Vancouver's Real Estate Market

[TatsuyaKataoka]

Originally Posted by SumAznGuy

I'd tell them we have Gregory Robertson, bike lanes, and public urinals called garbage cans.

You know, I think I'm being a bit harsh. To be fair, Rob Ford's policies are pretty awful. He dismantled Transit City, which was negotiated over years with the municipalities urban planners and the provincial government, just to placate his 905 belt Tea Party voter base. He's an anti-intellectualist kook.

Bike lanes get a lot of shit but I don't mind them. Gregor has done a decent job with transit and urban planning, at least in the core and the city proper.

My favourite Canadian mayor would be Nenshi, hands down.

[4444]

Originally Posted by GLOW

if you look at my lawn, it's the ugly duckling
good mix of old and new. quiet family oriented neighbourhood.
imo it needs some landscaping and a new coat of paint. the one next to mine similar style has that and it looks nice IMO.

I'm sure urs looks a lot Better than those Vancouver sun $650k bargains, if a little gardening and a lick of paint will make it good.

I have no problem with an older place that needs a small bit of love - I enjoy tinkering with that kind of stuff, painting, a bit of carpentry, install a new kitchen and bathroom, put in new floors, etc. all things I can do myself (with some help from friends/family), but those places in the sun were hideous, in real disrepair, but not just that, they have numerous entrances (rental suites) had no garden/privacy - those places, to me, would be like living in a jail cell, you have no privacy, no freedom to enjoy your land, which, for $650k, I would expect some measure of

[Gridlock]

Originally Posted by Spoon

Hate to say it, but job well done to Gordon Campbell and his marketing campaigns. Even Vancouverites believe they're living in a world class city now.

Honestly, I'm still stuck on this.

And Z3guy, I honestly don't want you to feel that you are being mocked, as I personally want this thread to stay positive, and so many times on the internet, and on RS it goes to the negative, and the discourse is affected.

But...we're not New York. Like, I want to be clear on this...New York has a bad day and there is war for 10 years. New York has a bad day and it can cause a recession.

Cities like New York, and London and Tokyo...they set trends. They set fashion trends, and economic trends and everything in between. They are a cultural centre.

Vancouver is a pretty little place. Don't get me wrong, we're all here for a reason, buuuut like, yippee do.

We barely qualified to have the olympics.

Our situation with real estate is totally related to cheap money and marketing. Even the people that say its not a bubble need to realize that cheap money, and poor policy had a hand in creating this. This isn't a debate. I mean, I guess it is actually, but not an intelligent one Nothing exists in a vacuum.

Sure there is a question if a crash is in the future. Sure. But prices inflated in Vancouver, in Toronto and all across Canada in a very short period. Fact. Is it sustainable? That's the question isn't it?

But that house up there isn't 660k because Vancouver is desired on the world stage. Some of the price is because its desired in Vancouver as land not on the other side of a one day tolled bridge. Most of that price is 40 year mortgages with 5% down at what was good interest rates, then mofo great unheard of again in your lifetime interest rates.

And an addiction to debt.

Like, I know 4444 agrees here, but am I out to lunch on this? Do people not get how these things aren't in silos?

[4444]

Originally Posted by TatsuyaKataoka

You know, I think I'm being a bit harsh. To be fair, Rob Ford's policies are pretty awful. He dismantled Transit City, which was negotiated over years with the municipalities urban planners and the provincial government, just to placate his 905 belt Tea Party voter base. He's an anti-intellectualist kook.

Bike lanes get a lot of shit but I don't mind them. Gregor has done a decent job with transit and urban planning, at least in the core and the city proper.

My favourite Canadian mayor would be Nenshi, hands down.

On Richards at Davie, Gregor has taken away 1 of the 2 straight lanes to a accommodate a bike lane and make a 'right turn only' lane

Richards gets quick backed up at rush hour - why they'd take away 1 lane at an intersection is beyond me. It's almost like these CoV workers have a lack of intelligence, and don't live here. When I saw that, I almost wanted to cry out of frustration. There is no logic behind what they're doing - I just can't fathom how simple these people are.

Bike lanes are a great idea, but not at the expense of everyone else (hornby, down 1 lane, messes up loads of intersections for right turners, Georgia viaduct onto dunsmuir, dunsmuir - can't turn right on some intersections, helmcken can no longer reach burrard - wtf is up with that, Richards and Davie - 50% less straight lanes)

[4444]

Also, if Vancouver were so special. Why is all Canadian real estate out of historical price ratio whack?

It's not that Canada is special (our economy is sucking right now' I'm large part because we didn't take a big bath in 2009), its that rates are low, banks are a tad more conservative so we weren't as exposed as in the US.

It'll all come back to normal, maybe not today, maybe not in 2013. But when you're signing up for a 30 year mortgage, waiting a year or 3 makes sense

[4444]

Originally Posted by TatsuyaKataoka

I 100% agree. People will say, oh at least we don't have Rob Ford as mayor, or Quebec's langauge laws, or at least it's not hot and humid in the summer. It doesn't make up for any of the city's economic issues.

Forgive me if I sound intrusive, but why do you stay here? You could make a lot more money in the states.

I stay for stupid reasons - I'm hoping to have that changed within a year or two

[Z3guy]

I should have jumped in this thread early, this thread is hilarious! I love all the haters about Vancouver not being a great city compared to other larger major cities. All I can say is that you can bitch about how stupid the real estate prices are in Vancouver and people are dumb for borrowing cheap money, but in the end if it makes you feel better about your situation, good for you!

[westopher]

Heres a question.....
While I certainly agree with all the points you have made about why it should drop 4444, as I have stated some of the same points. Do you believe that the media circus can completely stop the drop from ever happening? All you have to do is continue to trick the gullible into the "buy now" mentality and they will constantly continue to over extend themselves further and further. Although I suppose eventually the easy money borrowing has to run out. Maybe I just answered my own question..... Still curious to here some more thoughts about the media roles in this pyramid sche.....I mean vancouver real estate.

As for those that hate the city, for me, there is no other city in this country I'd even consider living in, as snowboarding is my life outside of work and family, and there is no better big city here that has the mountain accessibility, so I'm out of choices unless me and my wife leave Canada.

[Z3guy]

Originally Posted by Spoon

Hate to say it, but job well done to Gordon Campbell and his marketing campaigns. Even Vancouverites believe they're living in a world class city now.

I agree, Vancouver is not a world class city......it is a world class town! however that is the appeal of Vancouver. New York, London, etc are all awesome cities, but have allot of "big city" drawbacks as well. Vancouver has it drawbacks as too (stupid real estate prices), but when you weigh all the pros and cons, for myself, this is the best city for me to raise my family........

[GLOW]

Originally Posted by 4444

I'm sure urs looks a lot Better than those Vancouver sun $650k bargains, if a little gardening and a lick of paint will make it good.

ya i would never pay that much for those places...or even my house...even though it's probably assessed a bit more than that

Originally Posted by 4444

Bike lanes are a great idea, but not at the expense of everyone else (hornby, down 1 lane, messes up loads of intersections for right turners, Georgia viaduct onto dunsmuir, dunsmuir - can't turn right on some intersections, helmcken can no longer reach burrard - wtf is up with that, Richards and Davie - 50% less straight lanes)

oh geez coming off of main st where that 2 lane turn to go downtown gets squished in to 1 b/c of the bike lane...
i quite liked the bike lanes in montreal so i know it could work, but i think they had more room to work with...i don't know what the proper solution would have been in van, but i don't like what we have now downtown that's forsure

[4444]

Originally Posted by Z3guy

I agree, Vancouver is not a world class city......it is a world class town! however that is the appeal of Vancouver. New York, London, etc are all awesome cities, but have allot of "big city" drawbacks as well. Vancouver has it drawbacks as too (stupid real estate prices), but when you weigh all the pros and cons, for myself, this is the best city for me to raise my family........

Śo you've just contradicted yourself re vancouver being hick town or major city.

I'll leave it at that, as it just nullified your arguement that Vancouver prices are sustained bc we're a super happy major city

As for raising your kids here, of course, we're not discussing that, Vancouver, being a small hick town, doesn't have the issues of major cities, as such, it's a good place to raise kids.

As for Vancouver vs. other cdn cities, well, ya, that's a no brainer too, I'm an immigrant, and my family moved here, but then again, when I move next, it won't be to another Canadian city,

[Z3guy]

^ I guess you like to selectively read eh? oh well, whatever floats your boat

[Z3guy]

my assumption is that 4444 has been sitting on the sidelines and has not made any money on the Vancouver Real estate boom for the past 20yrs.......don't be bitter

[dinosaur]

Originally Posted by Z3guy

my assumption is that 4444 has been sitting on the sidelines and has not made any money on the Vancouver Real estate boom for the past 20yrs.......don't be bitter

Do we really need to turn this thread into personal attacks? Its been relatively free of it thus far....lets try and keep it that way, dude.

Disagree all you want....but how about we just leave it at that.

[Z3guy]

^ why? this is fun?

[Carl Johnson]

Originally Posted by Z3guy

my assumption is that 4444 has been sitting on the sidelines and has not made any money on the Vancouver Real estate boom for the past 20yrs.......don't be bitter

doubt it. the guy invested in u.s. market pretty much at a generation bottom. he is getting way better ROI on his money than if had he put it in vancouver.

[Z3guy]

wow, Vancouver's ROI on real estate has been amazing, 4444 must be a super smart investor. Are you taken into acct taxes from investment property vs no taxes on your principle residence? probably because he is super smart.

[4444]

Originally Posted by Z3guy

my assumption is that 4444 has been sitting on the sidelines and has not made any money on the Vancouver Real estate boom for the past 20yrs.......don't be bitter

Really? You want to go there?

20 years ago, I was in junior school in a different continent.

I do not own any Vancouver real estate, while prices were still reasonable, I was paying for my education.

I own a handful of real estate in the US, bought based on fundamentals in 2011, they yield me 8-10% p.a. And have increased in value by 50%.

Do not try to think that ur clever by trying to belittle others, I'm not at all bitter about anything, I live for way less than idiots who bought at the peak, yet I'm liquid, free to move, and have a diversified set of investments that include healthy, profitable, and growing real estate.

Others, like you, have tried to turn this personal, it didn't work for them, it hasn't worked for you. I suggest you go away now, you have nothing of value to add, clearly

[sonick]

Originally Posted by Z3guy

my assumption is that 4444 has been sitting on the sidelines and has not made any money on the Vancouver Real estate boom for the past 20yrs.......don't be bitter

Shit, I must be bitter too coz I didn't put my money into Vancouver Real Estate twenty years ago when I was seven years old.

[dinosaur]

Originally Posted by Z3guy

^ why? this is fun?

It would be nice to have ONE thread on this forum that doesn't dribble down to mud slinging when you disagree with another user's opinion.

It makes you look like a child which, although fitting on this forum, doesn't add anything to this discussion.

[Z3guy]

^ look at me I am awesome! and defensive at the same time! this is for my own shit and giggles

[Z3guy]

Originally Posted by dinosaur

It would be nice to have ONE thread on this forum that doesn't dribble down to mud slinging when you disagree with another user's opinion.

It makes you look like a child which, although fitting on this forum, doesn't add anything to this discussion.

yep, I am child, quite ok with it. Last time I checked I am on Revscene!

[4444]

Originally Posted by Z3guy

wow, Vancouver's ROI on real estate has been amazing, 4444 must be a super smart investor. Are you taken into acct taxes from investment property vs no taxes on your principle residence? probably because he is super smart.

Omfg, go away.

So, income on property is basically tax free, thanks to our friend CCA, in the near term, at least, and interest (100% levered - try doing that on your principle residence)

Capital gains, well, they're taxed at 1/2, which is nice, but I'm not sure I'll ever sell, rather, just take equity out of the properties as they increase in value, tax free - tenants pay for my costs more than handsomely.

As for buying my place and enjoying those tax free gains... Well, there are no gains right now, we're at a top, no gains, so tax efficiency of this is irrelevant, plus would cost me about $700 a month more to buy my place than rent it (not including principal pay down)

Again, you keep on saying I'm bitter that I didn't buy - not at all, I'll repeat what I just said, when prices were reasonable, I was in university, paying for my education, I left uni with no debt and a reasonably nice car, beyond that I have gone into workforce, got way more education,etc. an education that is way more valuable than the increase in real estate of some shitty condo that I would have bought in 2000 after leaving highschool, so nope, not bitter, in fact, even with hindsight, I wouldn't have changed a thing.

So, you can leave now, you've tried to mock me, it has failed

[Carl Johnson]

of course taxation is an issue but tax is my last concern if you strictly talking about investing. i would rather buy something cheap like 2 years ago in U.S. than at an all time high in Van right now. not saying Vancouver home price can't go higher but when you buy any investment at a low valuation you have no leeway when things don't go as planned.

[Z3guy]

Originally Posted by sonick

Shit, I must be bitter too coz I didn't put my money into Vancouver Real Estate twenty years ago when I was seven years old.

don't feel bad you were born at shitty time. Anyone who bought real estate before 2008 is laughing their asses off!