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.
Opinion is the lowest form of intelligence. It requires no accountability, no understanding.
The highest form of knowledge is empathy, for it requires us to suspend our egos and live
in another's world. ~ Bill Bullard