Most unaffordable housing market in the world? Vancouver.

[4444]

Originally Posted by no_clue

^ you do realize that it is very hard nowadays to get permanent residence or sponsorship. Im looking to move as well, to irvine. And keep in mind that although there is plenty of more opportunities, there is also 10x more competition

I noticed that when you go to a major US city that has a fortune 100 company headquartered there, everyone is a go-getter and everything is so fast-paced and busy, not chill like hippy vancouver. I also noticed that when you meet americans, the first thing they ask is after greetings is usually, "what do you do for a living?" Canadians usually talk about hockey or current events

Homes are definitely cheaper in the states, but be wary of property taxes. I was looking at a lakefront home in texas, only $430 000 for 4bd + 3bath. but the property tax was around $8 grand. But still, better than anything in the lower mainland.

i appreciate your comments, but trust me, its not hard to move down, if you're well educated

look into an TN1 visa, as a CA, all i need is a job offer and i'm there for 3 years, renewable indefinitely

perfect solution? no, will it do me? yes

i also don't agree with your comment re: americans, i have lived in so. cal, and am there often - i've never gotten that feeling, they're also very nice, laid back people (i did, however, live in a very affluent area of only white people, in the valley - that's just how it is down in that area, not sure about other places)

san diego is a pretty laid back city, in fact, given its size, relatively more laid back than vancouver (6th biggest city in the US and VERY chill)

re: property tax? yes, price that in, but even so life in general is signicantly cheaper down there

but lets not make this into an anti US thread (which it will turn into) - just look into the TN1, see if its for you, and if you can apply - i know it'll do great things for my needs

edit: just realized you said it was hard to get perm. residence - yes, it is, you're right... but get down there first, worry about perm. residence later on (i think its the H1 visa you need for that, then you can get a green card, but you shouldn't be doing this on a TN1, but most ppl do)

[achiam]

Originally Posted by no_clue

I also noticed that when you meet americans, the first thing they ask is after greetings is usually, "what do you do for a living?" Canadians usually talk about hockey or current events

This is very standard fare in any world city, especially when meeting women. Another equivalent question is asking where you live (in that city). When I first left Vancouver I thought these questions to be rude, but now realize it's straight to the point.

[no_clue]

Originally Posted by 4444

i appreciate your comments, but trust me, its not hard to move down, if you're well educated

look into an TN1 visa, as a CA, all i need is a job offer and i'm there for 3 years, renewable indefinitely

Im still considering it, but what if you get laid off or other unforseeable factor? You will get deported immediately as you no longer have a sponsoring employer. I find that US companies (except tech) are very strict on hiring foreign nationals due to the cost associated. So unless you are very exceptional, it is very hard. I think the best way is to get a job with a US company with a Canadian branch, such as PWC, the big 4 etc and ask to transfer later.

Originally Posted by 4444

i also don't agree with your comment re: americans, i have lived in so. cal, and am there often - i've never gotten that feeling, they're also very nice, laid back people (i did, however, live in a very affluent area of only white people, in the valley - that's just how it is down in that area, not sure about other places)

san diego is a pretty laid back city, in fact, given its size, relatively more laid back than vancouver (6th biggest city in the US and VERY chill)

well that is southern california, the epitome of laidback luxury lifestyle with beautiful beaches, surfing, skiing, weather and golf. I was more talking about cities with financial districts, such as san fran, silicon valley, boston, chicago, NYC,etc. And dont forget texas lol, it's almost a different country there.

Originally Posted by 4444

re: property tax? yes, price that in, but even so life in general is signicantly cheaper down there

but lets not make this into an anti US thread (which it will turn into) - just look into the TN1, see if its for you, and if you can apply - i know it'll do great things for my needs

I agree with you, USA is way better for cost of living. Like come on, BMW M3 for the price of a 335i here. 30can beer for $20 at costco. Life is good as long as you have money. Hardcore Canadians like to smugly say that health-care and beer is better here, as long as you have proper insurance and money, medical treatment in the USA is by far way better with little to no waiting time by top surgeons from top ranking schools. They sell Canadian beer in the usa too! Also 12% sales tax in BC to help everyone be equal with social welfare programs.... jeez my taxpayer dollars went to help drug addicts get a new "safe injection" site!

all about capitalism, american dream!

[VK79]

Originally Posted by hk20000

that's nice got trees and yard and everything.

Equivalent in HK:

no not the whole building, ONE unit.

Same goes for Singapore, ~1m gets you an old space in the air, that and you still have to fork out $50++ a month to park near your home cause the parking spaces directly below your apt are owned by the govt.

Last I checked ~400k Buys you a decent new apt around yaletown, 2BR units were going for 450ish.

[goo3]

Originally Posted by no_clue

I noticed that when you go to a major US city that has a fortune 100 company headquartered there, everyone is a go-getter and everything is so fast-paced and busy, not chill like hippy vancouver. I also noticed that when you meet americans, the first thing they ask is after greetings is usually, "what do you do for a living?" Canadians usually talk about hockey or current events

The go-getters in Vancouver realize there's nothing to go after.

[FerrariEnzo]

Originally Posted by optiblue

That's a good article, but I'm still praying for some crazy housing drops post olympic years!!! I calculated that I'd have to live pretty poorly to afford anything currently

i know a couple who got a mortgage for a townhouse around $500K... A TOWNHOUSE in BURNABY!!! their monthly payments is around 4K... OMFG they dont go out.. always working OT.. they both look like SHIT...

[Meowjin]

all this thread proves is we should be ban rich asians from buying our property's.

[Ducdesmo]

Originally Posted by FerrariEnzo

i know a couple who got a mortgage for a townhouse around $500K... A TOWNHOUSE in BURNABY!!! their monthly payments is around 4K... OMFG they dont go out.. always working OT.. they both look like SHIT...

Wait till they renew their mortage or pop a kid. It won't be pretty.

[taylor192]

Originally Posted by LiquidTurbo

I only just found this thread read every word of it. Awesome thread!

My question is: What advice would you give to new grads ? (as I'm sure there is a lot of them?)

What is a general path to follow for someone starting out w/ their first full-time career job?

1. Be willing to move. This will get you the best job and pay.
2. Save. I maxed out my RRSP till I was 30yo, and in theory, never have to contribute another cent to have a decent retirement income.
3. Pay down your student debts last. They carry low interest with is tax deductible. Save your money instead. If you have money in the bank, you can take advantage of investment opportunities. I would have never have been able to buy a house if I had been aggressively paying down my student debt, and I am well off for having the $$$ to take advantage of that investment opportunity at the right time.
4. Keep learning. Get more credentials, certificates, ...
5. Look for new job opportunities. The best way to get a raise is to get a new job.
6. Reward yourself for graduating and getting a job, yet don't fall into the trap of spending all you make. I bought a nice car, took a few trips, and bought all new clothes - yet I did that with money left over after savings and investments.
7. Remember, just cause you're single, free, and making good money now don't mean life will always be this way. In a few as 5 years you could be married with kids, so don't take on any long term debt that you wouldn't be comfortable with if your life changes.

[ToyotaPowah]

Originally Posted by taylor192

1. Be willing to move. This will get you the best job and pay.
2. Save. I maxed out my RRSP till I was 30yo, and in theory, never have to contribute another cent to have a decent retirement income.
3. Pay down your student debts last. They carry low interest with is tax deductible. Save your money instead. If you have money in the bank, you can take advantage of investment opportunities. I would have never have been able to buy a house if I had been aggressively paying down my student debt, and I am well off for having the $$$ to take advantage of that investment opportunity at the right time.
4. Keep learning. Get more credentials, certificates, ...
5. Look for new job opportunities. The best way to get a raise is to get a new job.
6. Reward yourself for graduating and getting a job, yet don't fall into the trap of spending all you make. I bought a nice car, took a few trips, and bought all new clothes - yet I did that with money left over after savings and investments.
7. Remember, just cause you're single, free, and making good money now don't mean life will always be this way. In a few as 5 years you could be married with kids, so don't take on any long term debt that you wouldn't be comfortable with if your life changes.

+1

Some good advice there.

[Tapioca]

Originally Posted by 4444

not really - who says you should live in vancouver? its totally unaffordable for no real reason

i earn good money, could afford to buy the place i rent, but why, it'd cost me between $500 and $1000 a month MORE to pay interest + principal (depending on if i go closed variable and get raped in a year or 2, or fixed 5 year)

A one-bedroom apartment in a decent neighbourhood can easily cost $1000/month which would be roughly half of someone's entry-level salary. My girlfriend lives in a building in the Cambie village area and pays $850ish per month, but she has been in the building for several years. New tenants are paying close to $1000/month for a similar suite. The building is well-maintained but is close to 50 years old. I think such rents are ridiculous, but I imagine this is the reality in other decent areas of the city.

I envy those who have rented for several years in ideal locations, like Coal Harbour, Kits, etc. and have had their rents protected by the Tenancy Act. If I hadn't gotten into the market when I did, I don't know where I'd be now.

i'm also considering moving to so.cal, a place with much nicer weather, more career opportunities (in my field), and a much more realistic cost of living (i've lived in LA before, so know what i'm getting into, i love it down there, before all the typical canadian responses of 'oh its america, there's no economy down there' - trust me, there is, and its much better than vancouver's small minded economy)

California is on the verge of bankruptcy and has a dysfunctional system of governance. Texas is probably a better bet.

[q0192837465]

I'm saving ~50% of my after tax salary and I hope to get a decent downpayment in 7-8 years. Doubt I'll even be able to afford a house given the trend real estate is going.

I think it really depends on how much u'r willing to give up now vs the future. You can choose too live like a bum now and have an easier time 10 years from now, or you can "enjoy life" now and struggle to make payments in the future. They way I see it, saving now is having compound interest on ur side. Taking the enjoy life route is having to battle upstream.

[4444]

Originally Posted by Tapioca

A one-bedroom apartment in a decent neighbourhood can easily cost $1000/month which would be roughly half of someone's entry-level salary. My girlfriend lives in a building in the Cambie village area and pays $850ish per month, but she has been in the building for several years. New tenants are paying close to $1000/month for a similar suite. The building is well-maintained but is close to 50 years old. I think such rents are ridiculous, but I imagine this is the reality in other decent areas of the city.

I envy those who have rented for several years in ideal locations, like Coal Harbour, Kits, etc. and have had their rents protected by the Tenancy Act. If I hadn't gotten into the market when I did, I don't know where I'd be now.



California is on the verge of bankruptcy and has a dysfunctional system of governance. Texas is probably a better bet.

california will be fine, don't you worry - they have sufficient tax income... the media will always go on about california being bankrupt, but they'll be fine, just how greece will end up being fine (portugal, spain, and ireland too)


even if it did (a ridiculously big if), then i could easily pop off to another state, no biggie

[tool001]

bringing this thread back to life...

june is fast approaching..prime is set to rise .25%.. is anybody planning to lock into a fixed rate...or just ride the wave? maybe considering splitting it. where is everybody at on this?

[iEatClams]

Originally Posted by taylor192

1. Be willing to move. This will get you the best job and pay.
2. Save. I maxed out my RRSP till I was 30yo, and in theory, never have to contribute another cent to have a decent retirement income.
3. Pay down your student debts last. They carry low interest with is tax deductible. Save your money instead. If you have money in the bank, you can take advantage of investment opportunities. I would have never have been able to buy a house if I had been aggressively paying down my student debt, and I am well off for having the $$$ to take advantage of that investment opportunity at the right time.
4. Keep learning. Get more credentials, certificates, ...
5. Look for new job opportunities. The best way to get a raise is to get a new job.
6. Reward yourself for graduating and getting a job, yet don't fall into the trap of spending all you make. I bought a nice car, took a few trips, and bought all new clothes - yet I did that with money left over after savings and investments.
7. Remember, just cause you're single, free, and making good money now don't mean life will always be this way. In a few as 5 years you could be married with kids, so don't take on any long term debt that you wouldn't be comfortable with if your life changes.

great advice taylor. . . but to comment
for # 3, this is actually a huge misconception in terms of financial advice. it's sometimes a good idea. . . However ---the interest is not tax deductible. . tax deductable means you can subtract the whole interest expense from your income.. ..you get a tax credit on the interest only. In BC, that tax credit amounts to 15% of the interest. so if your paying $100 in interest expense. you get $15 back, still paying 85$. when rates were higher a few years ago. student loans were closer to 7-10 %. based on those rates. it would be wise to pay off your student loans. (of course paying off any higher interest debt first). now the rate is super low since prime is at historic lows. You still want to pay off your student loan debt if you can't find investment opportunities that give you a higher rate of return. IMO, real estate won't give you those returns in the future given todays housing prices (in vancouver anyways).

[PiuYi]

A closely-watched measure of the American housing market showed prices fell in most of the largest U.S. cities in November, raising concerns that real estate there is headed for another contraction.

The Standard & Poor's/Case-Shiller 20-city home price index released Tuesday fell 1.6 per cent from October.

All but one city, San Diego, recorded monthly price declines.

And average prices in eight major markets have hit their lowest points since the housing bust.

Eight others sank to their lowest levels since prices peaked in 2006 and 2007: Atlanta, Charlotte, N.C., Las Vegas, Miami, Portland, Ore., Seattle, Tampa, Fla., and Detroit, which saw the largest drop at 2.7 per cent from the previous month.

Millions of foreclosures are forcing prices down, and many people are holding off making purchases because they fear the market hasn't hit bottom yet.

The 20-city index has risen 3.3 per cent from its April 2009 bottom. But it remains well below its July 2006 peak.

The report "reinforces the likelihood that a "double-dip" in home prices is underway across the country, with prices expected to fall below the lows established during the recession," Alistair Bentley, an economist with TD Economics said in a commentary

"This has already occurred in eight cities throughout the country and on a seasonally adjusted basis, the 20-city composite is only 1.2 per cent above its recession lows, he said.

Read more: http://www.cbc.ca/money/story/2011/0...#ixzz1C4oWNtAa

anyone ever look into investing in US houses? what are the difficulties of a canadian buying a house in the US? i heard US gov't takes half of any profit made from flipping houses if you're not a US citizen

[xpl0sive]

US govt also taxes us citizens for profiting on houses... it's called capital gain.

[AccordCouped]

Originally Posted by Presto

I'd rather get 1 house in Vancouver than get 9 in that shithole called Detroit.

atleast in detroit you get a team that can win the cup

[PJ]

Sounds about right..

[hirevtuner]

anyone here shocked when they got their bc assessment? or at least parent's place
my parent's house is assessed at $87x,xxx and thats a house in Vancouver east side (renfrew area)

[PJ]

Expected.
My parents place in East Van near Knight/Fraser area, is at $92x,xxx.
The remaining places anywhere in Vancouver that are even the slightest behind in increasing value are getting sniped by investors. My mom and I have our eyes on one of the few remaining.
Now, depending on your lifestyle, Vancouver is almost not even worth looking into, but of course there's always exceptions.
Burnaby seems to be where it's at now.

[gilly]

^ yeah im currently looking for places in Burnaby and maybe Coquitlam to invest.

[Mr.HappySilp]

Originally Posted by hirevtuner

anyone here shocked when they got their bc assessment? or at least parent's place
my parent's house is assessed at $87x,xxx and thats a house in Vancouver east side (renfrew area)

My parents house is worth around 72x xxxk I think (From the gov estmiate). Located in Burnaby (BCIT, by Canada way). Which seems pretty crazy to me I mean the house is nice and all but I honestly don't think is worth that much.

[skyxx]

There's still hope to buy a property in Vancouver whereas in Asia(Japan, Hong kong, Singapore etc etc) There is technically no hope in actually buying or owning a property.

[you!]

wow it would be nice to personally meet hypa, chuck, and taylor to feed off info..