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(Globe and Mail)   Dullsville of the westcoast Vancouver once again ranked least affordable city in the western world. Someone tell them the real estate bubble popped already   (theglobeandmail.com) divider line 29
    More: Asinine, Vancouver, construction industry, financial markets, economic bubble  
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1083 clicks; posted to Business » on 22 Jan 2013 at 8:24 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-01-22 08:22:56 AM
Least affordable, or second-least?
 
2013-01-22 08:23:35 AM
Oh, I see, not counting Hong Kong, because it's not in the western world.
 
2013-01-22 08:32:53 AM
The real estate bubble will pop when China stops buying all the land.

Which means never.
 
2013-01-22 08:53:56 AM

Ishkur: The real estate bubble will pop when China stops buying all the land.

Which means never.


Japan was going gangbusters buying up everything in the 80's, eh, and people were saying the same thing.
 
2013-01-22 09:22:17 AM
It's true, the real estate boom is driven by affluent asians with first world money but third-world real-estate sensibilities. How else can you explain 400 square foot condos and million dollar 2 bedroom suites?
 
2013-01-22 10:07:25 AM
Isn't Vancouver where they had all them riots a a few years ago?

What's dull about THAT?
 
2013-01-22 10:44:24 AM

doczoidberg: Isn't Vancouver where they had all them riots a a few years ago?

What's dull about THAT?


i1151.photobucket.com
Dull!

i1151.photobucket.com
Boring!
 
2013-01-22 11:47:58 AM
Vancouver is a great city. One of the few places i would consider leaving NYC for, however, the bum population staggering. Even coming from NYC, it was very noticeable in Vancouver.

/Ive heard cites like toronto and montreal buy their bums one-way bus tickets to Vancouver so they dont freeze to death in the winter. Dont know if thats really true or not.
 
2013-01-22 12:48:49 PM
Yea a few places in North America give bums bus tickets to other places for the winter. But then where they go give them tickets back to where they came from, completing the circle jerk of life.

Vancouver started to get trashed a couple of decades ago when scumbags from Toronto moved in. farking Asssssholes. They farkers go up the Grouse Grind in Winter or summer and call the rescue squad when they realize they are a farking idiot trying to climb a damned mountain. If you are wearing sandles, you are a total farking idiot. Ontarios mountains are what like 300 feet? Latest one, some farker called in an avalanche in Winter. A farking tree fell down on the 'closed'*(can't be closed as it is public lands) grouse grind trail.

Vancouvers problem is that bum town is being shoved further east. Seems that even China town is being outsourced to Metrotown and Richmond.

Vancouver lost a billion dollars(regained some) on the Olympics Village fiasco(and still spending millions trying to bring rioters to buford t. justice) and keep moaning that they don't have any money for homeless social programs.

Old buildings that were practically abandoned for decades are being fixed up into turd blossom apartments that are mostly a bed and hotplate and a shiatter. 300 sq. ft. is for professionals that spend their time working or partying out.

New builds/rebuilds are for residential but then the city wants some low income units in that same building and people biatch about their low income neighbors might rob them since they get to use the same entrance and hallways.
One way around having to put in low income units is to kick a few more bucks into Vancouvers slush fund. Otherwise known as 'green space'. I never knew that a dozen trees in the sidewalk cost a million dollars.

In other news: Its a nice enough place but still working on making a regional transportation system that is not locked in the 1960's.

In other totally laughable news: The new billion dollar Port Mann bridge to deal with the suspension cables that bombed ice on around 200 cars is getting cable sweepers. Couple of weeks ago, 40 cars got smashed on an iced over deck. lightly scrape(set at 1/2" above the cable sheath) and then sweep snow and ice on the cars instead of 20 pound chunks falling down on their own.
http://tranbc.ca/2013/01/21/three-solutions-identified-to-improve-po rt -mann-bridge-safety/
 
2013-01-22 01:27:35 PM
Vancouver is a nice place, but it's got an awful road transportation system(2 lane highways everywhere, heavy commercial traffic all over residential and city cities, toll bridges, etc) that makes it an awful place to get around in. If you don't live where you work, you're kind of screwed.
 
2013-01-22 01:42:26 PM
Desperately trying to sell our 1 bedroom condo near a Skytrain station to buy a cookie cutter house (with no Garage) on a tiny lot 50 minutes out of town (Maple Ridge) for $400,000. I make on the high end for salaries for this region, and even that will be stretching my income.

$400,000 just about anywhere else can get you a huge home on acreage. Here it's a 550 square foot condo downtown, a two bed townhouse in the near suburbs, or a house in the sticks.

This house, near where I currently live, is listed for $728,000:
images.realtor.ca

It's insane. Absolutely farking insane.
 
2013-01-22 02:30:40 PM

oldfarthenry: doczoidberg: Isn't Vancouver where they had all them riots a a few years ago?

What's dull about THAT?

[i1151.photobucket.com image 640x360]
Dull!

[i1151.photobucket.com image 640x426]
Boring!



You can totally see up that chick's skirt.

Huh huh huh huh.
 
2013-01-22 03:08:13 PM

Nexzus: Desperately trying to sell our 1 bedroom condo near a Skytrain station to buy a cookie cutter house (with no Garage) on a tiny lot 50 minutes out of town (Maple Ridge) for $400,000. I make on the high end for salaries for this region, and even that will be stretching my income.

$400,000 just about anywhere else can get you a huge home on acreage. Here it's a 550 square foot condo downtown, a two bed townhouse in the near suburbs, or a house in the sticks.

This house, near where I currently live, is listed for $728,000:
[images.realtor.ca image 512x400]

It's insane. Absolutely farking insane.


I'm trying to get into the real estate market out here. For a mid-range wage like mine, my options are basically to get a condo out in the valley and commute an hour or more to work. And even that's tight - two-bedroom condos start in the $200-250k range even in the burbs. Two-hour drive, they get into the $150k range, but with these gas prices that's not much savings.

Basically, anyone but the moderately wealthy or those backed by offshore money are screwed.
 
2013-01-22 03:20:25 PM

Five Tails of Fury: Basically, anyone but the moderately wealthy or those backed by offshore money are screwed.


So, much like life?
 
2013-01-22 03:52:42 PM
HONGCOUVER
 
2013-01-22 04:39:54 PM
Blame the chinese.
 
2013-01-22 04:50:39 PM
On the one hand, I agree with their point about densificaion policies causing price inflation by creating artificial land scarcity. On the other hand, in Vancouver most of the land that would be available to build on consists of most of the arable land in the province. So we could conceivably have cheaper housing, but would be utterly dependent on food imports. Neither option is especially appealing.
btw paid $280k for a 50-year-old 1 bedroom in Kerrisdale.
 
2013-01-22 05:48:52 PM
What? We're runnning out of suckers? I thought there were billions of them!
 
2013-01-22 09:10:22 PM
It's the only city in Canada that pretty much never gets snow, or gets to double digits below zero (our zero, not yours), so the housing bubble will pretty much never truly bust here. Though average prices are falling lately, they'll never take a crash sized dip unless the big one hits.

Rich, old Canadians head for Florida in the winter, the poor, athletic ones head here.
 
2013-01-22 09:16:59 PM

sheep snorter: Yea a few places in North America give bums bus tickets to other places for the winter. But then where they go give them tickets back to where they came from, completing the circle jerk of life.

Vancouver started to get trashed a couple of decades ago when scumbags from Toronto moved in. farking Asssssholes. They farkers go up the Grouse Grind in Winter or summer and call the rescue squad when they realize they are a farking idiot trying to climb a damned mountain. If you are wearing sandles, you are a total farking idiot. Ontarios mountains are what like 300 feet? Latest one, some farker called in an avalanche in Winter. A farking tree fell down on the 'closed'*(can't be closed as it is public lands) grouse grind trail.

Vancouvers problem is that bum town is being shoved further east. Seems that even China town is being outsourced to Metrotown and Richmond.

Vancouver lost a billion dollars(regained some) on the Olympics Village fiasco(and still spending millions trying to bring rioters to buford t. justice) and keep moaning that they don't have any money for homeless social programs.

Old buildings that were practically abandoned for decades are being fixed up into turd blossom apartments that are mostly a bed and hotplate and a shiatter. 300 sq. ft. is for professionals that spend their time working or partying out.

New builds/rebuilds are for residential but then the city wants some low income units in that same building and people biatch about their low income neighbors might rob them since they get to use the same entrance and hallways.
One way around having to put in low income units is to kick a few more bucks into Vancouvers slush fund. Otherwise known as 'green space'. I never knew that a dozen trees in the sidewalk cost a million dollars.

In other news: Its a nice enough place but still working on making a regional transportation system that is not locked in the 1960's.

In other totally laughable news: The new billion dollar Port Mann bridge to deal ...


Wow...I can't find anything wrong about that entire post. That being said it's still quite a nice place to live, despite what the submitter (someone who I'm sure is from Alberta) has said.
 
2013-01-22 11:31:29 PM
The Canadian government went WAY out of its way to build up this bubble... now the baby boomers are all relying on rich Chinese people to buy up all the land because their kids sure as hell won't be able to afford it at the prices the boomers are expecting to get when they cash out.

If you are under 40 in Vancouver, you are pretty much screwed unless you are already rich or grow pot for a living.

Looking forward to the crash... can't come soon enough.
 
2013-01-23 01:26:25 AM
I moved to Vancouver a little over a year ago. There are a lot of good things here, but I don't think I would ever be able to buy a decent house. The prices are insane. Most of my co-workers commute over an hour a day. Besides the housing prices, the worst things here are the weather (Sometimes I forget that the sky is blue since I never see it) and the drivers. They can't drive here and they are rude as hell.
 
2013-01-23 02:22:58 AM
Real estate in Vancouver is so bad that there's a definite set of circumstances where it makes sense to live on Vancouver Island and take the 1.5hr ferry trip and then a skytrain as your commute.

Which is kind of crazy.
 
2013-01-23 02:43:18 AM

llachlan: It's the only city in Canada that pretty much never gets snow, or gets to double digits below zero (our zero, not yours), so the housing bubble will pretty much never truly bust here.


Yes, because Florida, Phoenix, California never get snow and their bubbles never burst a few years ago.

Also, incessant rain for months is considered far worse than snow.

I see that there are a lot of used house salespeople here on Fark today.
 
2013-01-23 02:47:53 AM
Simon & Garfunkel's take on the Vancouver bubble below (Props to the user who posted it on the very informative Vancouver real estate blog: www.vancouvercondo.info )
--------------
Hello realtor, my old friend
I've come to talk with you again
Because listings softly creeping
Reduced home values while I was sleeping
And the retirement that was planted in their brain
Still remains
Without the sound of buying

In open houses I walked alone
Narrow driveways of faux cobblestone
This listing even claims the street lamp
Toronto, Vancouver? One's cold, one's damp
When my eyes were stabbed by the flash of a reduced sign
That split the neighbour's spine
And touched the sound of crashing

From a yellow helicopter I then saw
Thirteen thousand listings maybe more
People looking without buying
People giving but no taking
People writing songs that CREA never shared
No one dared
Disturb the sound of popping

"Greater Fools," said I, "you do not know
Listings like a cancer grows
See my charts that I might teach you
Lessons from Florida may they reach you"
But my words like home prices fell
And echoed in the House of Commons

And Carney fled and people prayed
To the leverage gods that they made
And the Bond Market flashed out its warning
In the words those higher rates were forming
And the sign said "The Legacy of Flaherty is best written on leaky condo walls
And bathroom stalls
And whispered in the aftermath of a correction
 
2013-01-23 06:07:27 AM

ChibiDebuHage: llachlan: It's the only city in Canada that pretty much never gets snow, or gets to double digits below zero (our zero, not yours), so the housing bubble will pretty much never truly bust here.

Yes, because Florida, Phoenix, California never get snow and their bubbles never burst a few years ago.

Also, incessant rain for months is considered far worse than snow.

I see that there are a lot of used house salespeople here on Fark today.


Canada had regulated the system and wasn't throwing mortgages out the window for anyone to pick up. They did flirt with the 0 down payment and 35 year mortgages but have scaled back a bit when things started falling apart down south. However there is still a bubble in the housing market here and it won't be the first time it has popped in the last 30 years. Ottawa where I live has always been considered pop-free due to the Public Service however with the govt tightening their wallets and actually laying people off houses are starting to sell a bit slower but they are still increasing in cost. Mind you the increases have never been as insane as Vancouver or Calgary. I could probably get $300k for my 3 bedroom townhouse in Barrhaven. Personally I would rather move to Arizona or New Mexico than Florida or Vancouver if I was looking to get snow free.
 
2013-01-23 08:27:37 AM
I suppose then that when I paid $211,000 for a 625sq ft apartment condo in Edmonton in 2008 right before the Americans economy ruined everyone else's that was a reasonable price compared to Van? Luckily I lost my job soon after and had no equity in it when the bank took it from me.
 
2013-01-23 10:14:25 PM
Always hearing about how un-affordable it is to buy a home out there, but are the insane property values also really spiking prices in the rental market?

/Thinking about moving to Vancouver
//No illusions about being able to afford to actually buy anything
 
2013-01-24 02:27:31 AM

The Itis: Always hearing about how un-affordable it is to buy a home out there, but are the insane property values also really spiking prices in the rental market?

/Thinking about moving to Vancouver
//No illusions about being able to afford to actually buy anything


It depends on what area you live in, but rent is no where near as expensive as buying. Tonnes of condo's/apartments here. As well, since houses are so expensive, many people rent out the first floor/suite.
 
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