then what are you gona do for money?
Might work if you got a portable job
The Decline of Vancouver.
Posted by: syncro
I think we can finally put a fork in this local real estate thing. I follow market listings in metro fairly regularly - mostly condos, not sfh's - and the price jumps in the past few months have been unreal. I'm seeing 2bed/2bath condos in my hood approaching $800K which is just unreal when about 5yrs ago you could still get a shitter sfh on the east side for that. Where will this end?
Who knows.... yes the condo market has gone bonkers, I guess because the detached home/ townhouse market its so over inflated.
We were thinking of selling our way overvalued condo and diving into the huge mortgage for a house on the shore. Right now is bad timing, don't like the look of the market, going to hold off...
lol...so many "consultants" and 3rd party people wondering wtf happened right now.
wait a year and then buy in smitters.
Posted by: XXX_er
then what are you gona do for money?
Might work if you got a portable job
Ukulele in front of LCB by day binner by night bivouac in cardboard box. Lifty in winter live in an igloo!
Applying reason and rationale work for many things in life, but it'll probably never work for Vancouver real estate (or real estate in any highly sought after place in Canada) from here on in. Not saying that there will not be ups and downs but it seems unlikely to me that the real estate world will dramatically change its view that all of a sudden homes in one of the worlds most desireable cities should be worth way less relative to elsewhere.
The world has changed, and not for the better. i feel exposed to things that I can't fully explain with my West Van house but I can tell you that when I bought in 2015 I had to close my eyes, pinch my nose and go with my gut. Who knows how it will work out but it's an amazingly wonderful place to live. I hope I get to stay forever. When I quit my previously great job in Toronto to move here for less dough, the job wasn't the big thing to wrap my head around, it was the real estate!!!!
Since I moved here I've met so many professionals who were scared of the market ~5 years ago and made the choice to rent. Those same people are now distressed because they have no stability in their lives because their rental houses are flipping like hamburgers and they keep having to move. Kids are changing schools and now many of them are throwing up their arms and looking to buy (for stability), but while they made the choice to rent before, they don't have the choice to buy where the live anymore. That really sucks. And their potential commutes are too long for their jobs. It's not a great situation. Much stress came from them making what turned out to be a much longer term decision than they realized they were making at the time.
But You're always going to have a bunch of buyers on the sidelines waiting for their chance and that means that we are unlikely to see any major corrections here releatve to elsewhere. Investors will buy on dips. Locals who are tired of renting will buy on dips. Foreigners seeing a weak cdn real estate market will buy on dips.
Thats what happens when you live in a place everyone wants to move to. Hell, I took a greater than 50% salary cut to move here, BY CHOICE. So far it's been a great decision. Who knows how it ends up but as long as I don't take a bath on the house when I eventually sell it it will have been a great decision moving to Vancouver. I absolutely love it here.
Last edited by: Ddean on Sept. 10, 2017, 8:21 a.m., edited 1 time in total.
could have gone either way
for them and you
and until you sell
you won't know either
You bet it could have. And it still could. I just hope I don't loose a truck load of dough versus what I paid. If I'm flat when I eventually sell, I'm good as it will have been a privilege to have lived here. But I think that it will take a systemic real estate problem across the world for that, and that would impact other cities.
And I didn't mean to imply that it is the wrong move to be on the sidelines. Its been the wrong move so far, but everyone has different timelines and the years ahead will be what they will be. But Vancouver is always going to be an incredible place to live and that provides protection in my view.
yup its all about good timing soYou hit it right totally due to dumb luck I would bet, i know it totally was for me
Vangroovy is still totally phucked up which is why those very samrt people sat on the fence, yes they were wrong
but actualy they weren't wrong for sitting on the fence which is why so many of them got caught ... cash out my friend
Posted by: Ddean
But Vancouver is always going to be an incredible place to live and that provides protection in my view.
That may be true for those with a healthy cash flow. Others, not so much.
In spite of its proximity to the water, skiing/biking, there's no way I'd pay to live in this cliquey armpit of infernal traffic, noise, crime and just really really rude people.
Vancouver sucks now. If I were young I'd be outta' here in a heartbeat.
Last edited by: tungsten on Sept. 12, 2017, 2:12 p.m., edited 2 times in total.
2.5 million Vancouverites will be glad to open the door for you.
It is easy to dodge our responsibilities, but we cannot dodge the consequences of dodging our responsibilities.
- Josiah Stamp
Every time I see an adult on a bicycle, I no longer despair for the future of the human race.
- H.G. Wells
Fair enough if you packed up to move to some cool quaint little mountain town, but otherwise I think you're basically describing what it means to live in pretty much any major city--and those cities don't have mountains and oceans on their doorstep. Where are you now?
Sorry I'm jumping in on page 181 and haven't scrolled back much so I'm likely just repeating a thousand other posts.
Posted by: fun-house
I think you're basically describing what it means to live in pretty much any major city--and those cities don't have mountains and oceans on their doorstep.
But if I were young though I think I'd try somewhere like the Squamish corridor. B-ham is also close to the goods with a decent sailing scene, but, you know, 'merica.
Canada should annex Mt.Baker. Why not? I'll call my good friend Vlad for advice.
How many minutes from Sq to WV?
Last edited by: tungsten on Sept. 12, 2017, 2:54 p.m., edited 1 time in total.
Yes, except that other major cities generate serious revenue. Living costs are high in NYC, London etc. but so are wages.
Vancouver money is largely imported or dependant upon rising real estate values. I recently read that 40% of BC's GDP is linked to real estate. IMO that's a worrisome amount of concentration.
Posted by: fun-house
Fair enough if you packed up to move to some cool quaint little mountain town, but otherwise I think you're basically describing what it means to live in pretty much any major city--and those cities don't have mountains and oceans on their doorstep. Where are you now?
Sorry I'm jumping in on page 181 and haven't scrolled back much so I'm likely just repeating a thousand other posts.
Posted by: tashi
Vancouver money is largely imported or dependant upon rising real estate values. I recently read that 40% of BC's GDP is linked to real estate.
yeah I read that stat and wondered, cuz you aren't making or exporting anything of value so doesn't the $$$$ just come from the home buyer/taxpayer?
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