[originalhypa]

Originally Posted by Hondaracer

There are plenty of nice places outside of the lower mainland but they are still by no means "affordable" for what would ever get me to move

Spoiler!

Acerage and a decent 3500sq ft house near 100 mile is still 750-1.5

Two of my uncles live in the kootneys, one in cranbrook, one in invermere. Sure you could get a > 10 year old house nice house for 350k but cranbrook is a fucking dump, and my uncle, who bought his house in the early 90's for the same price my parents did in surrey saw gains from 50k-250k whereas my parents saw gains from 60k to 1.4 (albeit we built a brand new house)

Then drive an hour to invermere where my other uncle has a very nice home on a great property in mostly a transient town for Albertans, and his is worth 800+

Kelowna, Kamloops, etc you can find some value in a big house with a pool for around 500, but that's a big transition for most people.

I do agree with your post though about land etc. in hindsight the best move financially me and my s/o ever made was to leave an apartment and get on some land. Without a few circumstances which allowed us this opportunity however we would have never been able to.

If we had been stuck in our appartment going forward we would probably be content, but now we're in the big "game"

There's a reason why almost all the wealthiest people in this province are developers lol

A trickle down effect from the outrageous real estate prices is that folks are able to sell out of the lower mainland and buy their dream homes in Oliver, Oyama, Invermere, etc. Problem is, when your 604 region home triples in value, it allows you to spend more increasing the values of those areas.

Prior to the lower mainland blowing up, you could buy a home in Squamish for a couple hundred k. A look at Kamloops home prices shows that circa 2004 things went nuts.



Kamloops was always a working man's town, and in many ways it still is. But there are so many nice areas that have popped up.

It is a bit of a shock though. As my buddy says up there, no one is ever in a hurry.

Originally Posted by will068

Agreed. Not just Australia, but other countries in Asia that have strict laws for Foreign Ownership in Residential Land.

Spoiler!

E.g. Foreigners are not allowed to buy Residential Land. If they want residences, they are pigeonholed to Condos and Apartments. If they want Industrial and Commercial land, that's a different discussion.

I don't know if that is the right way to go. But we have heard so many lies over the years from our own gov't that I don't know what to believe anymore.

News articles like this don't help our views on foreign ownership either.

Chinese national ordered to repay defaulted $10-million loan used for Vancouver real estate

Spoiler!

A Chinese man who allegedly borrowed $10-million from a Chinese bank, then fled the country and bought multiple Vancouver properties with the money has been ordered to repay the sum.

China CITTIC Bank claims Shibiao Yan bought three homes with the loan in Surrey and one in Vancouver, none under his name.

Last month, the BC Supreme Court upheld an arbitration ruling in China ordering Yan to repay back the money.

Fraud expert and lawyer Christine Duhaime represents CITTIC Bank, and calls it a landmark ruling.

“It’s a large bank of China and it’s owned by a government and it involves money that came to Vancouver, which is a hot ticket item. So all those together and the award being recognized and enforceable makes it a first.”

That said, Duhaime says it doesn’t mean collection will be easy.

“It’s a matter of tracking down assets, going after assets and trying to recover the loan as much as we can. At this point it’s a debt collection.”

She says Yan still owns the Vancouver home, under his wife’s name.

Duhaime says the other three homes in Surrey were sold last year.

Originally Posted by CivicBlues

Spoiler!

I don't get why everyone is still holding Australia up as a shining example of what we should be doing.

They started taxing foreign buyers years ago.
Housing is still a shitshow there. In Sydney/Melbourne it's worse than here.
Taxing foreigners is not a panacea.

And FYI Hypa I thought we addressed this before, Asians are not "bringing their lifestyles" here in the form of shoebox condos. If that's the case why are so many of the SFH buyers in Vancouver Asian? It's a trend towards less suburbanized living. It's actually been for decades a fact of life in 80% of the world outside North America

I don't care about the rest of the world. Couldn't give two damns about Argentina, or Iran, or Bermuda.

What I do care about is the erosion of our North American dream. How could a decade and a half do so much damage to the lifestyle that millions died to protect?

The problem is that so many people from outside of North America are living here now, and totally accept that high density is the way to go. The economy follows the money, and suddenly there are no more affordable SFH. The next generation is now forced to live like rats.

Originally Posted by TouringTeg

Great post OriginalHypa

Spoiler!

I've witnessed first hands how single family houses are going up dramatically compared to condos. Condos in downtown Victoria have seen gains but there is always a newer shiny condo being built around the corner. As a bonus you can AirBnB since Victoria is a popular tourist destination.

The value is in the land. I know of an organization buying up car dealerships all over North America because of the land they sit on. They will be developed in the future.

My investment condo in Langford is worth about the same as 5 years ago. At least the renters are paying down the mortgage. Rental costs will go up here as purchasing becomes more expensive. You guys are already seeing ridiculous rental market.

Meanwhile a friend of mine just sold his small home in Langford yesterday for full ask 570k. Took him a few weeks but he was patient and stood firm after receiving low offers. It was purchased a few years ago for 440k. 2010 ish build with a 1 bedroom suite.

I have an investment house in Langford (2009 build) small lot, rented top and bottom. 3 bed up 2 bed down. Rent more than covers my costs. Purchased for 455k 4 years ago and worth about 560k now. Not a big gain but it was what we could afford at the time.

Tempted to sell it but I want to hold on it to until I can sell it to pay off the mortgage on my current home in Saanich. Paid 520k for current home and worth over 700k now.

Small potatoes compared to hypa but you can see how owning land is helping me get ahead versus my day job which pays the bills.

On a side note, I feel like Victoria houses are still underpriced.

Thanks HR.
I honestly believe that you're doing the right thing. Renting property is one of the few ways to actually get ahead in life when you factor in the total asset value. Once the place is paid off, it's profit. Normally, this would be a long term investment, but again the last 15 years have screwed that up.

That said, I think you're right about the island. Other than the waterfront, it is incredibly undervalued. If inland prices start to catch up, watch out.

On a side note, has Nanaimo cleaned itself up?

Originally Posted by PeanutButter

Spoiler!

This.

No one should be arguing owning land is superior.

The problem originalhypa, is that no one in Vancouver is willing to sacrifice.

I'm not sure where you grew up originalhypa, but if you grew up in Langley or in that general area, you have friends and family in that general area.

I grew up in Vancouver. All of my friends and family are in Vancouver. It would be socially difficult for me to move to Langley or Abby.

I don't need to be close to downtown as I don't go down there often, but to be distant from my family and friends... I will have a tough time doing that.

If I was brave and had courage, I would move to Alberta and start my life there, as I know my kids would have a better future out there because they would be able to afford a home.

Spoiler!

But, I am too selfish and cowardly to move to Alberta. Even though I know for a fact that I could make more money in my field and I could buy a house for a more reasonable price, I will not sacrifice to do that..

It sucks. Being a global city was the absolute worst thing for us. It ruined our entire future.

You make a good point PB. Being away from family, and that support network is hard. I'm lucky that my immediate family lives in Langley still. However, my extended family is all over the map from Coquitlam to North Van, and all in between.

We don't see the extended family that much anymore. In fact, I don't see my immediate family as often anymore. We're so busy with my own family and friends that there isn't much time left over. But it tooks years to build those friendships.

Becoming a global city benefitted some, but hurt many. The city has become cold and heartless, but most of all it became shallow. That said, I know a lot of people who profited well (from real estate, lol) and are now living their dreams.

Originally Posted by yameen

originalhypa, i definitely agree with your statements but you're assuming we can all afford land. the majority of us can't and are forced to buy a condo whether we like it or not. i would rather have my money invested in a condo that rises very little than to have it sitting in a bank gaining returns. i'm by no means financially saavy and I am in the market to buy a condo, but believe me i wish i could afford some land right now. surely i can around coquitlam but it's quite a lifestyle change.

This is the main problem, and I feel for the next generation coming into the market. My first house was a split level on an acre, bought for $369k. I remember getting our mortgage at 4.5% back in 99' and how I thought I would never pay it off. $2200/month was huge back then, but we did it. I wasn't saavy. In fact, I have pissed away more great deals in the last 10 years than I took on. I could have made a fortune in Whistler 3 years ago, but instead bought a condo because I didn't feel right leaving 3/4 of a house sitting vacant for half the year.

I'm beating myself up on that one, since the house in question has gone up 35%, and sold easily for that.


So what is the next generation to do?
Maybe Vancouver isn't the answer. Like when LA blew up, and the surrounding areas spread out further. You used to be able to get a condo in Queens NY for cheap. But now folks are spreading out to NJ and even further north. I hate Chilliwack and Mission, but with a bit of gentrification they would be nice. Well placed on the map, and still within driving distance to the city.

But like Peanut Butter said though, it's tough to pack up and start new.
And therein lies the sadness of what our market has become. It's forcing families to break apart in order to accommodate people who left their own families.

Originally Posted by Ludepower

originalhypa cool pissing contest story bro.
Everyone who bought real estate 10 years ago is rich.
I dunno how your story helps us first time home buyers who need help from the parents just to buy the 'garbage shoe box condo'.
Move further away. How about we just move to africa.

You would like Johannesburg. It's a kick ass city. Tons of nightlife and close enough to Nigeria that you could collect your millions from the prince directly. I could forward you an email if you like.


Srsly tho, figure out what you want out of life first, then find your place.
I like the outdoors, so Kamloops was nice. It's close to tons of lakes and mountains, and within driving distance to the Kootenays. Problem is, I'm getting older now and the desire to snowboard down the side of a cliff isn't as strong as it used to be.

It may be that Vancouver has exactly what you want. If that's the case, then maybe it is worth it for you to get into a condo. If you travel a lot, I could see the argument for high density. Maybe you don't like to cut the grass? All valid points.

Hell, I'm out of the house so much in the winter time that I fantasize about living in a penthouse somewhere. A place that I don't have to worry about shovelling snow, or taking down the xmas lights.

Then I visit my friend who lives in a 3BR condo in Willoughby. I hear his neighbours coughing and their dogs whining. I smell them cooking cabbage and fight for parking. And I realize how nice it is to not have to deal with that.