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The Decline of Vancouver.

Nov. 4, 2016, 11:12 a.m.
Posts: 15171
Joined: Nov. 20, 2002

Consider that there is alot of land up here eh and nowhere for them rich furiners to buy Prada or Manolo Blaniks, the only Starbucks is in Safeway where old people poach the wiwfi and the only luxury car that makes any sense is a Prince George sports car … AKA a 4x4 ex-cab PU

I am not holding my breath worrying

Things have cooled off and our condo is still on the market so I asked sis WTF is up down there so she said well ya things are down 32% from a market frenzy of last year, the market has normalized a year ago people were bidding over list …just relax

Was suposed to be mortgage free today, I looked at my bank acounts this am and the mortgage is no longer there

Nov. 4, 2016, 12:44 p.m.
Posts: 16696
Joined: Nov. 20, 2002

Down 32% … not.

When one person suffers from a delusion, it is called insanity.

When many people suffer from a delusion, it is called religion.

Nov. 4, 2016, 2:57 p.m.
Posts: 429
Joined: Feb. 28, 2005

Sales down at least 32% YOY

Nov. 4, 2016, 3:26 p.m.
Posts: 16696
Joined: Nov. 20, 2002

Ah … well that's only of limited value. Prices only dropping a fraction of a percent MOM each of the last two months.

When one person suffers from a delusion, it is called insanity.

When many people suffer from a delusion, it is called religion.

Nov. 4, 2016, 3:44 p.m.
Posts: 15171
Joined: Nov. 20, 2002

I think they mean the number of sales compared to last year when people were bidding over asking ?

Nov. 5, 2016, 8:22 p.m.
Posts: 0
Joined: April 6, 2003

Note I said those who feel they deserve a single family home. Those yelling the loudest about lack of affordability typically ignore the lower priced neighborhoods, and reasonably priced condos and townhomes.
Nowhere did I suggest CDN citizens be displaced… however if they don't want those reasonably priced residences (that btw the "rich foreigners" are not buying up either), then yes, they should look at relocating somewhere they can afford a detached home.
Being a citizen doesn't entitle us to owning a fancy home in the nicest city in the country.
Just the same as I don't see those moaning about lack of empoloyment being caused by our immigration policy taking low paying jobs. They do seem happy to be served starbucks and mcdonald's by those same people who "took" all those jobs that they are too good for.

ride a horse! 1200 pounds of raw muscle, power, grace, and sweat between your legs…
but riding bikes is still fun!

Nov. 6, 2016, 9:31 a.m.
Posts: 3
Joined: July 4, 2003

Note I said those who feel they deserve a single family home. Those yelling the loudest about lack of affordability typically ignore the lower priced neighborhoods, and reasonably priced condos and townhomes.
Nowhere did I suggest CDN citizens be displaced… however if they don't want those reasonably priced residences (that btw the "rich foreigners" are not buying up either), then yes, they should look at relocating somewhere they can afford a detached home.
Being a citizen doesn't entitle us to owning a fancy home in the nicest city in the country.
Just the same as I don't see those moaning about lack of empoloyment being caused by our immigration policy taking low paying jobs. They do seem happy to be served starbucks and mcdonald's by those same people who "took" all those jobs that they are too good for.

550sq/ft, one bedroom condos here cost more than a Single Family houses in 90% of Canada, and probably North America.

I know you think what you're saying makes sense, but unfortunately it doesn't.

Nov. 6, 2016, 9:56 a.m.
Posts: 9747
Joined: Nov. 20, 2002

550sq/ft, one bedroom condos here cost more than a Single Family houses in 90% of Canada, and probably North America.

I know you think what you're saying makes sense, but unfortunately it doesn't.

Langley, Maple ridge condo's and townhouses are still affordable though.

Nov. 6, 2016, 10:01 a.m.
Posts: 0
Joined: April 6, 2003

A Ferrari is more expensive than 90% of other cars. If I can't afford one.. I need to accept that my Mazda is reliable and suits my needs.. not bitch that a Ferrari is out of my price range.

ride a horse! 1200 pounds of raw muscle, power, grace, and sweat between your legs…
but riding bikes is still fun!

Nov. 6, 2016, 10:43 a.m.
Posts: 3
Joined: July 4, 2003

A Ferrari is more expensive than 90% of other cars. If I can't afford one.. I need to accept that my Mazda is reliable and suits my needs.. not bitch that a Ferrari is out of my price range.

:lol:

No need to waste our time then.

Nov. 6, 2016, 10:48 a.m.
Posts: 3
Joined: July 4, 2003

Langley, Maple ridge condo's and townhouses are still affordable though.

Sure, on a relative scale they are.

But a little perspective is important.

Prices in Abby are up 40% YoY, how much longer is the valley going to remain affordable?

And the ridiculous suggestion is - get in before you're priced out.

How about we actually discuss how tens of thousands can actually be priced out of ever further flung suburbs, let alone anywhere near the city?

Nov. 6, 2016, 10:56 a.m.
Posts: 9747
Joined: Nov. 20, 2002

Sure, on a relative scale they are.

But a little perspective is important.

Prices in Abby are up 40% YoY, how much longer is the valley going to remain affordable?

And the ridiculous suggestion is - get in before you're priced out.

How about we actually discuss how tens of thousands can actually be priced out of ever further flung suburbs, let alone anywhere near the city?

all I'm saying is that everyone runs around with "can'taffordamillion" but refuse to accept that they just don't want to live the burbs.

I dont disagree that I wouldn't jump in to this market if i was on the sidelines .

Nov. 6, 2016, 11:36 a.m.
Posts: 11912
Joined: June 4, 2008

I'm sad that we keep coming back to this strawman.

Should foreign money be allowed to use our housing stock for speculative purposes and should we allow them to leave them empty?

A "yes" answer is non-compatible with the belief you hold any importance on local community, never mind the damage caused by ghost-towns.

Nov. 6, 2016, 11:48 a.m.
Posts: 1757
Joined: Nov. 23, 2002

all I'm saying is that everyone runs around with "can'taffordamillion" but refuse to accept that they just don't want to live the burbs.

I dont disagree that I wouldn't jump in to this market if i was on the sidelines .

dude c'mon, that's a poor argument considering how the R/E market has played out in metro van over the past decade. before that you didn't have the "i can't afford a ferrari bitchers" because there was a decent amount of modestly priced housing stock, inlcuding SFH's in vancouver proper. YOY price increase of 20-30%? that's totally unreasonable. hell, even jumps of 10% could be considered out of line considering other factors like wages in this region. the market has been unreasonably skewed by foreign investment and housing stock has been turned into a commodity.

20 years ago i could buy a house in the east of sfu region for a bit more than what i paid for my condo 8 years ago. now that condo is priced about the same as what a home on the east side of vancouver was worth about 5-6 years ago. we're looking at across the board 100% price increases (or more) in less than a decade. that's just fucked.

in the past living in the burbs might have meant east side of burnaby, tri-cities, surrey, etc, now that means mission, abby, hope. it's fucked. you have 60 yr old homes getting close to $1 million on the east side of burnbay and in most of coquitlam and port moody with poco not being far behind.

here's the picture if you set SFH prices at $850K. there are two anomalies, the one blue dot in vancovuer is actually a houseboat and the one on the north shore is actually a listing for a property on an island with no ferry service.

now cut the price to $700K - even bleaker

now cut it to $600K - well holy shit.

if i'd have said even 5 years ago that unless you went out to or past the east side of maple ridge or the shit parts of surrey that you couldn't buy a house for under $600K you probably would have lauged. in many places, home prices have come close to doubling in 5 years - that's insane. that you can't get a house for under $630 in poco for fucks sake is just stupid. even if we have a major correction of 25% the idea of owning a SFH for most people who don't already have significant equity in a property is GONE.

Luck is what happens when preparation meets opportunity ~ Seneca

Nov. 6, 2016, 11:51 a.m.
Posts: 9747
Joined: Nov. 20, 2002

I'm sad that we keep coming back to this strawman.

Should foreign money be allowed to use our housing stock for speculative purposes and should we allow them to leave them empty?

A "yes" answer is non-compatible with the belief you hold any importance on local community, never mind the damage caused by ghost-towns.

no i think the current 15% tax did a decent job regulating foreign money, more importantly the CRA cracking down on unreported income. all out ban of outside ownership would go to far and probably break most of our global trade agreements , also think of the all the poor prairie snowbirds who couldn't buy a place in Phoenix or florida!

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