hike.

As a matter of policy though, I would be really interested to see how the Green's heavy handed anti-foreign investment and anti-flipping housing policy plays out. Of course, they have a 0% chance of winning the election, but it is nevertheless interesting to consider the impact, and how much order it can restore to the market.

Oh........... maybe I'll mosey on down to Steve Darling's office in Kensington Square for freebies, lol. Then tell him I voted for the other person, gulolololol.

Lmao game over pretty much...i dont see the Libs relinquishing the lead

Gonna be similar results like in 2013
Imma be collecting some dough tmr
:awwyeah:

Current Results: Either Leading or Elected

UPDATED:

Liberals: 42
NDP: 41
Green: 1

Looks like the Liberals are going to take it (44 is a majority)

CTV is saying that statistically the NDP will get a maximum of 44 seats at this point, so if things don't start to turn in their favor in the next little bit, they will fall below the majority level.