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.
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.
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.
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?
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.
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.
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.