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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.
Yeah, I guess everybody who owns an apartment or townhouse in Manhattan, London, Tokyo, or Singapore doesn't actually have anything of value since they don't own "dirt".
After all, if your grandmother thought that was the case 30 years ago, who can argue with that?
You have no idea Mark.
Like when you were arguing with Harvey Spector about mortgages a few months ago, and he slapped you with his willy. You think small, because you are small. With your Port Moody apartment, and 6 year old base model BMW, playing the big man in the real estate thread.
Quote:
Originally Posted by Harvey Specter
WTF are yapping about. I'm talking about obtaining million+ dollar homes, not $500k condos.
Harvey said it best, because he knows you're not on the same level as him
When you have been involved in real estate for a long time you begin to see trends, and while major markets will see increasing values in the condo market, it's only good for a small number of investors. How many old buildings are there in Coq, Burnaby, and Vancouver that haven't gained value?
Shit man, you said it yourself a few months ago.
Quote:
Originally Posted by lowside67
I would not bank anything on a developer buying a strata out - it is an incredibly difficult and time consuming process requiring 90% of the strata units to agree, and then it still needs to be approved by the courts with even 1 unit less than 100% agreement. Unless there is a change in zoning to go from multi-family townhouse density to full high rise, there is a 0 chance that this will make economic sense.
I live just around the corner from there and we considered those units but 1980s townhouses, flat roofs, no garages, to me they just don't seem like a deal in the 500s unless you absolutely have to have the square footage.
Mark
Even you don't see value in the old buildings. But guess what? Time goes on, things get old.
You're talking about making $100k on your condo, while I'm talking about making millions selling dirt to folks who will build high density and take your money.
The market for high value dirt will not change.
I know investors who have a couple of condos. I don't mess around with condos because again, there isn't much value in them. There is value in land though, and only a small minded fool would argue that. I'd rather buy an acre of industrial for $950k, than two small condos because in the long run the land will be worth more.
Want to see something that proves this? This is my current back yard. In Langley. 5 minutes from town.
I've bought and sold land since 1999. When I'm done with this property, I'll sell to a developer who will cut me a huge check at which time I will find another piece of dirt. They can build a neighborhood on my property. What can they build in your Port Moody Condo? Fuck all, that's what.
Quote:
Bottom line, the real estate market in Vancouver is changing to be more like any of the other major world cities. If you grew up in London, you would think a family of 4 or 5 in an apartment or townhouse would be totally normal - you wouldn't know anything else. This "thought" that you can't have a family unless you have a house with a yard is simply not reality in many of the other most important cities in the world.
It's not a reality because the foreign investors have brought in their terrible way of life, and sold our next generation on it. The worst thing to ever happen to Vancouver was to become a global city. You're so quick to accept your pathetic fate, living like a rat in high density, thinking you're going to retire off your profits. You're a small timer there, bud.
Quote:
As demand for real estate and the required density to support it continue to increase, more and more people are going to need to adjust to the reality that just because your parents and grandparents grew up in a house, doesn't mean that you will. If you are going to, you better make a bunch of money and probably have some help. It's a bitter pill, but the sooner people realize this, the sooner they stop stressing out about barely affording a $1-million fixer-upper detached house in Port Coquitlam.
What needed to happen was for our gov't to sack up like Australia did, and limit the amount of money coming in from foreign investors. The last 15 years of theft and corruption coming from China is unprecedented in modern society. We are the victims of that. Our culture and society are victims. As an individual real estate mogul, I have profited. But to see what this has turned the lower mainland into, I sold out my people too. Did the last 15 years of foreign investment make the 604 region better? Not a chance. But it did pad my bank account.
A few months ago I went to my buddie's place in Richmond and saw how he lived.
It reminded me of going to Taiwan or China. It stunk like fish, and you had no privacy at all. Not to mention, me the gwai lo had a lot of folks keeping a close eye on him. Imagine that, low class folks thinking I was there for nefarious purposes. As I drove back home to my acreage, I thought "more like Gwai lol", am I right?
Richmond is a prime example of the negative side of the last 15 years. When you leave your home country for a better life, then you should commit to your new life. Like my grandparents did when they came over from Europe in the 50's. Don't bring what you left to my country. But unfortunately the new generation have done just that. And with jackasses like you quoting Singapore and London real estate shows me that the brainwashing goes deep.
Enjoy your old BMW and small apartment, while playing the big man on Revscene. I pity anyone who takes your financial advice.
Quote:
Originally Posted by Hondaracer
Imo for a lot of people, even a stagnant investment in a multi family unit is a better way of "saving" than most can do while renting etc.
For me I'll always fall back in the fact people want to live here is that most other places are dumps.
That is a good point Racer. But this fuking guy is so adamant on mocking the teachings of wise investors that I had to say something.
As for this place being nicer than most, you gotta get out more. There are so many beautiful places in this province that are far more affordable for the average family. Instead you have regular folks trying to keep up in the lower mainland, completely throwing their financial future away.
Wasn't there a guy the other day who wanted to save a few bucks every month, but drove a BMW?
Like, wtf is that all about?!?!
It's like how my parents put it, this is true in commercial RE, but also true to any RE really.
"The are old homes, but there is never old ground".
When you own the ground below your place... you can pretty much do whatever the heck you want with it (within legal boundary). House is beyond repair after a few decades? Build a new one. What can one do with a 30/40yrs old condo? Not much... you can remodel whatever you want, but the basic doesn't change. If the corridor smells like an old building... it would stay like that.
The only possible exception is location. Say you own a waterfront penthouse with no land in the way between you and water. That view would be a permanent asset.
The only possible exception is location. Say you own a waterfront penthouse with no land in the way between you and water. That view would be a permanent asset.
Not if Vancouver becomes one of those cities where they fill dirt in the water to expand land by the waterfront.
Expo put Vancouver on the world stage and foreign investment had already started pouring in. I don't think people really took issue with it until it was already too late and these parasites already infected every facet of this city.
One thing I always appreciated about Vancouver growing up was that it was a character city. For a city so big, it didn't fit that pre-definition of a major city should be. I went to elementary school in East Van with a lot of immigrants in the classic sense. Multiculturalism was in that classic sense as well. Sadly that's changed and now it's become like every other major city.
Rich people everywhere driving their Lambos in all weather conditions, most likely utilizing every loophole they can while living in mega mansions and contributing little to nothing. But do they seriously care about Canada? Doubtful. If a major crackdown started to happen or RE prices started to tank, they'd all just move elsewhere to pull the same shit. I mean there's gotta be companies in China that provide services to these rich people that guide them through all the steps to circumvent (spit on) Canadian immigration regulations.
Parts of Richmond feel like a rich man's refugee camp. So segregated yet so obvious.
That is a good point Racer. But this fuking guy is so adamant on mocking the teachings of wise investors that I had to say something.
As for this place being nicer than most, you gotta get out more. There are so many beautiful places in this province that are far more affordable for the average family. Instead you have regular folks trying to keep up in the lower mainland, completely throwing their financial future away.
Wasn't there a guy the other day who wanted to save a few bucks every month, but drove a BMW?
Like, wtf is that all about?!?!
$30k ballers going strong up in here.
There are plenty of nice places outside of the lower mainland but they are still by no means "affordable" for what would ever get me to move
Acerage and a decent 3500sq ft house near 100 mile is still 750-1.5
Two of my uncles live in the kootneys, one in cranbrook, one in invermere. Sure you could get a > 10 year old house nice house for 350k but cranbrook is a fucking dump, and my uncle, who bought his house in the early 90's for the same price my parents did in surrey saw gains from 50k-250k whereas my parents saw gains from 60k to 1.4 (albeit we built a brand new house)
Then drive an hour to invermere where my other uncle has a very nice home on a great property in mostly a transient town for Albertans, and his is worth 800+
Kelowna, Kamloops, etc you can find some value in a big house with a pool for around 500, but that's a big transition for most people.
I do agree with your post though about land etc. in hindsight the best move financially me and my s/o ever made was to leave an apartment and get on some land. Without a few circumstances which allowed us this opportunity however we would have never been able to.
If we had been stuck in our appartment going forward we would probably be content, but now we're in the big "game"
There's a reason why almost all the wealthiest people in this province are developers lol
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What needed to happen was for our gov't to sack up like Australia did ...
Agreed. Not just Australia, but other countries in Asia that have strict laws for Foreign Ownership in Residential Land.
E.g. Foreigners are not allowed to buy Residential Land. If they want residences, they are pigeonholed to Condos and Apartments. If they want Industrial and Commercial land, that's a different discussion.
In other news, been looking at a few townhomes in tri-cities / pitt area.
400-435k
Bid on two townhomes in coquitlam, oversold by 30 and 40k.
Bid on townhouse in poco, oversold by 15k
Big on two townhomes in pitt, oversold by 25 and 45k
Guess il be rolling up in a new corvette to the spring meet instead.
I don't get why everyone is still holding Australia up as a shining example of what we should be doing.
They started taxing foreign buyers years ago.
Housing is still a shitshow there. In Sydney/Melbourne it's worse than here.
Taxing foreigners is not a panacea.
And FYI Hypa I thought we addressed this before, Asians are not "bringing their lifestyles" here in the form of shoebox condos. If that's the case why are so many of the SFH buyers in Vancouver Asian? It's a trend towards less suburbanized living. It's actually been for decades a fact of life in 80% of the world outside North America
In 20 years (I'd hope) people aren't going to be talking about a detached residence with a big yard and picket fence as the only option for a "home" anymore
I completely agree that it's a shift to the less suburbanized living and have been on that point for quite some time. It's even more true to a region like Vancouver where there is literally no where else to build but up.
Besides the fact of "owning dirt" I'd say there is a large chunk of the population that would rather be in a multifamily situation a quick transit or car ride to the city as opposed to being essentially isolated living east of 200th street but having the dirt under their feet. That's fairly apparent in the buying trends over the last 5-6 years or so.
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I've witnessed first hands how single family houses are going up dramatically compared to condos. Condos in downtown Victoria have seen gains but there is always a newer shiny condo being built around the corner. As a bonus you can AirBnB since Victoria is a popular tourist destination.
The value is in the land. I know of an organization buying up car dealerships all over North America because of the land they sit on. They will be developed in the future.
My investment condo in Langford is worth about the same as 5 years ago. At least the renters are paying down the mortgage. Rental costs will go up here as purchasing becomes more expensive. You guys are already seeing ridiculous rental market.
Meanwhile a friend of mine just sold his small home in Langford yesterday for full ask 570k. Took him a few weeks but he was patient and stood firm after receiving low offers. It was purchased a few years ago for 440k. 2010 ish build with a 1 bedroom suite.
I have an investment house in Langford (2009 build) small lot, rented top and bottom. 3 bed up 2 bed down. Rent more than covers my costs. Purchased for 455k 4 years ago and worth about 560k now. Not a big gain but it was what we could afford at the time.
Tempted to sell it but I want to hold on it to until I can sell it to pay off the mortgage on my current home in Saanich. Paid 520k for current home and worth over 700k now.
Small potatoes compared to hypa but you can see how owning land is helping me get ahead versus my day job which pays the bills.
On a side note, I feel like Victoria houses are still underpriced.
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I don't think anyone disagrees with the premise that owning land is superior. Strata however offers the same privileges as owning other freehold real estate - leverage and equity.
Lots of people are using their condos to invest in equities or more investment properties.
I don't think anyone disagrees with the premise that owning land is superior. ...
This.
No one should be arguing owning land is superior.
The problem originalhypa, is that no one in Vancouver is willing to sacrifice.
I'm not sure where you grew up originalhypa, but if you grew up in Langley or in that general area, you have friends and family in that general area.
I grew up in Vancouver. All of my friends and family are in Vancouver. It would be socially difficult for me to move to Langley or Abby.
I don't need to be close to downtown as I don't go down there often, but to be distant from my family and friends... I will have a tough time doing that.
If I was brave and had courage, I would move to Alberta and start my life there, as I know my kids would have a better future out there because they would be able to afford a home.
But, I am too selfish and cowardly to move to Alberta. Even though I know for a fact that I could make more money in my field and I could buy a house for a more reasonable price, I will not sacrifice to do that..
It sucks. Being a global city was the absolute worst thing for us. It ruined our entire future.
originalhypa, i definitely agree with your statements but you're assuming we can all afford land. the majority of us can't and are forced to buy a condo whether we like it or not. i would rather have my money invested in a condo that rises very little than to have it sitting in a bank gaining returns. i'm by no means financially saavy and I am in the market to buy a condo, but believe me i wish i could afford some land right now. surely i can around coquitlam but it's quite a lifestyle change.
originalhypa cool pissing contest story bro.
Everyone who bought real estate 10 years ago is rich.
I dunno how your story helps us first time home buyers who need help from the parents just to buy the 'garbage shoe box condo'.
Move further away. How about we just move to africa.
originalhypa, i definitely agree with your statements but you're assuming we can all afford land. the majority of us can't and are forced to buy a condo whether we like it or not. i would rather have my money invested in a condo that rises very little than to have it sitting in a bank gaining returns. i'm by no means financially saavy and I am in the market to buy a condo, but believe me i wish i could afford some land right now. surely i can around coquitlam but it's quite a lifestyle change.
There are plenty of nice places outside of the lower mainland but they are still by no means "affordable" for what would ever get me to move
Spoiler!
Acerage and a decent 3500sq ft house near 100 mile is still 750-1.5
Two of my uncles live in the kootneys, one in cranbrook, one in invermere. Sure you could get a > 10 year old house nice house for 350k but cranbrook is a fucking dump, and my uncle, who bought his house in the early 90's for the same price my parents did in surrey saw gains from 50k-250k whereas my parents saw gains from 60k to 1.4 (albeit we built a brand new house)
Then drive an hour to invermere where my other uncle has a very nice home on a great property in mostly a transient town for Albertans, and his is worth 800+
Kelowna, Kamloops, etc you can find some value in a big house with a pool for around 500, but that's a big transition for most people.
I do agree with your post though about land etc. in hindsight the best move financially me and my s/o ever made was to leave an apartment and get on some land. Without a few circumstances which allowed us this opportunity however we would have never been able to.
If we had been stuck in our appartment going forward we would probably be content, but now we're in the big "game"
There's a reason why almost all the wealthiest people in this province are developers lol
A trickle down effect from the outrageous real estate prices is that folks are able to sell out of the lower mainland and buy their dream homes in Oliver, Oyama, Invermere, etc. Problem is, when your 604 region home triples in value, it allows you to spend more increasing the values of those areas.
Prior to the lower mainland blowing up, you could buy a home in Squamish for a couple hundred k. A look at Kamloops home prices shows that circa 2004 things went nuts.
Kamloops was always a working man's town, and in many ways it still is. But there are so many nice areas that have popped up.
It is a bit of a shock though. As my buddy says up there, no one is ever in a hurry.
Quote:
Originally Posted by will068
Agreed. Not just Australia, but other countries in Asia that have strict laws for Foreign Ownership in Residential Land.
Spoiler!
E.g. Foreigners are not allowed to buy Residential Land. If they want residences, they are pigeonholed to Condos and Apartments. If they want Industrial and Commercial land, that's a different discussion.
I don't know if that is the right way to go. But we have heard so many lies over the years from our own gov't that I don't know what to believe anymore.
News articles like this don't help our views on foreign ownership either.
Quote:
Chinese national ordered to repay defaulted $10-million loan used for Vancouver real estate
Spoiler!
A Chinese man who allegedly borrowed $10-million from a Chinese bank, then fled the country and bought multiple Vancouver properties with the money has been ordered to repay the sum.
China CITTIC Bank claims Shibiao Yan bought three homes with the loan in Surrey and one in Vancouver, none under his name.
Last month, the BC Supreme Court upheld an arbitration ruling in China ordering Yan to repay back the money.
Fraud expert and lawyer Christine Duhaime represents CITTIC Bank, and calls it a landmark ruling.
“It’s a large bank of China and it’s owned by a government and it involves money that came to Vancouver, which is a hot ticket item. So all those together and the award being recognized and enforceable makes it a first.”
That said, Duhaime says it doesn’t mean collection will be easy.
“It’s a matter of tracking down assets, going after assets and trying to recover the loan as much as we can. At this point it’s a debt collection.”
She says Yan still owns the Vancouver home, under his wife’s name.
Duhaime says the other three homes in Surrey were sold last year.
Quote:
Originally Posted by CivicBlues
Spoiler!
I don't get why everyone is still holding Australia up as a shining example of what we should be doing.
They started taxing foreign buyers years ago.
Housing is still a shitshow there. In Sydney/Melbourne it's worse than here.
Taxing foreigners is not a panacea.
And FYI Hypa I thought we addressed this before, Asians are not "bringing their lifestyles" here in the form of shoebox condos. If that's the case why are so many of the SFH buyers in Vancouver Asian? It's a trend towards less suburbanized living. It's actually been for decades a fact of life in 80% of the world outside North America
I don't care about the rest of the world. Couldn't give two damns about Argentina, or Iran, or Bermuda.
What I do care about is the erosion of our North American dream. How could a decade and a half do so much damage to the lifestyle that millions died to protect?
The problem is that so many people from outside of North America are living here now, and totally accept that high density is the way to go. The economy follows the money, and suddenly there are no more affordable SFH. The next generation is now forced to live like rats.
Quote:
Originally Posted by TouringTeg
Great post OriginalHypa
Spoiler!
I've witnessed first hands how single family houses are going up dramatically compared to condos. Condos in downtown Victoria have seen gains but there is always a newer shiny condo being built around the corner. As a bonus you can AirBnB since Victoria is a popular tourist destination.
The value is in the land. I know of an organization buying up car dealerships all over North America because of the land they sit on. They will be developed in the future.
My investment condo in Langford is worth about the same as 5 years ago. At least the renters are paying down the mortgage. Rental costs will go up here as purchasing becomes more expensive. You guys are already seeing ridiculous rental market.
Meanwhile a friend of mine just sold his small home in Langford yesterday for full ask 570k. Took him a few weeks but he was patient and stood firm after receiving low offers. It was purchased a few years ago for 440k. 2010 ish build with a 1 bedroom suite.
I have an investment house in Langford (2009 build) small lot, rented top and bottom. 3 bed up 2 bed down. Rent more than covers my costs. Purchased for 455k 4 years ago and worth about 560k now. Not a big gain but it was what we could afford at the time.
Tempted to sell it but I want to hold on it to until I can sell it to pay off the mortgage on my current home in Saanich. Paid 520k for current home and worth over 700k now.
Small potatoes compared to hypa but you can see how owning land is helping me get ahead versus my day job which pays the bills.
On a side note, I feel like Victoria houses are still underpriced.
Thanks HR.
I honestly believe that you're doing the right thing. Renting property is one of the few ways to actually get ahead in life when you factor in the total asset value. Once the place is paid off, it's profit. Normally, this would be a long term investment, but again the last 15 years have screwed that up.
That said, I think you're right about the island. Other than the waterfront, it is incredibly undervalued. If inland prices start to catch up, watch out.
On a side note, has Nanaimo cleaned itself up?
Quote:
Originally Posted by PeanutButter
Spoiler!
This.
No one should be arguing owning land is superior.
The problem originalhypa, is that no one in Vancouver is willing to sacrifice.
I'm not sure where you grew up originalhypa, but if you grew up in Langley or in that general area, you have friends and family in that general area.
I grew up in Vancouver. All of my friends and family are in Vancouver. It would be socially difficult for me to move to Langley or Abby.
I don't need to be close to downtown as I don't go down there often, but to be distant from my family and friends... I will have a tough time doing that.
If I was brave and had courage, I would move to Alberta and start my life there, as I know my kids would have a better future out there because they would be able to afford a home.
Spoiler!
But, I am too selfish and cowardly to move to Alberta. Even though I know for a fact that I could make more money in my field and I could buy a house for a more reasonable price, I will not sacrifice to do that..
It sucks. Being a global city was the absolute worst thing for us. It ruined our entire future.
You make a good point PB. Being away from family, and that support network is hard. I'm lucky that my immediate family lives in Langley still. However, my extended family is all over the map from Coquitlam to North Van, and all in between.
We don't see the extended family that much anymore. In fact, I don't see my immediate family as often anymore. We're so busy with my own family and friends that there isn't much time left over. But it tooks years to build those friendships.
Becoming a global city benefitted some, but hurt many. The city has become cold and heartless, but most of all it became shallow. That said, I know a lot of people who profited well (from real estate, lol) and are now living their dreams.
Quote:
Originally Posted by yameen
originalhypa, i definitely agree with your statements but you're assuming we can all afford land. the majority of us can't and are forced to buy a condo whether we like it or not. i would rather have my money invested in a condo that rises very little than to have it sitting in a bank gaining returns. i'm by no means financially saavy and I am in the market to buy a condo, but believe me i wish i could afford some land right now. surely i can around coquitlam but it's quite a lifestyle change.
This is the main problem, and I feel for the next generation coming into the market. My first house was a split level on an acre, bought for $369k. I remember getting our mortgage at 4.5% back in 99' and how I thought I would never pay it off. $2200/month was huge back then, but we did it. I wasn't saavy. In fact, I have pissed away more great deals in the last 10 years than I took on. I could have made a fortune in Whistler 3 years ago, but instead bought a condo because I didn't feel right leaving 3/4 of a house sitting vacant for half the year.
I'm beating myself up on that one, since the house in question has gone up 35%, and sold easily for that.
So what is the next generation to do?
Maybe Vancouver isn't the answer. Like when LA blew up, and the surrounding areas spread out further. You used to be able to get a condo in Queens NY for cheap. But now folks are spreading out to NJ and even further north. I hate Chilliwack and Mission, but with a bit of gentrification they would be nice. Well placed on the map, and still within driving distance to the city.
But like Peanut Butter said though, it's tough to pack up and start new.
And therein lies the sadness of what our market has become. It's forcing families to break apart in order to accommodate people who left their own families.
Quote:
Originally Posted by Ludepower
originalhypa cool pissing contest story bro.
Everyone who bought real estate 10 years ago is rich.
I dunno how your story helps us first time home buyers who need help from the parents just to buy the 'garbage shoe box condo'.
Move further away. How about we just move to africa.
You would like Johannesburg. It's a kick ass city. Tons of nightlife and close enough to Nigeria that you could collect your millions from the prince directly. I could forward you an email if you like.
Srsly tho, figure out what you want out of life first, then find your place.
I like the outdoors, so Kamloops was nice. It's close to tons of lakes and mountains, and within driving distance to the Kootenays. Problem is, I'm getting older now and the desire to snowboard down the side of a cliff isn't as strong as it used to be.
It may be that Vancouver has exactly what you want. If that's the case, then maybe it is worth it for you to get into a condo. If you travel a lot, I could see the argument for high density. Maybe you don't like to cut the grass? All valid points.
Hell, I'm out of the house so much in the winter time that I fantasize about living in a penthouse somewhere. A place that I don't have to worry about shovelling snow, or taking down the xmas lights.
Then I visit my friend who lives in a 3BR condo in Willoughby. I hear his neighbours coughing and their dogs whining. I smell them cooking cabbage and fight for parking. And I realize how nice it is to not have to deal with that.
Don't care about the rest of the world? That's nice. Sorry, but the world doesn't care about you either Hypa. Capital flows aren't just going to stop because your feelings were hurt, bud :P
But, don't they know about how big a deal I am in my own mind?
Srsly tho, there are many negatives, but also a lot of positives to growth in our area. The same people who used to call my town a redneck haven, the boonies, etc, are now living here. The addition of some culture to our bumpkin village has opened up a lot of opportunities. My kids have partaken in Sansho Daiko for years, and speak more Japanese than french. The growth of the city has brought in the a new stadium, along with the Giants and Stealth. I'm there weekly in the winter, and it's an amazing place to play hockey. The highway and road system has grown, restaurants have popped up, and there is no shortage of things to do.
That's the give and take of community growth.
Also, you're still one hell of a linguistic ninja CB. Out of all the responses that I got from my diatribe, yours forced me to question my stance. It's not a matter of being racist or prejudice. But my feelings do come from the fear of our eroding ways, and what that is going to do to our next generation. That includes your kids, my kids, and Quasi's kids too.
But, don't they know about how big a deal I am in my own mind?
Srsly tho, there are many negatives, but also a lot of positives to growth in our area. The same people who used to call my town a redneck haven, the boonies, etc, are now living here. The addition of some culture to our bumpkin village has opened up a lot of opportunities. My kids have partaken in Sansho Daiko for years, and speak more Japanese than french. The growth of the city has brought in the a new stadium, along with the Giants and Stealth. I'm there weekly in the winter, and it's an amazing place to play hockey. The highway and road system has grown, restaurants have popped up, and there is no shortage of things to do.
That's the give and take of community growth.
Also, you're still one hell of a linguistic ninja CB. Out of all the responses that I got from my diatribe, yours forced me to question my stance. It's not a matter of being racist or prejudice. But my feelings do come from the fear of our eroding ways, and what that is going to do to our next generation. That includes your kids, my kids, and Quasi's kids too.
Oh don't get me wrong, I frequently lament how much more "crowded" this city feels and the general lack of community. That being said, I appreciate the cultural offerings this place has to offer far exceeds what we had 10, even 5 years ago. Although I don't have a memory stretching as far back as yours I still miss the days of Vancouver in the late 90s and early 2000s as a nice time to grow up and be optimistic before shit hit the fan.
I also just don't feel it's fair to blame "The AyeZians!!#$!!" for all the high density. Canadians have always had more of an affinity towards high-density living than Americans do. Look at the West-End. Most of the high-rise stock are from the 50s and 60s- unheard of for North American cities our size back then. I doubt Asians were buying up those places when they were first built.
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Quote:
Originally Posted by originalhypa
A trickle down effect from the outrageous real estate prices is that folks are able to sell out of the lower mainland and buy their dream homes in Oliver, Oyama, Invermere, etc. Problem is, when your 604 region home triples in value, it allows you to spend more increasing the values of those areas.
Prior to the lower mainland blowing up, you could buy a home in Squamish for a couple hundred k. A look at Kamloops home prices shows that circa 2004 things went nuts.
Kamloops was always a working man's town, and in many ways it still is. But there are so many nice areas that have popped up.
It is a bit of a shock though. As my buddy says up there, no one is ever in a hurry.
I don't know if that is the right way to go. But we have heard so many lies over the years from our own gov't that I don't know what to believe anymore.
News articles like this don't help our views on foreign ownership either.
I don't care about the rest of the world. Couldn't give two damns about Argentina, or Iran, or Bermuda.
What I do care about is the erosion of our North American dream. How could a decade and a half do so much damage to the lifestyle that millions died to protect?
The problem is that so many people from outside of North America are living here now, and totally accept that high density is the way to go. The economy follows the money, and suddenly there are no more affordable SFH. The next generation is now forced to live like rats.
Thanks HR.
I honestly believe that you're doing the right thing. Renting property is one of the few ways to actually get ahead in life when you factor in the total asset value. Once the place is paid off, it's profit. Normally, this would be a long term investment, but again the last 15 years have screwed that up.
That said, I think you're right about the island. Other than the waterfront, it is incredibly undervalued. If inland prices start to catch up, watch out.
On a side note, has Nanaimo cleaned itself up?
You make a good point PB. Being away from family, and that support network is hard. I'm lucky that my immediate family lives in Langley still. However, my extended family is all over the map from Coquitlam to North Van, and all in between.
We don't see the extended family that much anymore. In fact, I don't see my immediate family as often anymore. We're so busy with my own family and friends that there isn't much time left over. But it tooks years to build those friendships.
Becoming a global city benefitted some, but hurt many. The city has become cold and heartless, but most of all it became shallow. That said, I know a lot of people who profited well (from real estate, lol) and are now living their dreams.
This is the main problem, and I feel for the next generation coming into the market. My first house was a split level on an acre, bought for $369k. I remember getting our mortgage at 4.5% back in 99' and how I thought I would never pay it off. $2200/month was huge back then, but we did it. I wasn't saavy. In fact, I have pissed away more great deals in the last 10 years than I took on. I could have made a fortune in Whistler 3 years ago, but instead bought a condo because I didn't feel right leaving 3/4 of a house sitting vacant for half the year.
I'm beating myself up on that one, since the house in question has gone up 35%, and sold easily for that.
So what is the next generation to do?
Maybe Vancouver isn't the answer. Like when LA blew up, and the surrounding areas spread out further. You used to be able to get a condo in Queens NY for cheap. But now folks are spreading out to NJ and even further north. I hate Chilliwack and Mission, but with a bit of gentrification they would be nice. Well placed on the map, and still within driving distance to the city.
But like Peanut Butter said though, it's tough to pack up and start new.
And therein lies the sadness of what our market has become. It's forcing families to break apart in order to accommodate people who left their own families.
You would like Johannesburg. It's a kick ass city. Tons of nightlife and close enough to Nigeria that you could collect your millions from the prince directly. I could forward you an email if you like.
Srsly tho, figure out what you want out of life first, then find your place.
I like the outdoors, so Kamloops was nice. It's close to tons of lakes and mountains, and within driving distance to the Kootenays. Problem is, I'm getting older now and the desire to snowboard down the side of a cliff isn't as strong as it used to be.
It may be that Vancouver has exactly what you want. If that's the case, then maybe it is worth it for you to get into a condo. If you travel a lot, I could see the argument for high density. Maybe you don't like to cut the grass? All valid points.
Hell, I'm out of the house so much in the winter time that I fantasize about living in a penthouse somewhere. A place that I don't have to worry about shovelling snow, or taking down the xmas lights.
Then I visit my friend who lives in a 3BR condo in Willoughby. I hear his neighbours coughing and their dogs whining. I smell them cooking cabbage and fight for parking. And I realize how nice it is to not have to deal with that.
I think the main issue is that moving out of beyond Vancouver/Burnaby/New West it sucks to travel around. There aren't enough highways to move traffic, in some areas there are literally like one highway in and out so if it snow or any road closure you are fuck. Add to the fact that our public transit system sucks.
Willoughby isn't exactly the best example of a multi family situation lol but I get it
lol, it used to be such a nice place to live.
Our first house was at 209 and 73 ave, and it was awesome. I would get home from my 50 minute commute to Maple Ridge, and walk to my backyard forest.
*quickly checks photobucket for an old pic
Does anyone remember the winter of 07?
The house still stands, but.... and I hate to say it. But, there were a number of properties on the road bought by foreign investors. New houses were built, and they are vacant. It's a fuking shame.
Quote:
Originally Posted by CivicBlues
Oh don't get me wrong, I frequently lament how much more "crowded" this city feels and the general lack of community. That being said, I appreciate the cultural offerings this place has to offer far exceeds what we had 10, even 5 years ago. Although I don't have a memory stretching as far back as yours I still miss the days of Vancouver in the late 90s and early 2000s as a nice time to grow up and be optimistic before shit hit the fan.
I also just don't feel it's fair to blame "The AyeZians!!#$!!" for all the high density. Canadians have always had more of an affinity towards high-density living than Americans do. Look at the West-End. Most of the high-rise stock are from the 50s and 60s- unheard of for North American cities our size back then. I doubt Asians were buying up those places when they were first built.
Oh the 90's were such a glorious time to grow up.
I honestly believe that we were the last generation with the opportunity to live a lifestyle made famous by the boomers coming back from the war.
Vancouver used to be ugly towards immigrants back in the day. I still remember by "irish" maternal grandfather, and my Italian paternal grandfather getting into fights. They hated each other, one because he was an immigrant, the other because he was an alcoholic Canadian citizen who didn't like immigrants.
And therein lies the history. Back in the early 1900's folks hated the Irish. Fast forward a generation and folks hated Indian immigrants. Then there were the Germans and Italians taking everyone's jobs during and after WW2. Fast forward again and you have the Persian exodus. The japanese in the late 80's and early 90's to the folks from Hong Kong in the late 90's. Now it's the Chinese.
I think we as a society can't stop growth, so we need to find a scapegoat to help us deal with it.
Still, a lot of the current market issues, which are completely unprecedented come from China.
100,000 millionaires wield a lot of power in a country with 33 million people.
Quote:
“What you have is a huge pool of very wealthy people who want to hedge against uncertainty back home,” says Thomas Davidoff, a real estate economist at the University of British Columbia (UBC). “Combine anxious money – a lot of it – with a beautiful gateway city that has limited space to build, low property taxes, lax regulation on capital flows, and wealth-friendly immigration programmes, and you get a market like this one,” – a market where an ordinary house with a waterfront view can sell for $15m while people earning local wages struggle to buy or rent a home.
I think the main issue is that moving out of beyond Vancouver/Burnaby/New West it sucks to travel around. There aren't enough highways to move traffic, in some areas there are literally like one highway in and out so if it snow or any road closure you are fuck. Add to the fact that our public transit system sucks.
oh man, you hit so many nails on the head.
If you want to get into some property without selling your future, you could look at Chilliwack. But do you want to deal with this garbage on the daily?
Thanks to thumper for posting this in the snow thread.
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