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Vancouver Off-Topic / Current EventsThe 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.
While it's fun to bitch about housing costs in the Lower Mainland (and, sadly, it's usually valid), there are still tons of developments locally that are going for relatively cheap. Two apartment blocks just went up in Langley with units that start at $150,000. No, they're not particularly big places, but considering a comparable unit on the other side of the Fraser would go for at least twice the price, it's a good alternative. And it's not like these buildings are in sketchy parts of the city either.
Langley... so that would make my daily commute about 1.5 hours to Richmond?
It's the point of Vancouver's housing prices are rising so quickly, it's pushing people out. Surrey/Langley/Abbotsford.. that's where young families are going, while their jobs stay in Vancouver. If I moved to Langley, I'd need a new job.. because I would refuse to travel to Richmond everyday. Yet again, jobs are scarce, so finding another good paying job is going to be very difficult.
If anyone has spent time in Toronto, the avg commute time for most people is 1hr. I personally would shoot myself if I had to commute 1hr each way, every day.
because I work downtown and hate commuting, I would rather live in a 500sq ft condo Vs a bigger house in the burbs......
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you can either bitch about how expensive it is to live in Vancouver (you are right) or just accept Van is a crazy expensive city, like NY or SF and figure out a way to make it work for you and your family.
I have made enough for a townhouse in full, and it still FREAKS ME OUT whenever I consider the living cost in lower mainland.
The cost when compared against earning potential for a typical family is getting out of hand. It's no longer "figuring out a way" because the cost is making a way impossible.
Great weather, great food, diverse culture, but you need a minimum 50k after tax income for a family to live comfortably even when they have their own place.
You can't throw a rock in Langley without hitting a school of some sort (or a church... or park... or a Starbucks... lol).
Langley can still be insanely pricey (a development by my place has plots of land that start at $3/4 million for a 1/3 acre), but thankfully there are cheap alternatives for young families.
You are right, there are schools within reach anywhere in GVRD, but with my family being Chinese (you guessed it!), the school's rating will make a huge difference.
and the top tier schools in the lower mainland are largely clustered in Vancouver (and North/West Vancouver, but that's even more ridiculous), with the parents' medium income in the 100Ks.
And with higher medium income, it's only logical that the housing price reflect that.
I have made enough for a townhouse in full, and it still FREAKS ME OUT whenever I consider the living cost in lower mainland.
The cost when compared against earning potential for a typical family is getting out of hand. It's no longer "figuring out a way" because the cost is making a way impossible.
Great weather, great food, diverse culture, but you need a minimum 50k after tax income for a family to live comfortably even when they have their own place.
as mentioned, you can bitch about it, or do something about it....get a second job, drive a cheaper car, find other means to make money, upgrade your skills so can you make a better living for your family, day trade...are these viable options?
$50k+ is not impossible at all. I good waiter in a nicer restaurant can make $100K+.
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It is comical when people or families complain about money and they have two or three kids and are still in debt from school or say they cannot afford groceries. What ever happened to being responsible with life decisions?
You hit it bang-on my friend. That is the first big question that zapped my mind -- you have 2 crappy paying jobs and you chose to have 2 kids? I have plenty of friends nearing 30 who don't even have gfs, but are still in grad school and will earn top dollar the moment they graduate. You reap what you sow. If you can't afford the best, then you'll have to settle for less. Vancouver will NOT see a "real estate bubble bust" because more than half of the home buyers in Van/Bby/WVan, and increasingly White Rock are from Mainland China -- China's growth isn't likely to collapse and there won't be a stoppage in their emigration.
And for the people who bitch about the immigrants, I have plenty of Caucasian professional friends who live well in Vancouver/Downtown -- it's not just the fobs who have cash.
you can either bitch about how expensive it is to live in Vancouver (you are right) or just accept Van is a crazy expensive city, like NY or SF and figure out a way to make it work for you and your family.
exactly.
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Langley... so that would make my daily commute about 1.5 hours to Richmond?
In Ottawa and Toronto the jobs got pushed out to the burbs. Tech in Ottawa moved to Kanata, and tech in Toronto moved to Mississauga .
Jobs have been moving to Surrey, and Diane Watts is adamant about building a city that people work and play in. If prices keep up, I suspect Surrey will become like Mississauga in record time.
Cost of living here is higher for sure, but you know what? We don't have to deal with fucking -40 temps here during the winter. That alone keeps me from moving away. Also knowing that I'll never have to buy my own house makes me very happy. More money for toys! Posted via RS Mobile
People that are paying their mortgages on dual income are screwed if the spouse loses their job, or if interest rates ever go up (although personally I think it will be low for the foreseeable future)
you dont believe interest rates will go up in the forseeable future?
interest rates are rock bottom right now, and they are kept there artificially.
they have nowhere to go other than UP.
the fed has announced it will try to keep interest rates low until 2013. what do you think will happen in 2013? well, the interest rates will go up. if you are refinancing your mortgage and interest rates go up 2%, can you still afford your home? many people will not be able to. not saying they will definitely go up 2% but it could be less it could be more.
if the interest rate is 3.5 right now, and you have a 350k mortgage over 25yrs, your monthly payment is $1747.
if the interest rate is 5.5, your monthly payment becomes $2136.
who here would be able to afford a $400/month pay cut and still spend less than 50% of their salary on their home?
interest rates will go up so i hope you didnt buy a home you can barely afford.
you dont believe interest rates will go up in the forseeable future?
interest rates are rock bottom right now, and they are kept there artificially.
they have nowhere to go other than UP.
the fed has announced it will try to keep interest rates low until 2013. what do you think will happen in 2013?
I agree in principle, yet in practice I think low rates are here to stay for a long time.
Rates should match inflation, and right now we're sitting on the verge of deflation and recession if the economy gets worse. There's nothing on the horizon other than bad news, no financial/tech/housing/whatever boom to get us out of this funk - so there's no reason for inflation to increase, nor rates.
In fact everything points towards rates going lower. so much for saving.
I hate it when people complain about the people who are annoyed with higher living costs in Vancouver.
Point is, Vancouver has been artificially inflated. It's not that people don't work hard or save up; "young families" that use the same amount of income in other places across Canada can get much more for their money.
I have friends who have moved to the East, earning same or less than what I do, own or are in the midst of paying off their mortgage on a condo/house solely by themselves. It's impossible for them to do the same over here if they have the same job here.
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I hate it when people complain about the people who are annoyed with higher living costs in Vancouver.
Point is, Vancouver has been artificially inflated. It's not that people don't work hard or save up; "young families" that use the same amount of income in other places across Canada can get much more for their money.
I have friends who have moved to the East, earning same or less than what I do, own or are in the midst of paying off their mortgage on a condo/house solely by themselves. It's impossible for them to do the same over here if they have the same job here.
Our credit card happy society is also living with too high debt loads -- servicing this debt is what costs society the most.
BC residents are underpaid and overtaxed, yet we still put up with it.
The thought of purchasing a home scares the crap out of me, but it's something I have to do if I want a future for my family.
Is there ever a 'good' time? I think the longer you wait the worse off you will, there will always be that 'I should've done it a few years ago when..'
I'm no analyst, but whatever goes up must come down and vice versa.
Just a few things that came to mind when reading this thread
BC residents are underpaid and overtaxed, yet we still put up with it.
The thought of purchasing a home scares the crap out of me, but it's something I have to do if I want a future for my family.
Is there ever a 'good' time? I think the longer you wait the worse off you will, there will always be that 'I should've done it a few years ago when..'
I'm no analyst, but whatever goes up must come down and vice versa.
Just a few things that came to mind when reading this thread
So true.
I thought the "good time" to buy was in 2007/2008. My townhouse was completed in 2009. It made a bit of money even before it was completed but then everything went to hell and it is worth now what I paid for it...maybe 10k more . If I wanted to sell, I would lose money with Realtor fees, etc...
Will wait another 5 years and hope to get some good equity.
as mentioned, you can bitch about it, or do something about it....get a second job, drive a cheaper car, find other means to make money, upgrade your skills so can you make a better living for your family, day trade...are these viable options?
$50k+ is not impossible at all. I good waiter in a nicer restaurant can make $100K+.
I know where you are coming from, but to me, I am 28 and can already afford to outright buy any property under 400k with cash, have a wife and a kid all together. I would like to think that I am a hard worker, and is at least lucky enough to have the earning potential.
I would also like to think that I am smart with my money, since for the 07-09 years my return is 23% plus. Now it's a 4-5% because I don't have the time to actively trade anymore.
Yet I am still not comfortable living in GVRD because there just arent that many jobs which pay enough against GVRD's living standard.
I have no problem working 10 hrs a day for a reasonable amount of money, but the truth is that working 10 hrs often gets you 35k per year in a typical Vancouver office.
I thought the "good time" to buy was in 2007/2008. My townhouse was completed in 2009. It made a bit of money even before it was completed but then everything went to hell and it is worth now what I paid for it...maybe 10k more . If I wanted to sell, I would lose money with Realtor fees, etc...
Will wait another 5 years and hope to get some good equity.
Or wait another 5 years and be way under water. You cannot predict the market, like you didn't know when it was a good time to buy, you won't know when it is a good time to sell. The best thing you can do is be happy where you are and be prepared to stay there a long time.
I enjoy van. People just have to be smart with their money. I shop at the dollar store and by my groceries at t and t. I never pay retail for my shit. Posted via RS Mobile
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Originally Posted by Mr.HappySilp
LOL T&T is actually more expensive than superstore @@ so good job on spending more.
Try Crystal mall or Costco.
Man! you guys dont know how to save money on groceries!
Best place hands down Chinatown the smaller shops. More specifically Chinatown, Sunrise (across from china world)
The produce there is fresher, riper, cheaper then any big box grocery place (superstore, walmart etc)... Only down side is the vegetables aren't thoroughly cleaned and presented..
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