One of the things about this argument that is lost on many is "once it is gone, it is gone for good". By this, I mean that once a property is bought by offshore Asian interests, either as an investment or whatever, it tends to stay in that community. Most properties, once bought, are rarely, if ever, listed locally so even if a local born and raised family tried to buy the house (assuming of course they could afford it) it is very likely they would be out of luck. There is no law that mandates "fair play" in offering property for sale; that is it has to be open tender. So for all those retirees that sat on houses in North, West Van or the West side it is likely the last time it will be owned by a local resident. I cannot speak for all cases, but this is the case for most. I suspect the fact the pricing excludes many means this part of the story doesn't get too much ink but it is a sad reality. I have lived in Vancouver all my life, North Van the first 30 years of it and I am not sure what the next 10 years will bring. If anyone thinks there will be a market correction or crash they are dreaming. The only thing that will change is the upward rate and how steep the growth curve will be.
I live in Langley now, strictly on economic concerns, and they are talking about another 1 million moving into the Lower Mainland in 20 years. If traffic is this bad now, makes me wonder what the #1 will look like then. And since the demand for land is so high, don't think Fromme is safe; I can assure you the first two switchbacks of the road will be developed, maybe higher as the need for land grows. Already, everything up to the park boundary on Burke is slated for development. And for those whom ride the Woodlot, all of that nice rural land along Dewdney Trunk looks very appealing. Sadly, the trails will take a back seat to all of this since money talks.......
Thanks Jimmy Patterson and Expo 86. Vancouver will turn into the new version of Monaco where it is a wealthy paradise with little or no GDP and essentially revolves around the service industry. Not sure where they will live since already it is tough for many to live close to work. As I tell the younger crowd at my work, I have no idea how anyone under 30 is going to make it in this city unless they are blessed with good fortune or have a very quick establishment in an upwardly mobile career. It could very well be that in the 20 year time frame allotted for the influx of people many things that we take for granted as identities of Vancouver are gone. Personally, I think it is only a matter of time before Stanley Park is developed. After all, with enough time and will to make it happen, it usually does. Many would consider this statement heresy, but I see it as a logical extrapolation of known means. What do you think will happen when the Lions Gate Bridge needs to be replaced?