Vancouver's Real Estate Market

[Hondaracer]

Originally Posted by PeanutButter

I always thought all of my friends families owned their house, what I've found out is that a few of the people I know, their parents are renting and they have always been renting.

I was so shocked by this, it's crazy to think they had the biggest opportunity to buy a house for $150k, and they decided not to.

These families will never catch up.

My stretch goal is to buy two condo's that I can pass down to my children. I feel like I need to do this, otherwise they will not have the opportunity. I've talked to a few people that asked me why I feel like I need to do this. I guess it's just a cultural thing or the way my mind is set.

I know if I don't start saving and investing right now, my future generations are screwed.

We have some friends who my wife has known forever, for over 30 years. They have been renting the same house near Prince Albert and 25th the entire time.

I’m sure they’ve had opportunities to buy it but never did. Now the old owners have died and the kids have inherited it. It’s a dumpy old house that is a tear down even though it’s been kept in about as good shape as you could hope for. However, brand new builds are touching 4 million in that area (frankly I don’t get the appeal of this area other than main st I guess)

The amount of equity lost in those decisions not to purchase is multiple retirements for many people. Not to mention they’ve been renting the entire time. Both have public sector pensions so they should be OK but that’s a huge discrepancy

[TypeRNammer]

I knew of a family that's been renting since the early 2000's until now. I'm sure that they could of picked up some sort of property at the time, but given their circumstances it would of been really tough (single mother with two kids)

With the current housing market, it's running away a lot faster than our household income.

Hence my only option is to build up a laneway home at my parent's property. It sucks that I don't build my own equity but at least we would have our own space.

[westopher]

Originally Posted by donk.

3 mil vancouver specials by 2026, 5 mil by 2040



People set their standards too high

yaaaaaa i dont want to live in a 40 year old building, i want a 2 bedroom brand new 20th floor in coal harbour, so im gonna wait till prices drop

If your in your 20s, or even 30s, and all you can afford is a 400k 1 bed dump, then thats what you need to buy.

Dont like it? Go move to saskatchewan, or any 2nd tier US city where you can buy a new house for 250k

Well there was a point where people got out of high school, got 35-40k starting wage and could buy a house for 200k after a few years with a 20k down payment.
Now you have people getting out of university or trade school, starting at 45k with big debts (in the case of university if your parents didn't pay for it) and having to save 50k to buy a 500k 1 bedroom apartment in burnaby. It's not unreasonable to be a little jaded about that. Especially when you have to spend $1000+ on food if you want to actually eat vegetables, $90 on your tank of gas to get to work, etc.
You can expect things to not be shitty without being unreasonable and thinking you should get a free BMW and house when you hit 25.

[68style]

The only people who talk like that are ones that already own a property

“I did it why can’t you? Bitch!”

[JDMDreams]

^^ nothing wrong with making sacrifices, and delaying pleasures for a later date and reaching your goals. Rather than Starbucks everyday, cactus club, leasing that new 5 series, real Gucci ain't cheap.

[68style]

Wow that’s a lot of assumptions in one post lol

I have a good paying job, I don’t eat out, I drive a 2004 Lexus and I don’t buy brand name stuff… but there’s no way I could reasonably afford much in this market.

The only reason I do is because I bought in when it was 40% less than it is now. Younger people are fucked here, I feel for them.

[Special K]

Originally Posted by JDMDreams

I'm just curious do you guys realistically think prices will keep going up? Detached in East Van hit 3 million? In like next 10 15 years? I don't see Vancouver being a global hub like HK, NY to support it.

Detached in East Van already at $3M…
https://www.rew.ca/properties/343879...-vancouver-bc#
https://www.rew.ca/properties/328091...-vancouver-bc#

Other than the absurd high price, the description is borderline racist. I always see “Italian built” but never seen “EI built”.
https://www.rew.ca/properties/search...+E+37th+Avenue

[westopher]

Starbucks is cheap, cactus club sucks and a new 5 series would probably cost me less than maintenance.
Not everyone wants things to be easier financially for their own personal gains. I’d still be just fine in a decent condo in my burb. I would like the people who make what I made at 28 not have to make the choice of giving up any enjoyment in their lives or moving to buttfuck Saskatchewan though. I didn’t have to. Why should they just cause they were born 8 years later?

[Manic!]

Want you family to get a head in life? Move to someplace cheaper if your work allows it. Start buying property because in the long run it's only going to go up. Set your you kids up for the rest of there lives. They can start at where you left off instead of having to start from the beginning.

[westopher]

Good thing the kids who grew up here’s parents didn’t take that advice or they probably wouldn’t have 4 million dollar homes that paid for their kids condo down payments.
There’s no magic bullet for financial freedom. No one really knows how we got here. Ask someone 30 years ago how to be successful and no one would have told you, just buy a house in Vancouver and you’ll be set. We really don’t know what’s gonna be the case 30 years from now either.

[Gumby]

Originally Posted by Special K

Other than the absurd high price, the description is borderline racist. I always see “Italian built” but never seen “EI built”.
https://www.rew.ca/properties/search...+E+37th+Avenue

WTF that house is assessed at $1.6M and they’re asking $2.6?

[Traum]

From the discussion I am reading here, an unspoken underlying assumption is -- people don't want to leave Vancouver. I get that people don't want to leave Vancouver. Hell, I don't want to leave Vancouver if I can avoid that as well! As a realistic and pragmatic person, however, I look at the numbers, and whether I like it or not, the numbers will at least partially dictate what I can / would have to do because the numbers have to work -- ie. the finances need to be sustainable.

If I were a fresh ugrad earning that $45k/yr salary while trying to pay off my $50k student loan debt... I can't stay in Vancouver unless there is a very good reason to do so. Calgary, Edmonton, or even buttfuck Saskatchewan have people happily living there too. I went to university in an Ontario university town, and I have friends there that used to live in Toronto when they were kids. But after going to university at the tiny university town, they fell in love with the city, found a job, and stayed there for good. Just as Toronto isn't the Center of the Universe, Vancouver isn't necessarily the center stage of the party either -- or at least, it doesn't have to be.

When the day comes where I can no longer afford to stay in Vanocuver, I think I'll probably try to find some place cheap on the Island and go there instead. (I hope that kind of place would still exist by then.)

[Manic!]

Originally Posted by westopher

Good thing the kids who grew up here’s parents didn’t take that advice or they probably wouldn’t have 4 million dollar homes that paid for their kids condo down payments.
There’s no magic bullet for financial freedom. No one really knows how we got here. Ask someone 30 years ago how to be successful and no one would have told you, just buy a house in Vancouver and you’ll be set. We really don’t know what’s gonna be the case 30 years from now either.

They lived in a place that was cheap. Vancouver is not cheap anymore. Canada is one of the best places to live in the world I don't see real estate being cheaper 25 years from now.

For the price of one house In Vancouver you can buy 2 or 3 houses in a different town.

[JDMDreams]

^^ Islands might be underwater by then. Once in a blue moon I do look at listings in Calgary or Nova Scotia, I could buy a house and retire there. I feel the older I get the less I want to be in Van, no room to grow my car collection. Bumper to bumper traffic all day everyday. Takes like 30+ min to drive anywhere. Having to rage against taxi and Uber drivers.

[EvoFire]

Originally Posted by Traum

From the discussion I am reading here, an unspoken underlying assumption is -- people don't want to leave Vancouver. I get that people don't want to leave Vancouver. Hell, I don't want to leave Vancouver if I can avoid that as well! As a realistic and pragmatic person, however, I look at the numbers, and whether I like it or not, the numbers will at least partially dictate what I can / would have to do because the numbers have to work -- ie. the finances need to be sustainable.

If I were a fresh ugrad earning that $45k/yr salary while trying to pay off my $50k student loan debt... I can't stay in Vancouver unless there is a very good reason to do so. Calgary, Edmonton, or even buttfuck Saskatchewan have people happily living there too. I went to university in an Ontario university town, and I have friends there that used to live in Toronto when they were kids. But after going to university at the tiny university town, they fell in love with the city, found a job, and stayed there for good. Just as Toronto isn't the Center of the Universe, Vancouver isn't necessarily the center stage of the party either -- or at least, it doesn't have to be.

When the day comes where I can no longer afford to stay in Vanocuver, I think I'll probably try to find some place cheap on the Island and go there instead. (I hope that kind of place would still exist by then.)

Better get on that island bandwagon soon if you want to retire there. Even Kelowna prices are getting to insane levels and that's no Vancouver.

[supafamous]

Originally Posted by Traum

When the day comes where I can no longer afford to stay in Vanocuver, I think I'll probably try to find some place cheap on the Island and go there instead. (I hope that kind of place would still exist by then.)

Get this castle in Courtney: https://www.realtor.ca/real-estate/2...courtenay-west

A mere $2m!

[hud 91gt]

Look at the island right now. It’s not cheap. Duncan is even expensive. Port Alberni, the cheapest place on the island is even getting up there. I don’t really see the allure of staying in Vancouver if you didn’t grow up there and can find work elsewhere. I’d move in a heartbeat if my wife would leave, but she’s born and bred and has her reasons. Only reason to stay now is if you have property you want to watch skyrocket.

I saw some country wide stats. I think Saskatchewan had the lowest year over year returns, with Quebec and the east coast being the highest. Everywhere was double digits. It’s all going nutso.

[westopher]

I can understand wanting to live somewhere else for cost reasons but to not see the allure of Vancouver even with the cost is crazy.
Snowboarding within half hour from my door
A great music scene
Tons of restaurants
The ocean
Car shows/meets weekly
A climate which allows for outdoor activities all year

There is literally not a single other place in Canada that has all of those things.

[hud 91gt]

I can understand that. I suppose I travel for work a lot and get those experiences elsewhere. In reality at home I want some piece and quiet. Haha.

With family planning, realistically most of those things are pretty irrelevant anyhow.

[Hondaracer]

Those things listed aren’t only limited to Canada, but most of the world.

I’ve been to enough places to have a decent opinion I’d say and if you have a look at the city and the province as if it was your first time here, it’s a pretty magical place.

I always go back to those limited 2010 Olympic licence plates where the slogan printed on them was “best place on earth” while it may have been a bit of a corporate/Olympic cop out to get people to buck up for the special plate, it’s not like almost anywhere else on this planet would ever have the idea to make that claim.

[Great68]

Originally Posted by westopher

I can understand wanting to live somewhere else for cost reasons but to not see the allure of Vancouver even with the cost is crazy.
Snowboarding within half hour from my door
A great music scene
Tons of restaurants
The ocean
Car shows/meets weekly
A climate which allows for outdoor activities all year

There is literally not a single other place in Canada that has all of those things.

I mean I get all of that here minus the access to skiing/snowboarding (which I'm not really into). But in trade I get better weather, easier access to the wilderness, and the small town living (IE less traffic & commuting).

[underscore]

Every once in a while I get the urge to move elsewhere, but even being a little picky it still boils down to the southern half of BC if I want to do any of the things I like to do and it's all expensive. If you like what's unique to the large size of the GVRD then that's kind of it.

If you're not outdoorsy though I would think you have a lot more options if you just want the perks of a big city. But if you like skiing, offroading or driving on wiggly roads you're kind of stuck here.

The closest I could think of was maybe New Zealand but it takes forever to travel anywhere else from there and it's going to be underwater in a few decades anyways.

[supafamous]

On an all around basis it's hard to beat Vancouver - amongst the big cities I've logged time in London (9 times baby!), Tokyo, Osaka, Hong Kong, Shanghai, Beijing, Paris, New York, LA, Toronto (do they count as big?) etc and while Tokyo and London are AMAZING I wouldn't trade Vancouver for any of them if we're talking about living my entire life in one place. From birth to death, this is it.

Despite the doom and gloom of real estate and climate change I really think Vancouver's best years are ahead, not behind. I wish we had more visionary leaders who could make us an even greater city. Change is unavoidable so we need leaders who make us accept it but have an idea of how to get the most out of it.

[westopher]

I’m not saying victoria isn’t a great place to live, but the music scene and restaurants aren’t even mentionable in comparison to Vancouver.
I’m also not saying there aren’t better places to live for other people, I’m just saying if these things are your interests, you can’t get them all somewhere else. If I was to substitute snowboarding with biking and music with boating, van would no longer seem better than victoria, but these are what matter to me, and lots of other people.

[SumAznGuy]

Originally Posted by TypeRNammer

I knew of a family that's been renting since the early 2000's until now. I'm sure that they could of picked up some sort of property at the time, but given their circumstances it would of been really tough (single mother with two kids)

With the current housing market, it's running away a lot faster than our household income

So the very first post on this thread was Oct 2012.
And there was another thread that was before it but there was a lot of people who felt the market would correct and/or drop.

I wonder where are those people now and if they take back what they said in 2012 and before.

Gonna go back and read some of the earlier posts to see what some of the comments were like.