Vancouver's Real Estate Market

[Spoon]

Originally Posted by cressydrift

I think some people are forgetting why Vancouver + GVRD is so good. Weather (best in Canada), leisure activities (any outdoor sport imaginable), standard of living, and general overall vibe.

Glad to see Gordon Campbell's brainwashing campaign actually worked on some people. Guess it's not a total waste of taxpayer money.

[Mr.HappySilp]

Originally Posted by 7seven

This, it really frustrates me when I constantly hear people complaining about not being able to afford living in Vancouver or that there is no money to be made in Vancouver.

Seems way too many people in Vancouver have the mentality that they just want stuff handed to them and they don't have to work hard, well guess what, if you have an Arts degree or no solid education or vocational training, of course there is no money to be made, stop complaining about being able to afford something and that there is no money to be made, look in the mirror, you only have yourself to blame in most cases. Go out there and improve and better yourself and situation.

I can tell you this from 1st hand experience, if you have the right drive or education/training or know how, there is so much money to be made in Vancouver. I'm constantly having trouble filling high waged/salaried positions in film production due to lack of qualified locals and those wanting to work the hours. One of my best friends has been having trouble the last year filling positions for his company in a large post production VFX house that opened in Vancouver last year. I have other associates and friends who are futures and equities brokers clearing solid 5 figures monthly because they're constantly out there working hard and a buddy who just started his own Investor Relations/Marketing firm a year and half ago who is now making money hand over fist.

Yes, its not easy for the average person, but nothing is stopping that average person from looking themselves in the mirror and deciding to work harder and to get the right training/educational background. In the right fields, there is a lot of money to be made in Vancouver.




On that note Alberta has most comfortable climate, not BC; Enviro Cdn | News1130

If it is so eay we won't have 1% rich and 99% poor now would we? Fact is even with decent dgrees (CGA, CMA, Engineering degrees....) won't gaurntee you a jbo with decent pay in Vancouver.

I have had friends who graduated from Accounting in BCIT making way less that what I do, not it can be with the way with their launguage barrier or just bad interews but still not everyone is luckly to get a decent job.

[Hondaracer]

Ohh accounting, good thing no one is in that field..
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[Tapioca]

I make enough to live here, but I always think about leaving the city for greener pastures or perhaps a real urban experience (a la London or NYC). I'm here because I like the climate (I hate extremes of cold and/or humidity that you get in virtually every other major city in Canada) and the commitment to healthy lifestyles here (some people hate it, but I honestly enjoy being able to go for a quick 5K run on any day in January, the ample supply of sushi, and the fact that everyone else is active which motivates me to remain active.)

On the other hand, average salaries are higher in other cities. The thing is that most people here and in Vancouver are average. High-achievers will succeed anywhere regardless of the local economy.
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[cressydrift]

Wow I didn't mean to spark a weather debate. Its all personal preference if you ask me. I personally perfer snow to rain in the winter but you wouldnt catch me ever living in Alberta, Saskatchwen, Maintoba etc. My point was not worded very well, I should have said 'most livable' vs 'best weather'. You can do things in the rain that you can't do in -20 weather. Older people also perfer a warmer climate regardless if its wetter.

[noclue]

Unless you can get a job with the big 4 in Vancouver or the big 5 banks be prepared to leave if you want to pursue that new ferrari. If you want to stay here and watch the canucks then accept a lower pay/career limits. This goes for all other professional designations. You can even apply for a TN-1 visa and go to the states.

I've met someone from a shit school (Douglas) who got hired by PwC but he worked hard to network and gain experience.

[noclue]

Originally Posted by Tapioca

I make enough to live here, but I always think about leaving the city for greener pastures or perhaps a real urban experience (a la London or NYC). I'm here because I like the climate (I hate extremes of cold and/or humidity that you get in virtually every other major city in Canada) and the commitment to healthy lifestyles here (some people hate it, but I honestly enjoy being able to go for a quick 5K run on any day in January, the ample supply of sushi, and the fact that everyone else is active which motivates me to remain active.)

On the other hand, average salaries are higher in other cities. The thing is that most people here and in Vancouver are average. High-achievers will succeed anywhere regardless of the local economy.
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In Calgary although its -30C sometimes the cold does not feel as bad because the air is dry there.

[Tapioca]

Originally Posted by noclue

Unless you can get a job with the big 4 in Vancouver or the big 5 banks be prepared to leave if you want to pursue that new ferrari. If you want to stay here and watch the canucks then accept a lower pay/career limits. This goes for all other professional designations. You can even apply for a TN-1 visa and go to the states.

I've met someone from a shit school (Douglas) who got hired by PwC but he worked hard to network and gain experience.

I used to work for a Big-5 bank and the pay is not all that great unless you're one of the select few who manage wealthy clients (even then, you're not exactly ballin' out of control.)

If you work for a Big-4, you're still limited to a manager role and what, low 6-figures?. Most people don't have what it takes to become a partner where the real money lies.

To make it big, you either need to be in a profession with billable hours which you are billing for yourself and not your firm, or you need to be an investor/venture capitalist type. However, most people don't have the heart, drive, people skills, or tolerance for risk to make it big.
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[Iceman-19]

Originally Posted by Jason00S2000

To stay on topic,


Am I the only person here who doesn't fear never owning property? I don't think it's the end-all to life. The truth is whatever you own, does end up owning you.

I know this was posted ages ago, but Jason, I am on line with you on this point. I have no desire to own. I plan on buying my Grandmothers house when she passes, but that is purely for the fact I am going to get it for 50% of the worth of it, impossible to pass that up. Other then that, I have no desire to buy. Buying ties you down, and I really don't care to be at this point in my life.

[Traum]

Originally Posted by Iceman-19

Buying ties you down, and I really don't care to be at this point in my life.

People almost always change when they grown older. Perhaps your view on this topic will change over time as well?

[Razor Ramon HG]

Originally Posted by Jason00S2000

Oh man, if you're healthy, have a roof over your head, a family that loves you and that you love, a job you find rewarding, and you enjoy who you are... housing prices be damned, you've already won dude.

When you think about it, a mortgage is just a piece of paper, if you have all the above, you're already wealthy

That's a great quote. I love reading your posts because your perspective on life is wonderful. Thanked.

-----

There's one thing I don't get.. is owning a house that big of a deal for people in Vancouver? Can people not be satisfied by renting or owning a condo?

I mean I've always had my mind set on renting or owning a condo when I moved out, and to me, it's no different than owning a house. It's still a place you call home!

And let's face the facts, if you want to live in a beautiful city such as Vancouver, you have to make sacrifices. If you can't afford to own a house, then you can either move somewhere else and buy a house there, or you suck it up.

[Jason00S2000]

Originally Posted by Razor Ramon HG

is owning a house that big of a deal for people in Vancouver? Can people not be satisfied by renting or owning a condo?

1. A house is a major status symbol
2. Raising kids in a condo seems like a nightmare

[Traum]

Call it a sense of entitlement. Call it desire or preferences. Whatever you call it, a lot of people grew up in a good amount of open space. It's what a lot people feel naturally comfortable with. You don't get that space in a condo.

People in HK or urban Japan grew up living in what we'd call sardine cans (and in some cases, they really are sardine cans), and many are fine with it. People growing up in more rural areas might find the room lacking even if they live in a single house in Vancouver.

[Iceman-19]

Originally Posted by Traum

People almost always change when they grown older. Perhaps your view on this topic will change over time as well?

Im turning 30 in 5 months. How much older should I get?

[Great68]

Originally Posted by Razor Ramon HG

Can people not be satisfied by renting or owning a condo?

Some people can't. The biggest reason I want a house is so I don't have to deal with stratas or landlords anymore. Basically I don't like another entity (Obviously aside from the government) telling me what I can or can't do.

[Jason00S2000]

Originally Posted by Iceman-19

Im turning 30 in 5 months. How much older should I get?

As men, we have no expiry date for reproduction. Also, women are breadwinners now, too. Who knows, we both might meet women when we're 40 who are 28+/- and already own homes?

No rush!

[subordinate]

Originally Posted by Mr.HappySilp

If it is so eay we won't have 1% rich and 99% poor now would we? Fact is even with decent dgrees (CGA, CMA, Engineering degrees....) won't gaurntee you a jbo with decent pay in Vancouver.

I have had friends who graduated from Accounting in BCIT making way less that what I do, not it can be with the way with their launguage barrier or just bad interews but still not everyone is luckly to get a decent job.

Word,

It's sensible that 7seven is already in the 1% and with all the connections and his friends being in the 1%, it's relatively easier to make that sort of coin. Don't get me wrong, a lot of hard work and dedication is involved in them making that money, but don't discount the fact that they were already in the circle.

Like the book outliers, for a good chunk of the cases, the result can be quite often explained from their past - opportunities, lifestyle, et cetera.

[Traum]

Originally Posted by Iceman-19

Im turning 30 in 5 months. How much older should I get?

I can't answer that. And maybe your views on home ownership may never change. But I will say 2 things:

1) Back when I was 25, I obviously had anticipations and expectations of what I was going to be like by 30, 35, and so on. For a lot of things, I could never have guessed how far off I was. Even when I was 30, I was still way off on a good number of things. I wouldn't say I was immature. It's just that things happen, and experience could very well shape a person completely differently.

2) I have just recently read a magazine article saying that people while people are usually good at recognizing the changes to their preferences and personalities in the past, they are often also poor judges of how much their personality will change in the future. The subjects were followed up on for 10+ years starting from early adulthood.

These expectations may or may not apply to your views on real estate ownership. But perhaps if you got married and started having your own family, or maybe when your kid starts growing up, you might want to play ball / play catch with him in your own backyard.

[Jason00S2000]

Originally Posted by Traum

you might want to play ball / play catch with him in your own backyard.

Daddy's got to make that porno $$$ to make that happen!

[Graeme S]

Originally Posted by Gridlock

Yeah ok what?

Vancouver is not the end all and be all of life. There are a lot of people that like it, but not love it.

And I think its reasonable for each and every person to to ask, am I willing to pay the premium to live in Van?

If it is, then go ahead.

Just know there are others that sit there and question it.

The prices are sky high. EVERYONE should be able to see it. WHY? Because a few years ago, everyone was going around on house tours with a building inspector in tow to do on-site inspections during a first viewing, so they could over-bid right there for the house.

That was profiled in the news. That's when you know you have a problem. That lady, that I still remember 6 years later, is going to be the same one on the news complaining that her house dropped 10% of fake value.

Why else do we have a problem? Because we went to a 40 year fucking mortgage people. It was 25 forever..then suddenly 40 years.

You have a problem.

Prices are ridiculously high. So much so that I sometimes don't even realize it.

I was watching some daytime trash TV awhile ago (judge judy) and some guy was complaining about getting evicted immediately upon losing his job. As part of his complaint he said, "It's not like the guy is suffering from any hardship, your honour. I mean, he owns a million dollar house!"

I sat there with a bemused look on my face like "...uh...so?" and then I realized that everywhere else in the fucking world (with rare exceptions) this is a big deal. My Aunt took the money she received as an inheritance from my grandparents' death and used it to buy a house in Palm Springs (the Californian one, not the Floridian one) for $25,000. One-level, one bed one bath with "guest room" that's bigger than a den in most condos these days.

TWENTY. FIVE. THOUSAND. DOLLARS.

How many of the RSers here have spent more than that on a car?

[Jason00S2000]

Vancouver's Waldorf Hotel to close

[Jason00S2000]

Originally Posted by Graeme S

Prices are ridiculously high. So much so that I sometimes don't even realize it.

The place I lease for my business/home is $2050 a month, but worth something like 700-800k I think.

I cannot even imagine buying here. I would definitely lease a Lamborghini or Ferrari before putting money down to buy a condo. I would get 1000 times more enjoyment out of the car+lifestyle than out of a piece of paper that says I own a place instead of lease.

[GLOW]

Originally Posted by noclue

In Calgary although its -30C sometimes the cold does not feel as bad because the air is dry there.

don't forget chinooks...you can't believe how warm calgary gets with a chinook. feelsgoodman

[Hondaracer]

if you dont work outside, dont complain about the weather :P

[parm104]

Originally Posted by Jason00S2000

The place I lease for my business/home is $2050 a month, but worth something like 700-800k I think.

I cannot even imagine buying here. I would definitely lease a Lamborghini or Ferrari before putting money down to buy a condo. I would get 1000 times more enjoyment out of the car+lifestyle than out of a piece of paper that says I own a place instead of lease.

That and because it's PROBABLY not affordable for YOU. I'm sure if you could afford it, you would live in your own house. How would it make sense, unless depreciation is a factor, to lease something rather than own it.

Leasing a high-end vehicle has it's advantages. The vehicle will certainly depreciate in value as you use it and you will eventually take a loss on it when you want to get rid of it. Leasing a vehicle for work has its advantages, if you're going to end up claiming it towards a business expense...

I'm not surprised why you don't understand the reasoning behind not giving your neighbour a chunk of your land to build a BBQ...it's because you don't own property and don't understand the value of it.

As for Vancouver's Waldorf Hotel closing...perhaps those who are upset about it now should have gone there more often to ensure that business was solid and that owners and lessees weren't loosing money. No one is going to give up their own money for years and years just to ensure a landmark property stays present while business is hurting. Head out to that street where the hotel is and look to your left and your right, you will see vacant buildings up for sale or lease because business simply isn't there.