What a crap article.

A TL;DR for all:

"Um, it hasn't crashed yet. The numbers the real estate guys gave me shows everything looks up over the same time last year! Yay. But, a couple high dollar properties changed hands so that throws off the numbers. If we look at the composite number which smooths the numbers into trends its up 2.3%...which is nothing.

Thank you for reading the Vancouver Sun"

Don't bother - journalism here is both crap and not independent. I only get my info from BBC

Three things that really get my goat:

-What city on earth decides it's gonna build condos around a stadium other than Vancouver.
-What city on earth still has detatched houses around rapid transit other than Vancouver.
-What city on earth pushes out office buildings into the suburbs (Metrotower III) other than Vancouver.

I really hate this city. No wonder wages are crap here. Life is more than condos, and people here only get wound up about bike lanes and smart meters. Wake up!

Los Angeles

Wake up to what? What are you looking for?

Wages are the same all over the province, not just "this city". What does this have to do with this thread? You want the Lower Mainland set up where everyone works down town and everyone lives in a suburb? You don't want other cities to offer employment?

Also, you don't you live in your parents' house in Burnaby? Nobody is forcing you to buy a condo.

I agree except on two points:

LA Live not only has stadiums but is the entertainment epicentre for Southern California.

LA has a gigantic economy, plenty of office towers there. Vancouver is wasted potential. Instead of investing in office space, council would much rather build condos, luxury car dealerships and luxury stores. Look at the developments around Boundary/Lougheed or Terminal. People who already made money elsewhere come to Vancouver, spend a lot of money, and then leave-they're not really contributing to the economy. It ties back into the consumerism bubble 4444 was talking about.

actually to correct you it's around 20-30% more expensive to hire someone skilled in trades outside of the lower mainland. Too many people here and lack of work makes them very competitive here.

What I am saying as long as QE is sticking around.. probably for another 2 years. the price will keep on increasing.

People making money are not only people in real estate but people who already have existing holdings but are smart enough to cash in.

My advice for most people on this board.. if you need a house and you love what you see and can afford it.. buy it.. if you are saving for a house, build your downpayment via TFSA's stock option (I think we should have at least 30k limit now?), then max out your RRSP. Be smart about your money. Which congruent with what you are implying, most people are clueless about their finances.

what do you mean they don't contribute. A mainlander buying a lamborghini pays more in sales tax than a BC families annual income.

There are not that many office developments in Vancouver because there is not that much demand for companies looking to set up shop here.

:fulloffuck:

No comment about the first 2. But regarding point #3, spreading office buildings outside of the downtown core (and by corollary, putting up residential condos in DT) is a very good thing. The exact term for this has slipped my mind for the moment, but essentially, inter-mingling office and residential space in the same general area, as opposed to entirely separating commercial and residential districts, helps a lot in minimizing traffic congestion while maximizing the use of space. (Because the DT / business core district wouldn't be completely deserted outside of office hours.)

We're going to depend on rich people just wanting to come here to dodge a government that their afraid of? How long is that going to last? Apparently hongers have been heading back. What if the mainlanders leave and we have nobody left who can afford ferraris and Lambos?

That's when I'll buy, when metrics are back in line with reason.

I don't mind about high prices bc rent is in line with affordability - if that changes, I'll get really annoyed, but it won't as rent truly is based on economic fundamentals (no cheap money to distort it)

I do find it all stupid, but that's life, for now

Unless China becomes a democracy and cleans up the air and water, Mainlanders will continue to invest, buy expensive goods, and send their kids to school here, in my opinion. Hongers went back because Hong Kong hasn't blown up and there are no lucrative job prospects for people in finance here. The only way China collapses is if the developed world stops buying consumer goods.

The Russians, the Kazakhs, and the Saudis are in the Lower Mainland too. What do they all have in common? Energy-dependent economies. Our addiction to fossil fuels continues, so the money has got to be spent in a safe place with lenient immigration policies. Canada it is.
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I think the problem facing young people today is that your average 50K salary really limits investment opportunities given the cost of living. Most jobs don't have pension plans, so what does a yuppie do? Not everyone wants to (or can) live in their parents' basement rent free in their 20s and early 30s. It can easily cost $2000/month to live in Metro Vancouver. If you take home around 2500-3000/month net, what's left to invest?

Buying a home requires sacrifice, there's no doubt about that, but how much should people sacrifice?
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Cheap used supercars!

Oh I totally agree.. just posting the article to show this is what the masses are exposed to. It is crazy.

I don't get you! Are you a troll or are you serious? Because you say some insightful shit, then bung it up with some fucking crap and then, well, I don't know what to make of your thoughts on real estate today. Maybe its proof that we should be teaching this in school, because this post I quoted is just bloody retarded.

Seriously, I'm asking you to declare your major.

Exactly. Lower than average salaries with higher than average cost of living. Something will give eventually.
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I beat the system!!! Tie my salary TO living expenses. Score.

Rentals though, not the um, the buy ones I'm afraid. So like, not the 20% a year type raises on that.

If people really want to invest.. invest in the Bay Area.. (the prices are in line with Vancouver).. the industry is way more diversified than in BC.

that market is overheated as is. terrible advice

I don't think the Bay Area is that overheated especially compared to YVR. Rents are a lot more than YVR, the townhouse size of 1200sq we rent out for $4-5k.. the return is a heck lot better than any YVR ones. The fact is SF is a lot of diversified economically than Vancouver.. actually in that sense even Seattle is better that way, considering they can't find enough people to fill at the Boeing plant and SGL plant.

With Cdn$ still relatively strong, I would say abandon the YVR focus, and repatriate the money when CDN gets even weaker.

And a new bit o' fun...antique condos that have never been lived in.

PH6-2438 Heather Street, Vancouver - Apartment/Condo For Sale

penthouse built in 1994...never lived in.

# 502 828 CARDERO ST - MLS® # V1016746

Built in 2003. Virgin.

2408-1011 West Cordova Street, Vancouver - Apartment/Condo For Sale

Not as extreme, only 3 years.

Those prices. :heckno:

Not much better out here. :okay: