Quote:
Originally Posted by Z3guy
If you hate the city, you hate the city, you can buy a much bigger and nicer house in the burbs. However their are more people that like the city than not, hence the crazy real estate prices. If you don't think Vancouver is a world class city, well, I don't know what to say to that.....why do you think all the asians flock to Vancouver? because they like paying high prices? they could move to Regina or Winnipeg if they wanted too......
|
Oh boy...
People pay high prices because:
A) money is super fucking cheap
B) people were brought up to think buying a house is "what you do"
This has nothing to do with Asian people (and of course Vancouver is better than Regina, Saskatoon, etc. so what, that's a drop in the bucket, don't consider otherwise
This is a great city if you are super rich (really fucking hard to become in Vancouver), so if you made lots of money elsewhere and come here, and don't have to work, can buy property with cash (such a tiny proportion of transactions) and have loads of fun, they can buy their kids fancy cars, and all is good, right... Well, no, you end up with a shitty city full of douchebags
Ad please don't ever compare Vancouver, a tiny hick town with a handful of wealthy outsiders, to New York, Los Angeles, Tokyo, Seoul, London, etc. all cities with 10m plus people, and huge economies - this is what drives real estate long term, one's ability to earn - price to earnings ratios, they are important long term. Payment to earnings is likely an important one - at this time, payment to earnings is likely not too out of whack because of low rates, but as rates normalize, payments to earnings ratios will increase significantly, putting pressure on prices to decrease.
There's nothing special about Vancouver, it's the prettiest city in Canada, big deal, Canada, a country with 5 or 6 actual cities of size (of which Vancouver barely registers) - Toronto, Montreal, Ottawa, Calgary, Vancouver... Does New York not have more people than all these cities combined? Tokyo certainly does... See the difference in scope