Vancouver's Real Estate Market

[Lomac]

Originally Posted by multicartual

Notice you don't post any photos of your commute, the "exciting nightlife" on 200th, any of the bland big box stores, or any of the culture and arts scene in Langley!

To each their own I suppose, if your kids have to goto school in Langley they're going to be in the same classes as the offspring of single moms who named their kids with double vowels like "Kaeden" and the rest of the trashy names you'll find out there.

At least downtown your children typically would have the opportunity to meet the offspring of a less beige and more culturally advanced lineage.

When I lived in Langley, my commute was 10 minutes long (the drive along 208th from Brookswood into downtown Langley was nice and quick).

Exciting nightlife? I'd rather spend the evening BBQ'ing next to a pool and sitting in front of a bonfire with a beer. Going clubbing got boring after I hit 21.

Big box stores... sure, there's Costco and Walmart, but there's still dozens of mom and pop stores to buy hand crafted furniture and clothing.

As for arts and culture, take a trip down to Fort Langley one day. As above, there are tons of mom and pop stores where you can buy hand crafted things. There are also tons of art shows where you can buy some fantastic local art, including some from one of my favourite local artists (who also happens to be my old art teacher from high school).

And you're one of the last people who should be bashing milfs...


But it's all personal preference. I've lived in the city before (Yaletown) and didn't like it. I prefer my space, a yard to actually enjoy, and enough space in a house to properly raise children instead of being stuck in a 600 square foot apartment.

I currently rent a twenty-two acre property and house in the outskirts of Salmon Arm and a townhouse in downtown Kamloops. While it's nice being two minutes away from all my shopping needs in Kamloops, I would rather stick to having tons of property to fuck around on and not worry about keeping my neighbours awake at two in the morning.

*shrug*

[AWDTurboLuvr]

I think this thread isn't just about the bubble, or whether when and how much prices will drop. It's more to inform homebuyers and would-be real estate investors the reality of the situation in Vancouver and other parts of Canada. Perhaps you have questions on what to look out for in a strata property. Maybe we can get the thread title changed.

If you can comfortably afford to buy now (ie. the costs of ownership are less that 35% of your income), then by all means, go for it. However, I'm pretty sure most of us don't fall into this category and we generally like to make smart decisions with our money.

In other news, new federal budget is coming out and look what is on the chopping block.

Tories? new budget to close program giving investors path to citizenship - The Globe and Mail

[GLOW]

i think everyone is already aware this thread is anything and everything about real estate. pretty much everything about it has been asked/discussed in this thread.

i look for the bubble thread to see 'whats new' to talk about on here

[sonick]

It's become pretty apparent that there isn't going to be a bubble, but a soft correction which has already started to happen.

From what I've read and followed, it seems starter condos (< $500k) and plus-$1mil homes have seen drops or flat sales values over the past year or two; only SFH's in the upper six-figures have still been appreciating. Even a 'condo report' sponsored by Royal LePage states that in the short term (~2 years) there will be "market instability" and "turbulence"

Also re: buying now and keeping for 10+ years. Yes if that's the plan it makes sense, but most people getting into their first home look to buy 'starter homes' with the intent of upgrading in ~5 years. If that's the case now, and a correction occurs (or even if home value stays completely flat), you are likely going to end up with less asset value overall in five-years time if you bought now than if you had waited with the 'soft correction' that everybody seems to be touting.

Example using calculator posted earlier: Vancouver Housing Bubble Calculator
$300k home, assume 3 years flat, 3 years of 3% growth, home value after 6 years is $327,818; adjusted for 3% inflation (as in the site) is actually worth $273k in today's dollars. Or being conservative adjusted to today's inflation (1.2%) is only $305k.

[Mr.HappySilp]

Originally Posted by AWDTurboLuvr

I think this thread isn't just about the bubble, or whether when and how much prices will drop. It's more to inform homebuyers and would-be real estate investors the reality of the situation in Vancouver and other parts of Canada. Perhaps you have questions on what to look out for in a strata property. Maybe we can get the thread title changed.

If you can comfortably afford to buy now (ie. the costs of ownership are less that 35% of your income), then by all means, go for it. However, I'm pretty sure most of us don't fall into this category and we generally like to make smart decisions with our money.

In other news, new federal budget is coming out and look what is on the chopping block.

Tories? new budget to close program giving investors path to citizenship - The Globe and Mail

Lol must be all the kids pooping in public, all the horrible c-lais driving skills, their manners that anger the government.

[GLOW]

Originally Posted by sonick

Also re: buying now and keeping for 10+ years. Yes if that's the plan it makes sense, but most people getting into their first home look to buy 'starter homes' with the intent of upgrading in ~5 years. If that's the case now, and a correction occurs (or even if home value stays completely flat), you are likely going to end up with less asset value overall in five-years time if you bought now than if you had waited with the 'soft correction' that everybody seems to be touting.

i'm sort of in that boat myself. this would be the 5th year i'm in my house and i'm considering an upgrade. there hasn't been a lot out there that i'd consider looking at it. i might end up staying put a while longer.

[Tapioca]

Originally Posted by AWDTurboLuvr

I think this thread isn't just about the bubble, or whether when and how much prices will drop. It's more to inform homebuyers and would-be real estate investors the reality of the situation in Vancouver and other parts of Canada.

I think any discussion that involves real estate cannot be separate from discussions on the economy and on career prospects. Even if you buy real estate with the intention of staying 10+ years, a lot can happen:
-lay off
-the viability of your profession/industry - no sector is safe
-starting or growing a family
-cancer or another life threatening illness that can impact your ability to work
-divorce

Buying doesn't make a lot of sense in this market, unless you have a considerable down payment and/or have an adequate plan-B in case any or all of the above happen.
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[VR6GTI]

Originally Posted by GLOW

i'm sort of in that boat myself. this would be the 5th year i'm in my house and i'm considering an upgrade. there hasn't been a lot out there that i'd consider looking at it. i might end up staying put a while longer.

I just renewed my mortgage for the first time after 5 years. Been looking at houses for the past year but nothing really jumps out at me under $700k. Which is the max im willing to spend.

[chunk_stir]

More fuel for the real estate frenzy...
45,000 wealthy chinese immigrants on the waitlist for immigration to Canada. 95% of all chinese immigrants to BC end up in Metro Vancouver.

Is Vancouver ready for 52,000 more wealthy new immigrants? | Vancouver Sun

[hypediss]

Originally Posted by chunk_stir

More fuel for the real estate frenzy...
45,000 wealthy chinese immigrants on the waitlist for immigration to Canada. 95% of all chinese immigrants to BC end up in Metro Vancouver.

Is Vancouver ready for 52,000 more wealthy new immigrants? | Vancouver Sun

And today, the government is planning to close the door on the program and maybe some of those individuals that are on waiting list

Tories? new budget to close program giving investors path to citizenship - The Globe and Mail

Excerpt:
Federal and provincial immigration department data obtained by Vancouver immigration lawyer Richard Kurland revealed this week that about 45,000 wealthy Chinese alone are on the immigrant investor program’s waiting list and want to move to British Columbia.

Those on the waiting list after the federal investor immigrant program is scrapped will have to apply through other programs.

[Traum]

I hope the immigration department takes its sweet time in processing these applications. Our RE market really doesn't need another 45k immigrants to drive it further up.

(Then again, I can totally see how all the RE agents and luxury car dealerships and sales persons can't wait to see these guys sooner...)

[xpl0sive]

"It also holds more than twice as many Chinese immigrants as have moved to the province under the federal investor visa scheme from 2008 to 2012. This suggests the queue could sustain the current pace of millionaire migration to the city for a decade to come, even if applications remain frozen.

Ottawa has vowed that the applications will be processed and few are typically rejected."

So it seems that RE should be safe for the next 10 years given the fact that at least $12.9 Billion will be brought into Vancouver....

[Gululu]

Federal and provincial immigration department data obtained by Vancouver immigration lawyer Richard Kurland revealed this week that about 45,000 wealthy Chinese alone are on the immigrant investor program’s waiting list and want to move to British Columbia.

Those on the waiting list after the federal investor immigrant program is scrapped will have to apply through other programs.

silly canadian government

[4444]

who cares what other people do, buy, sell, immigrate, etc. it's all down to what you want.

i'm a bigtime bear, because real estate is poorly priced based on comparable options (renting and investing the excess in a diversified portfolio that will get you real returns of 5-7%)

for me, also not buying has provided me with the most valuable thing in the world - mobility. Vancouver's economy is a joke, because i was free and carefree (not tied to a 1/2Mil mortgage), i could up and leave to take an astronomical pay raise, and end up living in a WAY better city than vancouver (no offense vancouver, but you're not that special - pretty, but not special)... definitely to each their own on this one, i don't fancy arguing with anyone anymore, as to me, i'm right, but to someone who wants to buy a place for way too much and be stuck there for 25 years, be my guest, it doesn't effect me in the slightest

[multicartual]

Originally Posted by 4444

Vancouver's economy is a joke,

LOL @ people who don't make money online

[multicartual]

Originally Posted by Traum

(Then again, I can totally see how all the RE agents and luxury car dealerships and sales persons can't wait to see these guys sooner...)

Replacing poor people with wealthy immigrants is a great idea. Turn the local population into serfs that serve the rich.

[4444]

Originally Posted by multicartual

LOL @ people who don't make money online

good for you, i bet i know LOADS of people who make shit loads more money than you - so stop being so smug about your little online life in gastown.

[xpl0sive]

Article from last year, not sure if it was discussed, saw it under "related articles"

In Hong Kong, Metro Vancouver real estate is big news (Update) | Vancouver Sun

I don't know why everyone is so keen on denying the obvious. Why else would the prices sky rocket, if not for China money? Hong Kong has placed a 15% surcharge on foreign RE purchases... will Canada do the same? I doubt it, since there's so much money to be made, lobbyists will never let that pass

[Traum]

Originally Posted by 4444

for me, also not buying has provided me with the most valuable thing in the world - mobility. Vancouver's economy is a joke, because i was free and carefree (not tied to a 1/2Mil mortgage), i could up and leave to take an astronomical pay raise, and end up living in a WAY better city than vancouver (no offense vancouver, but you're not that special - pretty, but not special)... definitely to each their own on this one, i don't fancy arguing with anyone anymore, as to me, i'm right, but to someone who wants to buy a place for way too much and be stuck there for 25 years, be my guest, it doesn't effect me in the slightest

Yea whatever, dude. We've all heard your bragging stories of how you moved out of Vancouver and is making big $$$$ and living like kings for the 20-thousandth time. And quite frankly, I'm sick of your constant bragging and the continual dissing of our beautiful city. If Vancouver didn't have so much going for it, the majority of the residents wouldn't be nearly as happy as they are now. Just because you don't like our city doesn't means it sucks.

Originally Posted by multicartual

Replacing poor people with wealthy immigrants is a great idea. Turn the local population into serfs that serve the rich.

Dude, I'll take this as a tongue in cheek remark.

[adambomb]

Originally Posted by 4444

I'm happy as a clam with my decisions (the latest of which is to move away from Vancouver bc the lack of industry here

Originally Posted by 4444

Vancouver's economy is a joke, because i was free and carefree (not tied to a 1/2Mil mortgage), i could up and leave to take an astronomical pay raise, and end up living in a WAY better city than vancouver

I remember you posting in 2013 with your high and mighty attitude that in the new year you were off to some powerful city with a well established economy. That you would leave the city of Vancouver, based mainly of menial service sector positions. Simply because you posses the magical power of... "mobility"

Yet, here we are, Feb 2014. Almost 2 months into the new year, and you are still in Vancouver. Still preaching about how you can easily pick up and leave to a better economy because of your "mobility."

So what the fuck are you waiting for? Someone to hold your hand?

Unless you have already left. Then why are you still posting in a Vancouver real estate thread, expressing your opinions... like you still live in Vancouver.

[GLOW]

i think he already relocated.

[noclue]

Bubble or not, the only thing that matters is interest rates. A 1% increase can sink someone into foreclosure. I believe in Canada mortgages are not dischargable under bankruptcy as well. Lifetime of debt for people who bought a house above their means and guess who they will blame it on? Wealthy foreigners of course!

Wonder why people blame wealthy foreigners not paying taxes. A mainlander buying a $350,000 Ferrari pays $52k in taxes. In contrast, a proud born and raised Canadian who makes a $50k salary only pays $20k in taxes per year. I'll be more worried about temporary foreign workers who gain citizenship and sponsor their whole extended family who come here and burden the healthcare system as they are too old to work and contribute to taxes.

i'm going to defend 4444 here, if you are content with being "middle" class Vancouver is an amazing place to be. If you have professional designations and more ambitions, you'll have better chances to find opportunity elsewhere. 4444 lived in Vancouver for a long time, why cant he not chip in his opinion?

[multicartual]

Originally Posted by 4444

good for you, i bet i know LOADS of people who make shit loads more money than you - so stop being so smug about your little online life in gastown.

I know people who make 10 times more than I do but are 1/100th as cool and they have to buy bitches shit constantly or they'd be totally alone!


Being smug is fun

[adambomb]

Originally Posted by GLOW

i think he already relocated.

I hope he has moved. I hope he enjoys his ASTRONOMICAL pay raise. I mean, what good is money if you have no one to spend it with.

Originally Posted by 4444

generally ppl are just dicks, for some reason or another.

and yes, i am rather anti social for this reason alone.

Originally Posted by 4444

i think you can clearly see i hate people, in general

I guess the bright side is every city in this world has a brothel. Whores are always willing to take some sad, angry guy's money.

[Tapioca]

Originally Posted by noclue

i'm going to defend 4444 here, if you are content with being "middle" class Vancouver is an amazing place to be. If you have professional designations and more ambitions, you'll have better chances to find opportunity elsewhere. 4444 lived in Vancouver for a long time, why cant he not chip in his opinion?

Vancouver is a bit of an insular place - people with wealth in this city tend to not let you into the club unless you play nicely.
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