[Harvey Specter]

Can't really say this is shocking but...

Metro Vancouver is one of the five least affordable cities to buy a home among major markets in half-a-dozen countries, largely because of “prescriptive” land-use policies, according to survey by a group of land-use consultants.

These “prescriptive” policies, the consultants argue in the Demographia International Housing Affordability Survey, including British Columbia’s Agricultural Land Reserve, restrict the supply of land available for building homes and drive up prices.

Metro Vancouver sits fourth on Demographia’s 2009 list of least affordable cities, with a median house price at 8.4 times the median income.

Demographia defines affordable home prices as three times a city’s median income or less.

Victoria, at seventh, Kelowna, at 19th and Abbotsford, at 25th, also made the list of “severely unaffordable” markets.

The Demographia report noted that there are fewer American cities on the 2009 least-affordable list compared with the 2008 list because of declining prices. The cities to see the steepest price drops across all nations were the ones that saw prices rise the highest and fastest.

Metro Vancouver fell behind Gold Coast in Australia, at No. 3, Honolulu, Hawaii, at No. 2, and Australia’s Sunshine Coast, which is in top spot on the least affordable list.

Demographia surveyed Canadian cities with metropolitan populations of more than 100,000, and 10 of them made it on the list of “most affordable,” with Winnipeg being the largest of them.

The survey was conducted by Wendell Cox, an urban-planning policy consultant who has done work for groups including the Frontier Centre, a Winnipeg-based think-tank, and Hugh Pavletich, a New-Zealand-based commercial property developer.

The researchers, along with urban planning professor Shlomo Angel who wrote a preface, are releasing the report today. In it, they argue for loosening of regulations that limit the amount of land available for urban development.

Protecting green spaces, either to conserve farm land or create parks, “is indeed a lofty and sensible goal,” Angel writes in the preface, but “the protection of open space is not without cost.”

Although planners try to use the higher cost of land to encourage higher density and the creation of more compact cities, Angel argues that few residents in existing neighbourhoods of such cities support increasing density.

[asian_XL]

think about it, if you have 400K, would you buy a property in Calgary or Regina or Surrey?
I don't see regulation will do so much to the price. People prefer Vancouver.

[hotjoint]

everything is expensive here but people still find a way to live

[unit]

^yeah by renting in basement suites or living in surrey/langley and commuting to work in bby/van even though they make decent money..

either that or renting a nice place and having little to no savings.

[Ducdesmo]

^ or you can live at home with your parents until you are 30 when you have a decent downpayment..
I mean, an apartment in Surrey cost $250k. If you have $50k down and make around $50,000 a year, it will still take you around 20 years to pay it off...LOL.

[AVS_Racing]

cough* sell drugs Cough COugh* lol

[Armind]

^ No kidding eh lol..

[kuri]

Here's the full report in PDF format from Demographia:
http://www.demographia.com/dhi.pdf (722KB)

We beat high profile cities like New York and London in being least affordable. Yay? :(

[q0192837465]

How about Hong Kong?

[Synaptik]

vancouver's housing price is a direct result of mainlanders and hk immigrants coming here and buying up everything in sight.

also lol@rmd acura and rmd automall dealers. never had to work for a sales ever.

[q0192837465]

vancouver's housing price is a direct result of mainlanders and hk immigrants coming here and buying up everything in sight.

also lol@rmd acura and rmd automall dealers. never had to work for a sales ever.

That's very true. In fact, 1M Cdn (7M HKD) houses are very common in HK. We think of 1M houses being outrageous, they think it's a bargain.

[GordonTse]

why does everyone think surrey is even cheap to live? even the new single family houses are going for $5-700g in cloverdale. no homes are cheap. even in the slums.

[unit]

^cheapER. that same home in vancouver is worth over a mill.

[GordonTse]

^cheapER. that same home in vancouver is worth over a mill.

true, theres some houses that are over a mill here, worth 3+ in vancouver probably.

[Synaptik]

why does everyone think surrey is even cheap to live? even the new single family houses are going for $5-700g in cloverdale. no homes are cheap. even in the slums.

its all relative, brah. surrey is cheap compared to anywhere else in metro vancouver.

[f00tzilla]

white rock in surrey ain't cheap the houses around there go for 1-2 mill there :/

[BNR32_Coupe]

There's nothing to complain about. Look to the north and we got a nice view of the rockies. We got lots of hills, too, so look to the south and you see richmonds city scape glimmering at night. Look south east and notice the kickass sunset. We got lots of trees around, the air is crisp and fresh, everythings green and nice (when its sunny).

Go to a different city, like LA, and you'll see a lot of the "ghetto". Go to Toronto and it's way too packed, no scenic view. Go to Tokyo and all you'll see is concrete or glass. We put "Beautiful British Columbia" on our license plates, jack up housing costs, and boast the #2 - 3 best city in the world to live in for a reason.

[E-40six]

There's nothing to complain about. Look to the north and we got a nice view of the rockies. We got lots of hills, too, so look to the south and you see richmonds city scape glimmering at night. Look south east and notice the kickass sunset.

:haha: :thumbsup:

[Synaptik]

except it rains or snows for 70% of the year.

[iwantaskyline]

Drug dealing, ie. BC BUD has a contribution to the housing prices to I believe. At least thats what I heard.

[BNR32_Coupe]

except it rains or snows for 70% of the year.

so what, we live in a MILD climate. nothing is too intense, mostly a little bit of every type of weather. compare that to hurricanes in the tropics or florida, hot burning sun of nevada, smoggy air in crowded asian cities, and frigid temperatures in a lot of places in europe. no matter where you go, there's always something to complain about.

Vancouver, like all cities, has problems too. But we're #3 in the world for a reason. if you're complaining about the stuff we deal with here in vancouver, then your princess-ass won't survive in any other country in the world. if you think traffic or rain is bad here, try dealing with it elsewhere. as for housing costs, you get what you pay for -- the #3 best city to live in.. IN THE WORLD

/argument. thread closed & locked. all posts deleted. some users warned. most users banned. site shut down temporarily. site shut down indefinitely. internet shut down.

[!SG]

just saw it on the news

we actually rate 4th in the world amongst something like 260 cities surveyed.

1) australia sunshine coast
2) hawaii somewhere
3) some other place in australia
4) vancouver

[maxxxboost]

That's the sad fact.
I guess we got to work harder or move. But who wants to move? I love it here overall.

[Vansterdam]

tell me something i don't already know

[2damaxmr2]

winnipeg ftw. if it wasnt for my job i would move back to winnipeg.

[trduhs]

dont worry the bubble is BURSTING! BOOM!!!!

[2damaxmr2]

^ it is unlikely that the housing price will go down like it used to be ( like 15-20years ago)

[hotjoint]

gotta deal with it if you want to live here...

[Vege]

If locals can't afford houses in Vancouver, there are plenty of wealthy people from other countries who can afford to buy a 2nd home here.

[EM2]

well it is one of the best city to live in

[Psykopathik]

winnipeg ftw. if it wasnt for my job i would move back to winnipeg.

If it wast for the fact its Winnipeg, i would move there too.

Jeebuz is cold. not even for a free house.

[wouwou]

vancouver's housing price is a direct result of mainlanders and hk immigrants coming here and buying up everything in sight.

also lol@rmd acura and rmd automall dealers. never had to work for a sales ever.

that makes as much sense as "if no one fucks, AIDS doesnt matter"

[Jackwimmer]

http://www.cbc.ca/consumer/story/2009/01/26/housing-prices.html#socialcomments

still going down tho

[!SG]

haha, u get a nice view of the rockies, if the new condo development in front of ur tower isnt blocking the view.

we get lots of hills, but if the city actually finally fixes all those pot holes and uneven road surfaces from other contractors like telus, rogers, housing, from digging up a new paved surface then 1/2 ass patch it back up, it make roads easier to drive on.

the crisp clean air is slowly but surely being polluted from all the construction and development. the trees we had were blown down by the heavy wind we had past years..

I can see vancouver slowly turning into something like LA. the only thing we got going for us is the natural resources, however its just a matter of time =/

That being said, vancouver IS a great place to live, its just that the cost to live here is way too high for what u get. When they first designed vancouver, they did not expect these high numbers of population, thus why we dont have the infrastructure to support it. There is only so much skytrain can do, buses use the same routes as cars. we dont have the freeways to move the mass of cars from point to point like other cities.

Condo prices will go down even further, housing prices will go down, but not at the same rate.

According to the studies, they said if u lived in vancouver, it would take u roughly 8 years to save up enough to look towards purchasing a place of ur own. other cities like toronto, around 3-4 years. This factors in the cost of living.

It becomes a big surprise when u go to other cities and compare the cost of living there. EG, a can of coke in HK is roughly 40-50% cheaper compared to its price in vancouver.

There's nothing to complain about. Look to the north and we got a nice view of the rockies. We got lots of hills, too, so look to the south and you see richmonds city scape glimmering at night. Look south east and notice the kickass sunset. We got lots of trees around, the air is crisp and fresh, everythings green and nice (when its sunny).

Go to a different city, like LA, and you'll see a lot of the "ghetto". Go to Toronto and it's way too packed, no scenic view. Go to Tokyo and all you'll see is concrete or glass. We put "Beautiful British Columbia" on our license plates, jack up housing costs, and boast the #2 - 3 best city in the world to live in for a reason.

[Mice]

my parents friends are buy properties like crazy these days
dad just bought another condo in richmond for 500k
we have 6 properties under our belts
good stuff
easy cash

[Jackwimmer]

housing prices are gonna drop a lot in the next few years, the boom is over :(
probably better to buy 5 houses during 2012 i think
when ur in a financial crisis, that will happen :lol

[hung_low]

my parents friends are buy properties like crazy these days
dad just bought another condo in richmond for 500k
we have 6 properties under our belts
good stuff
easy cash

you got freaking ripped off

[wouwou]

my parents friends are buy properties like crazy these days
dad just bought another condo in richmond for 500k
we have 6 properties under our belts
good stuff
easy cash
who buys sub million CONDOs for investments?

Ask any real estate agents and they will tell you to instead by 1 freaking decent single family house than 4 condo to collect rent.

[2damaxmr2]

If it wast for the fact its Winnipeg, i would move there too.

Jeebuz is cold. not even for a free house.

It is not cold as you think. Infact i think it is colder here than winnipeg. It is a different kind of cold in winnipeg.

[wouwou]

It is not cold as you think. Infact i think it is colder here than winnipeg. It is a different kind of cold in winnipeg.

I thought Winnipeg hits -30 during winters?

[2damaxmr2]

it doesnt feel like below 30. i survived in winnipeg without having a car.

[goo3]

is it not windy? maybe that's why

[hung_low]

it doesnt feel like below 30. i survived in winnipeg without having a car.

-30? your nuts must be tucked way into your body. might as well call them ovaries

[Mice]

you got freaking ripped off

who buys sub million CONDOs for investments?

Ask any real estate agents and they will tell you to instead by 1 freaking decent single family house than 4 condo to collect rent.

You jealous?

It's okay I understand. It's impossible for you to purchase a home in Vancouver unless you have strong financial backups. My parents just transferred two of their homes under my name.

[wouwou]

You jealous?

It's okay I understand. It's impossible for you to purchase a home in Vancouver unless you have strong financial backups. My parents just transferred two of their homes under my name.

why would I be jealous? start reading other forums on RS you know, especially the business one. :D I am quite content with my investing ability as of today.

I am merely stating a point from financial investing perspective, in which case sub-million condo has the worst financial performance in terms of returns compared to single family houses, townhouses, or million + condos. You can buy a 500K condo 5 years ago and it will go up by most 15% in 5 years, where as single family houses will see close to 30-40% if you pick the right one with reno.

P.S, what your parents made doesnt make you better, you will just turn into another SFUdropout

:haha:

[Harvey Specter]

Great, another troll who's going to start claiming he has 10 houses, a private jet and a Lambo as a daily driver.

[wouwou]

Great, another troll who's going to start claiming he has 10 houses, a private jet and a Lambo as a daily driver.

so you are jealous of him too?

He just has 2 homes transferred to him, that's like Hyde, except better :D

[Harvey Specter]

Lol, everyone wants to be like Hyde.

[quasi]

You jealous?

It's okay I understand. It's impossible for you to purchase a home in Vancouver unless you have strong financial backups. My parents just transferred two of their homes under my name.

LOL

[trduhs]

my parents friends are buy properties like crazy these days
dad just bought another condo in richmond for 500k
we have 6 properties under our belts
good stuff
easy cash

RIPPED off indeed!
havent you seen the news? condo prices have dropped DRAMATICLY especially in richmond new west and coquitlam.

[trduhs]

You jealous?

It's okay I understand. It's impossible for you to purchase a home in Vancouver unless you have strong financial backups. My parents just transferred two of their homes under my name.

HAHAHAHAHAHAaaaaaaaaaaaaaaaaaaaaaaaaAAaaaaaaaaaaaa aaaaaaaaaahaaaaaaaaaaaaaAaaaaaaaaaaaaaaaaaaaaaaaa
it doesnt matter if your parents just transferred two homes to your name its still THEIRS!!!! Plus you ll be liable for all the equity they pulled out of it to buy you that mercedes or gallardo.:haha:

[hotjoint]

:lol

[GLOW]

to transfer into your name, don't you have to pay taxes on the transfer based on current market value? i guess your parents paid for that too?

[quasi]

to transfer into your name, don't you have to pay taxes on the transfer based on current market value? i guess your parents paid for that too?

Ya, capital gains on the difference between the purchase price it was bought for and the value of it when it was transferred. I only know this because my mother in law did this when she was terminally. It allowed her kids to avoid having to go through probate and all the costs associated with it but they did have to pay capital gains.

[wouwou]

^that's assuming there IS a gain in value

:D

[quasi]

^that's assuming there IS a gain in value

:D

True, that also assumes that it's not your primary residence. I believe if you don't already own a home and you stay in it for a while (year comes to mind) you will not have to pay the gains. Please don't take this advice as fact though check with your lawyer or accountant because I'm going from memory and sometimes my memory or interpretation may be incorrect. :)

[wouwou]

^Oh I am pretty sure his parents' accountants and lawyers will take care of that

:D

[scheng924]

i dont' even know if people who say they own so many properties and stuff are serious anymore... whether they're lying or not...

i don't own anything right now, does that make me a failure compare to all those people that their parents transfer everything to them?...

and if it's true... then yes i'm jealous by the fact you have a couple of nice places you can live in.. but i'm not jealous at your ability to make your own earnings to buy these properties... if i were you in this case.. i wouldn't be bragging about how your mommy and daddy transferred properties to you...

but then again.. that's just me, the guy who owns practically nothing who's still in SFU with a student loan..

[Harvey Specter]

Some people really need to grow up and start talking and bragging about what they've accomplished, not what others have accomplished.

[hung_low]

i dont' even know if people who say they own so many properties and stuff are serious anymore... whether they're lying or not...

i don't own anything right now, does that make me a failure compare to all those people that their parents transfer everything to them?...

and if it's true... then yes i'm jealous by the fact you have a couple of nice places you can live in.. but i'm not jealous at your ability to make your own earnings to buy these properties... if i were you in this case.. i wouldn't be bragging about how your mommy and daddy transferred properties to you...

but then again.. that's just me, the guy who owns practically nothing who's still in SFU with a student loan..

i wouldn't worry about it that much scheng924, some people just come out of the right hole, the same people think they're the big dick but it's just the umbilical cord

[iEatClams]

vancouver's housing price is a direct result of mainlanders and hk immigrants coming here and buying up everything in sight.

also lol@rmd acura and rmd automall dealers. never had to work for a sales ever.


Yup, foreign investment is the # 1 reason why housing prices are high.

If you look at other high priced cities, such as San Fran, Hawaii etc. It's because theres foreign people that buy up properties, and therefore increasing the price. Hawaii gets foreign investment from everybody, cause everyone loves the sun and sea.


For Vancouver, the foreign investors are mainland immigrants with shiet loads of cash. It's the same thing happening in San Francisco (where there are tonnes of asians). Where housing in other cities in the US dropped dramatically. San Fran just had a "modest" decline.

Asians want to live in a city where they don't need to adapt much to new cultures or learn the english language.

The locals cant compete with the foreigners when they bring in their millions of dollars.

It sucks for locals, but thats just the nature of the city.