Quote:
Originally Posted by originalhypa
Oh really, please tell me more.....
The market is changing as we speak. The stats show that, and it's those who are fearful who are paying the exorbitantly high dollars per square foot right now. Hundreds of acres are being bought up by developers so they can build high density, high profit townhouses and condos. You're not actually buying anything of value when you're buying high density. All you are doing is buying a place to live. You, along with hundreds of other people. People you have to share your living space with.
I was taught at a young age that real estate was the only "real" investment. And while there have been times in the past 30 years where it didn't look to be the case, real estate has always won in the end. It is the biggest single purchase that most people will ever make, so you better consider the factors involved. I can't see value in buying in a high density development. There is no "dirt" as my grandmother used to call it. Her portfolio is diverse with residential and commercial holdings. There's even a little waterfront thrown in there. As she also says, "they aren't making anymore waterfront properties".
Bottom line, too many people are getting into huge mortgages for something that I don't see as having the same value as single family homes have. It used to be that you would buy a house with a yard and a place to park your car. You could put up a fence, and enjoy your own little 1/4 acre piece of Canada. That was real estate. |
Yeah, I guess everybody who owns an apartment or townhouse in Manhattan, London, Tokyo, or Singapore doesn't actually have anything of value since they don't own "dirt".
After all, if your grandmother thought that was the case 30 years ago, who can argue with that?
Bottom line, the real estate market in Vancouver is changing to be more like any of the other major world cities. If you grew up in London, you would think a family of 4 or 5 in an apartment or townhouse would be totally normal - you wouldn't know anything else. This "thought" that you can't have a family unless you have a house with a yard is simply not reality in many of the other most important cities in the world.
As demand for real estate and the required density to support it continue to increase, more and more people are going to need to adjust to the reality that just because your parents and grandparents grew up in a house, doesn't mean that you will. If you are going to, you better make a bunch of money and probably have some help. It's a bitter pill, but the sooner people realize this, the sooner they stop stressing out about barely affording a $1-million fixer-upper detached house in Port Coquitlam.
Mark
Vancouer