| Vancouver Off-Topic / Current Events The off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum. |
 | | 
01-25-2010, 10:02 AM
|
#1 | | HELP ME PLS!!!
Join Date: Dec 2009 Location: Canada
Posts: 5,647
Thanked 1,816 Times in 450 Posts
Failed 4,294,967,295 Times in 173 Posts
| Most unaffordable housing market in the world? Vancouver.
The average house is more than nine times the average annual salary
Jill Drews Jan 25, 2010 09:22:15 AM
Housing market looking past the Games
VANCOUVER (NEWS1130) - Vancouver is number one but it's not exactly the best list to top. A report by the Frontier Centre for Public Policy shows Vancouver has the most unaffordable housing market in the world.
The Centre's Wendell Cox says Vancouver gets a 9.3 on the index, a figure suggesting the average house sells for more than nine times the average annual salary. "The numbers are very clear on it. Vancouver is exceedingly expensive and marginally more expensive than Sydney, Australia which is the second most expensive market in the six nations we looked at."
Australian communities round out the top five unaffordable markets in the world while Victoria, Abbotsford and Kelowna all appear in the top 40.
If you are looking for a more affordable place to buy, Detroit is it. According to the survey, you can buy a place in the Motor City for just a little more than your average salary. Thunder Bay and Windsor, Ontario come in as the most affordable markets in Canada.
| 
|  | |
01-25-2010, 10:08 AM
|
#2 | | Zombie Mod
Join Date: Aug 2003 Location: Langley
Posts: 9,890
Thanked 5,175 Times in 1,555 Posts
Failed 120 Times in 54 Posts
|
I'd rather get 1 house in Vancouver than get 9 in that shithole called Detroit.
__________________
Romans 10:9 | |
| | |
01-25-2010, 11:29 AM
|
#3 | | NEWBIE ACCOUNT!
Join Date: Jan 2010 Location: Rossland, BC
Posts: 14
Thanked 0 Times in 0 Posts
Failed 0 Times in 0 Posts
| Quote:
Originally Posted by Presto  I'd rather get 1 house in Vancouver than get 9 in that shithole called Detroit. | x2
Probably get stabbed before you sign all the mortgage papers.
Anyways, that's the main reason I got the hell out of Vancouver, I'd rather not rent for the rest of my life. I make a pretty decent salary and would still struggle to buy a home in Vancouver, let alone the 'burbs.
| |
| | |
01-25-2010, 11:53 AM
|
#4 | | OMGWTFBBQ is a common word I say everyday
Join Date: Nov 2005 Location: Vancouver
Posts: 5,146
Thanked 160 Times in 74 Posts
Failed 57 Times in 18 Posts
|
9 times is bad?
In China, its 30
__________________ Quote:
Originally Posted by Fei-Ji haha i can taste the cum in my mouth | There is a time when you have to sig a post.
It just happened.
| |
| | |
01-25-2010, 01:02 PM
|
#5 | | My homepage has been set to RS
Join Date: Oct 2001 Location: Home
Posts: 2,216
Thanked 156 Times in 45 Posts
Failed 61 Times in 26 Posts
|
Looking at the table below, I rather move to Toronto. Big city with RE at half the price.
Fuck Vancouver. Totally unjustified.
TABLE
Metropolitan Market Median Multiple (2009 / 2008 / change):
Calgary 4.6/ 4.8/ -0.2
Edmonton 4.1/ 4.2/ -0.1
Hamilton 4.2/ 4/ 0.2
Kelowna 5.9/ 6.8/ -0.9
Montreal 4.9/ 4.6/ 0.3
Ottawa-Gatineau 3.8/ 3.4/ 0.4
Quebec 3.6/ 3.4/ 0.2
Regina 3.5/ 3.5/ 0
Saint John, N.B. 2.8/ 2.7/ 0.1
Saskatoon 4.4/ 4.6/ -0.2
St. John's 3.1/ 2.8/ 0.3
Toronto 5.2/ 4.8/ 0.4
Vancouver 9.3/ 8.4/ 0.9
Victoria 7.9/ 7.4/ 0.5
Windsor 2.2/ 2.3/ -0.1
Winnipeg 3.3/ 3/ 0.3
National Median Multiple 3.7 / 3.5 / 0.2
Source: Frontier Centre for Public Policy
| |
| | |
01-25-2010, 01:26 PM
|
#6 | | Banned (ABWS)
Join Date: Feb 2009 Location: Kits/Richmond
Posts: 4,409
Thanked 1,105 Times in 540 Posts
Failed 555 Times in 222 Posts
|
Real estate prices in Vancouver have always been a rollercoaster ride. Right now they are up, they will come down, and after they come down they will stay down for the better part of a decade. Its happened 3 times in the previous 30 years.
It sucks cause you feel priced out, yet don't feel too bad. Who would want to own an asset that's about to decrease and will lose money vs inflation for the next decade? You can also rent for 50-75% of the cost of ownership, investing the difference.
There will be people who disagree, that real estate always goes up. Its not true, there have been 3 periods of 2-7 years where real estate in Vancouver has lost money over the last 30 years. Yes you can hold it until prices rise, yet I wouldn't want to be a 30yo that bought a 500 sqft 1bdrm that has to hold onto it for almost a decade, and can only cover 50-75% of the mortgage by renting it.
| |
| | |
01-25-2010, 01:39 PM
|
#7 | | they call me the snowman
Join Date: Apr 2001 Location: online
Posts: 19,749
Thanked 3,993 Times in 1,374 Posts
Failed 187 Times in 91 Posts
|
^
That only matters if you're buying a house as a short term investment. Take into account that if you look at the 30 year cycle, which let's face it, up until the last decade people would live in the same house for that long, you'll find that it's much better to buy than to rent. Short term, it can go down. But in the long term, the prices of property will rise, not to mention that you also have a valuable asset once it's all paid off.
Buying a house was one of the best investments I've made, and wish I had done it a decade earlier.
| |
| | |
01-25-2010, 02:37 PM
|
#8 | | Banned (ABWS)
Join Date: Feb 2009 Location: Kits/Richmond
Posts: 4,409
Thanked 1,105 Times in 540 Posts
Failed 555 Times in 222 Posts
| Quote:
Originally Posted by originalhypa ^
That only matters if you're buying a house as a short term investment. Take into account that if you look at the 30 year cycle, which let's face it, up until the last decade people would live in the same house for that long, you'll find that it's much better to buy than to rent. Short term, it can go down. But in the long term, the prices of property will rise, not to mention that you also have a valuable asset once it's all paid off.
Buying a house was one of the best investments I've made, and wish I had done it a decade earlier. | Lets not talk about the last decade, I don't have a time machine to go back 10 years and buy, or I would and would agree with you.
Lets talk now.
Houses are ~$1M in metro Van, and not many people are buying them to live in for 30 years. Young buyers cannot afford them, and those who can afford them will admit housing has become a part of their retirement plan, so they'll be sold long before living there 30 years.
So if young buyers aren't buying homes, what are they buying? condos. Small condos. Condos too small to support a 2 child family. So in 5-10 years when they do want a family, they have to sell and move.
The last housing slump in Van lasted 7 years. Imagine being young and stuck in your condo for 7 years, trying to raise a family, paying 25-50% more than renting for the privilege of not getting hosed selling for a loss.
---
I own a house in Ottawa and recently put it up for sale. I'm not speaking as the typical jilted renter, jealous of house owners. I've made money on my house in Ottawa, I want out before I lose that.
---
Lats point: ask people from Japan and Germany if real estate is a good investment  | |
| | |
01-25-2010, 02:42 PM
|
#9 | | Rs has made me the woman i am today!
Join Date: Jan 2005 Location: Coquitlam
Posts: 4,069
Thanked 411 Times in 88 Posts
Failed 7 Times in 6 Posts
|
oh no...
| |
| | |
01-25-2010, 02:51 PM
|
#10 | | I answer every Emotion with an emoticon
Join Date: Apr 2005 Location: Vancouver
Posts: 7,760
Thanked 375 Times in 181 Posts
Failed 159 Times in 63 Posts
|
Thanks China
__________________
Ignorance is bliss
How I wish I can remain ignorant, why do I know so much?
| |
| | |
01-25-2010, 04:22 PM
|
#11 | | Official Texas Ambassador
Join Date: Oct 2004 Location: Houston, TX
Posts: 10,333
Thanked 5,671 Times in 1,324 Posts
Failed 416 Times in 132 Posts
|
Come on guys, you can't believe everything you read. $650k is reasonable for a 2br 1 ba in East Vancouver.
| |
| | |
01-25-2010, 04:26 PM
|
#12 | | I *heart* Revscene.net very Muchie
Join Date: Sep 2007 Location: Vancouver
Posts: 3,918
Thanked 1,825 Times in 523 Posts
Failed 276 Times in 88 Posts
| Quote:
Originally Posted by Presto I'd rather get 1 house in Vancouver than get 9 in that shithole called Detroit. |  | |
| | |
01-25-2010, 05:57 PM
|
#13 | | Rs has made me the man i am today!
Join Date: Feb 2002 Location: Burnaby
Posts: 3,191
Thanked 274 Times in 135 Posts
Failed 110 Times in 43 Posts
|
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  | |
| | |
01-25-2010, 06:02 PM
|
#14 | | Banned (ABWS)
Join Date: Oct 2005 Location: BC
Posts: 741
Thanked 54 Times in 41 Posts
Failed 1,005 Times in 138 Posts
|
average house price is what? 600k?
and the average salary is 67k? no way
how the hell do u make 67k
| |
| | |
01-25-2010, 06:05 PM
|
#15 | | I Will not Admit my Addiction to RS
Join Date: Jun 2008 Location: vancouver
Posts: 550
Thanked 92 Times in 43 Posts
Failed 27 Times in 11 Posts
|
^
where is the source?
67K is avg single income or avg family income?
__________________
M157 LSA N55 4B11 VR38DETT 2ZZ-GE B18C5 DIG-T V10 | |
| | |
01-25-2010, 06:27 PM
|
#16 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
Join Date: Mar 2004 Location: Vancouver
Posts: 10,645
Thanked 2,191 Times in 1,131 Posts
Failed 929 Times in 340 Posts
|
^^ going by the article. I think my paretns' is around 650k so if the house is 9.3x of what they make then my parents make about 63k per year which they make no where near that number.
Now an apartment I think is true. I recently sold my apartment for about 360k and I make about more than 36k a year so I think is about right where apartments is about 10x the cost of average single income.
| |
| | |
01-25-2010, 06:29 PM
|
#17 | | I *heart* Revscene.net very Muchie
Join Date: Dec 2007 Location: Shanghai
Posts: 3,561
Thanked 888 Times in 350 Posts
Failed 356 Times in 87 Posts
|
^^^ more close to family income. No way average is that high per person. I dont think post olympics will drop the realestate market, infact slight increase. The slow recovering economy has more effect on our real estate than a 2 week local event. No investor is goin to purchase real estate just for hopes to make money during the olympics and run the risk of that small time frame after to dump the property. Would you open a restaurant just to make some money from the olympic tourists and close it after? no.
__________________
yolo | |
| | |
01-25-2010, 06:31 PM
|
#18 | | Need to Seek Professional Help
Join Date: Jun 2006 Location: 604
Posts: 1,049
Thanked 160 Times in 80 Posts
Failed 84 Times in 14 Posts
|
Most numbers I've seen quote a bit more than $60k for median family income in BC. For example:
Median family income of about $62k in 2006 (Derived from Canadian Census 2006 data): http://www.bcstats.gov.bc.ca/data/ce...ts/cff0617.pdf
It's worthwhile noting that the most affluent "family" group - empty nesters - made a median income of about $90k, whilst all married couples earned about $69k. It's still a crazy multiple to the cost of purchased housing.
| |
| | |
01-25-2010, 07:05 PM
|
#19 | | Resident Bullshitter
Join Date: Mar 2008 Location: Hong Kong
Posts: 2,209
Thanked 298 Times in 152 Posts
Failed 1,140 Times in 246 Posts
|
most unaffordable? try HK
Conduit road 39 recently sold for $71280 per square ft.
thats close to 10k per sq ft in canadian dollar.
| |
| | |
01-25-2010, 07:12 PM
|
#20 | | Banned (ABWS)
Join Date: Jul 2008 Location: Mid-levels, HK
Posts: 913
Thanked 1,336 Times in 198 Posts
Failed 1,266 Times in 145 Posts
| Quote:
Originally Posted by .Renn.Sport most unaffordable? try HK
Conduit road 39 recently sold for $71280 per square ft.
thats close to 10k per sq ft in canadian dollar. | lol that road where i live.. i believe that one u mentioned is the one with the "88 floors"?
compare to back in the days, its much harder to buy a suite in the anywhere now
Last edited by Zyzz; 01-25-2010 at 07:38 PM.
| |
| | |
01-25-2010, 07:15 PM
|
#21 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
Join Date: Mar 2004 Location: Vancouver
Posts: 10,645
Thanked 2,191 Times in 1,131 Posts
Failed 929 Times in 340 Posts
| Quote:
Originally Posted by .Renn.Sport most unaffordable? try HK
Conduit road 39 recently sold for $71280 per square ft.
thats close to 10k per sq ft in canadian dollar. | But HK have those cheap rental apartments from the government which isn't too bad.
| |
| | |
01-25-2010, 07:15 PM
|
#22 | | To me, there is the Internet and there is RS
Join Date: Jan 2002 Location: Delta
Posts: 15,911
Thanked 765 Times in 228 Posts
Failed 354 Times in 58 Posts
| Quote:
Originally Posted by Presto I'd rather get 1 house in Vancouver than get 9 in that shithole called Detroit. | I would rather spend a million in Florida or Arizona and actually feel like it was worth it when I came home every day.
__________________
The harder I lift and the more I eat, the better my genetics seem to get.
| |
| | |
01-25-2010, 07:17 PM
|
#23 | | Banned (ABWS)
Join Date: Oct 2005 Location: BC
Posts: 741
Thanked 54 Times in 41 Posts
Failed 1,005 Times in 138 Posts
|
sry double post
| |
| | |
01-25-2010, 07:23 PM
|
#24 | | My homepage has been set to RS
Join Date: Jun 2006 Location: Deutschland
Posts: 2,402
Thanked 900 Times in 387 Posts
Failed 395 Times in 107 Posts
| Quote:
Originally Posted by originalhypa ^
That only matters if you're buying a house as a short term investment. Take into account that if you look at the 30 year cycle, which let's face it, up until the last decade people would live in the same house for that long, you'll find that it's much better to buy than to rent. Short term, it can go down. But in the long term, the prices of property will rise, not to mention that you also have a valuable asset once it's all paid off.
Buying a house was one of the best investments I've made, and wish I had done it a decade earlier. | My Grandfathers house, which was purchased for $57,000 in the early 60's sold last month for $880,000. $70,000 OVER our asking price.
It was just off 41st and Elgin.
| |
| | |
01-25-2010, 07:40 PM
|
#25 | | Banned (ABWS)
Join Date: Mar 2005 Location: Vancouver
Posts: 680
Thanked 220 Times in 95 Posts
Failed 205 Times in 73 Posts
| Quote:
Originally Posted by Mr.HappySilp ^^ going by the article. I think my paretns' is around 650k so if the house is 9.3x of what they make then my parents make about 63k per year which they make no where near that number.
Now an apartment I think is true. I recently sold my apartment for about 360k and I make about more than 36k a year so I think is about right where apartments is about 10x the cost of average single income. | Unless you're powered by mommy and daddy, how can you afford a 360k condo on an "about more than 36k a year" salary?
| |
| | | |
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts
HTML code is Off
| | |
All times are GMT -8. The time now is 09:44 PM.
|
You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!
The banners on the left side and below do not show for registered users!
