Vancouver's Real Estate Market

[underscore]

I thought the UK had crazy house prices as well?

[whitev70r]

Originally Posted by Gerbs

My place is 17 years old, so if it gets close to $1mil, idk what to say lol.

A part of me feels like there'd be civil unrest if that happens.

Then YVR would hit like HK prices about 10 yrs ago, $1M small flats. People somehow find a way to 'live'.

@Skinnypupp, what is the avg price of a 1 bedroom flat in HK now?

[68style]

Originally Posted by underscore

I thought the UK had crazy house prices as well?

In London and some rich people suburbs yah... everything else is super reasonable if not bargain basement but it's starting to go up there too. It's more an option for me because I have ancestral citizenship rights there.

I mean the funny thing with those places is that because the country is so small, people living there (I have relatives there) will bitch and moan about a 45 minute drive from somewhere into town like it's an expedition of untold length and difficulty and you can drive across the entire country quite easily in 4-5 hours... but that's just a normal commute for us and you can barely get to Kelowna in 4-5 hours lol.

[Gerbs]

I'm curious what rent prices could look like if $1M small flats becomes the norm here.

Would there be government intervention at that point? Or would the have nots be expected to migrate to smaller cities.

[snowball]

Originally Posted by 68style

In London and some rich people suburbs yah... everything else is super reasonable if not bargain basement but it's starting to go up there too. It's more an option for me because I have ancestral citizenship rights there.

I mean the funny thing with those places is that because the country is so small, people living there (I have relatives there) will bitch and moan about a 45 minute drive from somewhere into town like it's an expedition of untold length and difficulty and you can drive across the entire country quite easily in 4-5 hours... but that's just a normal commute for us and you can barely get to Kelowna in 4-5 hours lol.

Lol, 45 minutes. Vancouver is 45 minutes from Vancouver somedays.

[TOS'd]

Originally Posted by snowball

Lol, 45 minutes. Vancouver is 45 minutes from Vancouver somedays.

*GTA enters chat*

[mikemhg]

Originally Posted by Gerbs

I'm curious what rent prices could look like if $1M small flats becomes the norm here.

Would there be government intervention at that point? Or would the have nots be expected to migrate to smaller cities.

This is a real discussion that will have to be had.

[mikemhg]

Originally Posted by 68style

Depends what money is worth at the time... inflation wise... for sure they will be a million one day but maybe a combination of crazy market and inflation makes it so.

I have a pretty decent mind to sell out here and move to the UK if for no other reason than it makes all of europe accessible to explore on a whim and there's tonnes of race tracks and car events/culture to go to... and could buy a pretty big property somewhere nice and peaceful rather than sitting in a $600,000 1 bedroom place listening to my upstairs neighbours hack meat on a marble cutting board for half an hour every night and be told it's not complainable because it's considered food preparation.

I considered making a similar change, ancestry citizenship through Ireland.

Problem is, if you're moving due to the weather in Canada (looking for something warmer) you're in a worse spot in the UK

Vancouver is like Hawaii compared to over there.

[bcrdukes]

Originally Posted by TOS'd

*GTA enters chat*

+1

STFU TOS'd!

[donk.]

Originally Posted by Gerbs

I'm curious what rent prices could look like if $1M small flats becomes the norm here.

Would there be government intervention at that point? Or would the have nots be expected to migrate to smaller cities.

There's no different between a 1million 500sqft condo in Coquitlam in the year 2025 VS a 60k 500sqft condo in Coquitlam in the year 1960.

60k for a condo in 1960 was outrageous
1mil for a condo in 2025 will be outrageous

Everything goes up in price, I don't think it matters what the price is, what matters is how many people can't afford to buy what they want

Unaffordability has been around since the dawn of time, regardless of it being a car, house, eating a bowl of 18$ noodles, whatever

[westopher]

A 4 bedroom house in Dunbar in 1960 was 14k. So yeah a 60k condo in Coquitlam would have been crazy, but it was probably about $2500
A years average wage (or substantially less) could get you a 1 bedroom condo then. Now it’s 10 years, so there’s really no comparison of what qualifies as unaffordable.

[Eff-1]

Originally Posted by 68style

In London and some rich people suburbs yah... everything else is super reasonable if not bargain basement but it's starting to go up there too. It's more an option for me because I have ancestral citizenship rights there.

I mean the funny thing with those places is that because the country is so small, people living there (I have relatives there) will bitch and moan about a 45 minute drive from somewhere into town like it's an expedition of untold length and difficulty and you can drive across the entire country quite easily in 4-5 hours... but that's just a normal commute for us and you can barely get to Kelowna in 4-5 hours lol.

I've looked into it too haha. The cost of living in the UK is quite high in a lot of areas. $2.75/L for gas. Inflation is 5% this year! Avg monthly electricity and gas is $200 CAD per month. But if you are saving a ton on the housing purchase to begin with, then you're probably still a lot further ahead compared to here.

[Eff-1]

Originally Posted by 68style

Depends what money is worth at the time... inflation wise... for sure they will be a million one day but maybe a combination of crazy market and inflation makes it so.

I have a pretty decent mind to sell out here and move to the UK if for no other reason than it makes all of europe accessible to explore on a whim and there's tonnes of race tracks and car events/culture to go to... and could buy a pretty big property somewhere nice and peaceful rather than sitting in a $600,000 1 bedroom place listening to my upstairs neighbours hack meat on a marble cutting board for half an hour every night and be told it's not complainable because it's considered food preparation.

Tell your strata that's BS. Nuisance bylaw doesn't exclude specific activities. Nuisance is nuisance.

[JDMDreams]

Any thoughts on what's going on with rent? Rent prices have increased no where near the asset price increase.

[68style]

Renters don’t buy cuz they don’t have enough money (usually — sometimes it’s a personal choice) so there’s a limit to what they can afford before buying is the only thing that makes sense.

Owners would have to weigh the value of the rent vs paying empty home tax I guess.

[donk.]

Originally Posted by JDMDreams

Any thoughts on what's going on with rent? Rent prices have increased no where near the asset price increase.

I would disagree,
I just got new tenants in for my Port Moody place, 300$ increase from previous tenants (1900$/mo) that were there for 1.5years for a 1bed+den.
That's a 15% increase.
Keeping in mind, real estate gains will always exceed rent increases. (In tier A cities, and especially SFH)


They told me, they are getting "kicked out" of their Brentwood 2bed unit, because the owner is "moving back in" but will most likely re rent it at a higher rate. They stated rents are up 700$ compared to last year for their unit.

There are some areas for sure that are idle in price, or minimal change, I guess there's too many factors to look into.

[sonick]

Originally Posted by 68style

Renters don’t buy cuz they don’t have enough money (usually — sometimes it’s a personal choice) so there’s a limit to what they can afford before buying is the only thing that makes sense.

Owners would have to weigh the value of the rent vs paying empty home tax I guess.

lol i remember back in the day in the early pages of this thread, when rents did not catch up to housing prices, the whole strategy of "rent and invest the difference" that was preached on by 4444 (and myself included).

Nowadays rent prices are as ridiculous as housing prices, so it's all fucked.

[carsncars]

Originally Posted by 68style

I mean the funny thing with those places is that because the country is so small, people living there (I have relatives there) will bitch and moan about a 45 minute drive from somewhere into town like it's an expedition of untold length and difficulty and you can drive across the entire country quite easily in 4-5 hours... but that's just a normal commute for us and you can barely get to Kelowna in 4-5 hours lol.

Some personal experience with this... when I was last in the UK we planned to spend a few days in Edinburgh and when we told people in London that we were driving up in 1 shot (no overnights) they kept commiserating that it was such a long drive...

Not the reaction we were expecting since we'd done Vancouver - San Francisco in straight shots several times.

[carsncars]

Originally Posted by Eff-1

I've looked into it too haha. The cost of living in the UK is quite high in a lot of areas. $2.75/L for gas. Inflation is 5% this year! Avg monthly electricity and gas is $200 CAD per month. But if you are saving a ton on the housing purchase to begin with, then you're probably still a lot further ahead compared to here.

I have some friends that moved to London (HCOL) pre-pandemic and they definitely find some things more expensive, but other things cheaper. E.g. between having actual grocery competition, they find their grocery costs lower. Also in their areas of work (business administration/management) they get paid comparatively higher than they had in Vancouver.

[Hondaracer]

Originally Posted by carsncars

Some personal experience with this... when I was last in the UK we planned to spend a few days in Edinburgh and when we told people in London that we were driving up in 1 shot (no overnights) they kept commiserating that it was such a long drive...

Not the reaction we were expecting since we'd done Vancouver - San Francisco in straight shots several times.

I posted on a trip advisor forum asking for advice driving from Dublin to Dingle in Ireland, it’s across Ireland but only a 5 or so hour drive. I had people jumping all over me saying shit like “if you’re gonna try somthing like that I wouldn’t even bother coming!!!” Lol

I just drove 950kms on Friday like nothing

[underscore]

Originally Posted by 68style

In London and some rich people suburbs yah... everything else is super reasonable if not bargain basement but it's starting to go up there too. It's more an option for me because I have ancestral citizenship rights there.

Yeah I've got the same, if I was single I might consider it for a bit but I think I'd go insane having no real access to the outdoors.

Originally Posted by 68style

I mean the funny thing with those places is that because the country is so small, people living there (I have relatives there) will bitch and moan about a 45 minute drive from somewhere into town like it's an expedition of untold length and difficulty and you can drive across the entire country quite easily in 4-5 hours... but that's just a normal commute for us and you can barely get to Kelowna in 4-5 hours lol.

I always got a kick out of watching people on Top Gear panic about "long" journeys. I know tons of people (myself included) who have bombed to Vancouver and back in the same day just to buy a car or go to a track day or hit Ikea. Hell even as a kid my family used to go from Penticton to Prince George (9 hrs) just for my cousins high school graduations

[Gerbs]

Originally Posted by donk.

There's no different between a 1million 500sqft condo in Coquitlam in the year 2025 VS a 60k 500sqft condo in Coquitlam in the year 1960.

60k for a condo in 1960 was outrageous
1mil for a condo in 2025 will be outrageous

Everything goes up in price, I don't think it matters what the price is, what matters is how many people can't afford to buy what they want

Unaffordability has been around since the dawn of time, regardless of it being a car, house, eating a bowl of 18$ noodles, whatever

In the 1990's houses were $300 - 400K.

My current role in accounting & finance paid about $50 - 90K in the 1990's according to google after 5+ years of experience. That was around 8x the lower end of income.

Nowadays. it's like $2,000,000 for the same house but the salary for that role pays only $90 - 150K. Which is 22x the lower end of income.

Send help lol.

Originally Posted by JDMDreams

Any thoughts on what's going on with rent? Rent prices have increased no where near the asset price increase.

I noticed that I could rent my place out at Joyce for $2,000/month + extra parking stalls for an extra $50 - 100/month. Then rent at the Arc by Parq for $2,000ish/month. I find it interesting that the price difference between the two places $550K vs $700K. Seems like nicer condos are better to rent than buy.

[EvoFire]

Originally Posted by Gerbs

In the 1990's houses were $300 - 400K.

My current role in accounting & finance paid about $50 - 90K in the 1990's according to google after 5+ years of experience. That was around 8x the lower end of income.

Nowadays. it's like $2,000,000 for the same house but the salary for that role pays only $90 - 150K. Which is 22x the lower end of income.

Send help lol.



I noticed that I could rent my place out at Joyce for $2,000/month + extra parking stalls for an extra $50 - 100/month. Then rent at the Arc by Parq for $2,000ish/month. I find it interesting that the price difference between the two places $550K vs $700K. Seems like nicer condos are better to rent than buy.

A similar phenomenon was noticed in this thread a few years ago actually, but with SFH. People rather pay $5-7k a month to rent a nice house in the west side than actually buy it because the running costs of a nice house gets quite high up there plus servicing the mortgage.

[Hondaracer]

How about this beaut, unrenovated original rancher in Fraser Heights just off busy street, nothing intriguing Or interesting whatsoever:

[Fafine]

At the same time what else can someone for buy 1.8 these days