Vancouver's Real Estate Market

[Hondaracer]

20k is 20k but 20k on a 25 year mortgage is probably like $80 a month, If that

I’d say it’s more advantageous to make a move and buy somthing you want at a price you can accept than stress over that last few thousand that might drag a sale out over a month etc

[Scotsman]

Bloomberg article for the US to laugh at us too

https://www.bloomberg.com/news/artic...a-wage-problem

Opening line...

"Want to pay San Francisco housing prices on a Columbus, Ohio income? Move to Vancouver."

[GS8]

Just got notice from my landlord that my building will be demolished mid-2019 to make way for whatever they have planned.



Not a demoviction but the new company will help us relocate. Looking forward to sharing a SRO with three people.

Man I wish was a faggot money launderer and buy up all these new places. Instead, I have to settle for just being a faggot

[Hondaracer]

Originally Posted by Scotsman

Bloomberg article for the US to laugh at us too

https://www.bloomberg.com/news/artic...a-wage-problem

Opening line...

"Want to pay San Francisco housing prices on a Columbus, Ohio income? Move to Vancouver."

Yea, but then you’d be living in San Francisco.

Always someone from TO talking down Van.

[JesseBlue]

Well they're not wrong

[twitchyzero]

Originally Posted by Hondaracer

Yea, but then you’d be living in San Francisco.

Always someone from TO talking down Van.

the reporter from Toronto in the video was being condescending?

sorry I forgot sunsets are the best in Vancouver haha

[Hondaracer]

Weird how no one in my circles ever crying about wages.

You make shit work to be here. If it was so bad maybe move? The more I travel the more I realize that this really is the best spot to be.

[yray]

Originally Posted by Hondaracer

Weird how no one in my circles ever crying about wages.

You make shit work to be here. If it was so bad maybe move? The more I travel the more I realize that this really is the best spot to be.

Where have you been

it's good for retiring or living off mommy and daddys $$

[MarkyMark]

Originally Posted by Hondaracer

Weird how no one in my circles ever crying about wages.

You make shit work to be here. If it was so bad maybe move? The more I travel the more I realize that this really is the best spot to be.

Well what's their situation, did any of them have to get in to the market in the last couple years? How did you get in to your house, did you take on a million dollar mortgage?

Me and my wife make decent money as far as Vancouver wages go and the only reason we were able to save for a down payment was because my mother in law rented her townhouse to us for dirt cheap. So while I could go on about how we "made it work" we were really just lucky and I'd be an asshole to assume my situation is the same for anybody else.

Maybe your situation was different though, maybe you never got a handout in your life and are in your house purely based on your own hard work and sacrifice.

[Ch28]

Originally Posted by Hondaracer

Weird how no one in my circles ever crying about wages.

You make shit work to be here. If it was so bad maybe move? The more I travel the more I realize that this really is the best spot to be.

If it were that easy then most of the millennials would be gone from Vancouver.

One things for sure, I do wish I just went straight into trades after high school. The entire school systems emphasis on getting a degree as being the only way to succeed in life is so flawed. I had some high school classmates go straight into trades at BCIT after graduation and they made enough money to buy a condo/townhome/house by the time they hit their mid 20s. We'd always joke about how they chose the right path career wise and getting into the market early etc... Now there's some real regret because the housing market is so fucked

[Acurapinoy]

The fact is.. as it sits right now it's harder to get into a home if you are buying for the first time. I looked into Surrey and townhomes are close to 600k/ detached goes for about a million+ for a decent size/location/condition. Sure anyone can make it work but you just have to give up a lot of extra stuff or cut down imo

I can now see why some people moved to the fraser valley where you can get a little better bang for the buck as long as you are ok out there.

[westopher]

Originally Posted by Hondaracer

Weird how no one in my circles ever crying about wages.

You make shit work to be here. If it was so bad maybe move? The more I travel the more I realize that this really is the best spot to be.

You are like 40 right?

You are old enough that 50k made by 2 people was enough to break into the market, by the time you reached house purchasing age.

10 years in the workforce was enough to buy a 1 bedroom condo at 2xxk 10 years ago.

10 years in the workforce is not enough for the 5xxk+ required for a 30 years to buy a one bedroom currently.

Housing inflation is grossly larger than wage inflation. This is absolutely harder for younger generations. There’s mathmatical proof.

I know you are successful at what you do, and I’m not trying to take away from that, but move your EXACT situation 10 years later and your life would be substantially more financially difficult.

[Hondaracer]

What I don’t like about that article/video is you can make 60k+ being a construction laborer.

They are obviously comparing tech sector jobs, which are obviously poorly paid here. But when that is that case, why do you Persue that Avenue for a career?

You can’t spend a bunch of time and money getting an education that relates to a saturated job market then complain it doesn’t pay as well as other cities when you must have known that going in. And if you didn’t, I don’t have much compassion for you.

Not everyone is meant to work in the trades, but not everyone is smart enough to become an engineer etc. there are plenty of jobs that have a balance but the hard part as CH28 says, is finding that path before you’re in too deep.

Obviously sucks to have to grind hard af to get a down payment on a 500sq ft place when that money buys 3500sq ft houses elsewhere, but that’s the reality.

As many as those articles come out, Vancouver is busier than ever, stores, the downtown core, outlying hoods, etc people are still clamoring to be here whether it’s in the rental market or buying, so when videos come out like that essentially blasting Vancouver for the earnings vs cost of living, shit ain’t changing because outside of the vocal minority, id say the majority are just making sacrifices in order to make it work.

[Hondaracer]

Originally Posted by westopher

You are like 40 right?

You are old enough that 50k made by 2 people was enough to break into the market, by the time you reached house purchasing age.

10 years in the workforce was enough to buy a 1 bedroom condo at 2xxk 10 years ago.

10 years in the workforce is not enough for the 5xxk+ required for a 30 years to buy a one bedroom currently.

Housing inflation is grossly larger than wage inflation. This is absolutely harder for younger generations. There’s mathmatical proof.

I know you are successful at what you do, and I’m not trying to take away from that, but move your EXACT situation 10 years later and your life would be substantially more financially difficult.

I’m 32, I owned 2 places prior to my current home mostly due to connections through my job where I risked a lot to buy into the market through a developer we built for. But you are correct, my timing was almost perfect compared to most. Even my parents who had the means to invest in RE for a Longggg time but never took the risk until 2008 which was essentially the worst time to buy in the last 30 years and they made almost nothing on return.

Now I’ve given up that grind and I honestly feel kinda like I’m a bum in terms of the work force because I make sub 70k and I have a “kushy” job with little stress. In the back of my mind I have a drive to perform higher than my current situation with somthing like my own business or riskier ventures, but you get to the point of risk vs reward and what’s another few thousand at the end of the year if you’re tearing your hair out (I’ve got little left to do so as is)

I’m not trying to come off as an asshole and I feel for the people who aren’t in a comfortable situation, it must be stressful as fuck to live in this type of climate. I think the reality is though you’ve gotta make it work or move essentially.

[westopher]

If there’s one person in here who I often have a different perspective than that certainly doesn’t seem like an asshole it’s you. At 32 you’ve done really well for yourself man, I definitely think that people that have are not the norm though. The comparison still compares however that people born later than us, all things the same will not be in the same position we are. I just am thankful that I’ve been in the position to be relatively successful, because home ownership for the average person still isn’t fathomable for those who’s salaries simply don’t line up with the costs. Think of two 25 year olds entering the workforce both with degrees, both in entry level jobs that require and education with chances for somewhat rapid advancement. Even if they both make 65k a year within the next couple years, at the rate things are going, without an inheritance or parental help, they aren’t entering the market until well into their 30s. Those people are even well above an average person, so think how hard it is for just average.

[Ch28]

Originally Posted by Hondaracer

I owned 2 places prior to my current home mostly due to connections through my job

Say no more

[Hondaracer]

You can’t underestimate the effect of combining assets when a s/o as well but that’s another story.

Edit* on the other hand, inheriting someone else’s debt is essentially a death sentence.

[yray]

All this talk about being married and being able to afford a condo.

What if you're single in your early 30s and making good cash. A dinky studio may still be out of reach.

You either stay with parents or rent and can't save. Not everyone has parents that can fork out 100k to help out.

[Euro7r]

Originally Posted by yray

All this talk about being married and being able to afford a condo.

What if you're single in your early 30s and making good cash. A dinky studio may still be out of reach.

You either stay with parents or rent and can't save. Not everyone has parents that can fork out 100k to help out.

I'm in my early 30's and make average salary like a normal person. Even a $500K one bedroom is pushing the fuck out of my boundaries. Luckily I don't spend much and also living at home helps. Living at home doesn't = free, but I don't pay full month rent that's being charged out in the market.

But yeah, having a s/o does really help I can tell financially.

[Ch28]

Originally Posted by Hondaracer

You can’t underestimate the effect of combining assets when a s/o as well but that’s another story.

It's hard to take what you say seriously, especially when you're complaining about people that "can't make it", when you admit you had an unfair advantage to start home ownership.

It's easy to look down on people when you're sitting high and mighty cause you got into the market due to connections that most people don't have.

[Hondaracer]

Originally Posted by Ch28

It's hard to take what you say seriously, especially when you're complaining about people that "can't make it", when you admit you had an unfair advantage to start home ownership.

It's easy to look down on people when you're sitting high and mighty cause you got into the market due to connections that most people don't have.

The only advantage I ever had was being able to buy a unit at the stage where developers were offering “VIP” buyers (anyone who signed up via email) a chance to sign. Maybe it was cheaper than a week or a month later would have been, but there was equal opportunity

I still had to have the capital to buy these units. And the credit etc to secure my financing. I was building the units I was buying into, it wasn’t like I was gifted these units at 20% discount. I was living at home and would have probably claimed bankruptcy if they didn’t pan out.

[Gerbs]

What are your plans for those <25?

[twitchyzero]

not to knock on what you've accomplished

https://en.wikipedia.org/wiki/Dunning–Kruger_effect

is it fair to say a single person at age 30 even making 6-figures still have to sacrifice years of vacation/going out to get a measly one bedrm?
how many years of saving is that?
let's say they moved out at 22 and their rent's been $1000/mo over the 8 years ($600ish with roomates and $1500 now by themself)
let's say their family doesn't live here

Originally Posted by Hondaracer

I’m 32, I owned 2 places prior to my current home mostly due to connections through my job where I risked a lot to buy into the market through a developer we built for. But you are correct, my timing was almost perfect compared to most. Even my parents who had the means to invest in RE for a Longggg time but never took the risk until 2008 which was essentially the worst time to buy in the last 30 years and they made almost nothing on return.

Now I’ve given up that grind and I honestly feel kinda like I’m a bum in terms of the work force because I make sub 70k and I have a “kushy” job with little stress. In the back of my mind I have a drive to perform higher than my current situation with somthing like my own business or riskier ventures, but you get to the point of risk vs reward and what’s another few thousand at the end of the year if you’re tearing your hair out (I’ve got little left to do so as is)

I’m not trying to come off as an asshole and I feel for the people who aren’t in a comfortable situation, it must be stressful as fuck to live in this type of climate. I think the reality is though you’ve gotta make it work or move essentially.

[GabAlmighty]

I had a condo downtown Van that I sold for 270 a couple years ago. Not sure what it's worth now but cheap 1 bedroom condos in the city are out there.

[twitchyzero]

I must've set the filters too restrictive but I didn't see any under 450k west of coquitlam?