Quote:
Originally Posted by 4444
just a quick question. what happened between 1998 and now in vancouver.
to me, not much has changed, vnacouver is still the same safe, beautiful, good education hub it was in 1998 (i moved to van in 1998)
in 1998 prices for property were fucking low, stupid low compared to today. so what happened outside of interest rates going down, down, and down and ease of mortgages getting higher and higher? (i.e. the fundamentals that form the basis for ppl like me saying we're way overpriced)
if vancouver is as it was before, then saying 'that's why vancouver is overpriced' doesn't make logical sense, unless something happened to change vancouver as a place to live. and no, china is not it - in the 90's loads of HK residents came over prior to the 1997 handover, so the china and HK effect, for simplicity purposes, roughly equate
this is a serious question, not an attack (as everyone seems butt hurt if i even question vancovuer as a place)
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It's not just Vancouver though, prices have gone up and stayed up across Canada. I moved here in 1989, my parents sold our house in Regina for around $45,000 at that time. A house here in the suburbs at that time was around $100,000 I remember my dad saying that is absolutely ridiculous no way I'm spending a hundred grand on a home.
Fast forward to now, houses are what they are an average house in the burbs west of the fraser is probably $500,000. The same house in Regina now is probably $350,000-450,000, I know because I was thinking of possibly going back for work. This is what I don't get, we keep saying Vancouver is super inflated which it may be but keep it real housing prices are and have been inflated across Canada. Compare what you could buy a house in Calgary for 20 years ago and look where it's at now, I'll bet dollars to doughnuts that they've went up close to the same that homes in the lower mainland have went up over the same time period the biggest difference is homes here have always been more money. It's always been more expensive to live here and prices started going up here before they started going up back East but don't kid yourself the other Provinces caught up real quick.
I'm not going to argue how can people afford to live here because I really don't know how anyone can afford a place in Vancouver. If I didn't get into the market before it ballooned I don't think I could afford to own here either.