Vancouver housing price
 

So I hear on the radio today that the average price of a two story home in Vancouver is now 1.1 million.

So I wonder to my self. Who the heck can afford that? How did something like that become an "average". Wholley crap.

Ya man, it's kind of depressing. I've started to resign to the fact that I will never own a home here.. and what I pay in rent isn't much less than that what I'd be paying for a mortgage.

It's funny, the cities of Vancouver and North Vancouver have talked to me several times about what they need to do to keep my business here because they are losing young people and young entrepreneurs at an alarming rate. People want to retire here and young people can't afford it. Doesn't spell a good situation for them.

I've heard Mexico sunny and affordable...

A friend and I once thought of doing just that and setting up a coral farm.

Alas, I reside in the middle of the prairie. :lol:

My wife & I have the same idea & plan on going alot further east, to start that is....The diving is great though & cost of living affordable.... especially after Calgary, just to get out of the rat race. I'm @ 35 & she's 27 & we both feel burnt out & taken for a ride daily. Only 3-5 years to go here we hope.

This is the kind of shack you will get in Vancouver for around the one million dollar price tag:
http://3.bp.blogspot.com/_sDCKFPKKvO...00/vaneast.jpg

Vancouver housing prices are usually evaluated on the cost of the land and many buyers will tear down the old houses and build new - making the end value more like $3-5 million than 1.1M
Money is a funny thing - for plenty of people $1M to invest in home is very little. Most of the 'middle class' don't buy houses in Vancouver - they go to the suburbs to buy ...or they rent.
I live in Maple Ridge - which is about 45km east of Vancouver....or about 1.5 hours drive in average daily traffic (but that's another story all together:wink:). Average house price in Maple Ridge is more like $480k
I wouldn't live in Vancouver if someone GAVE me the house AND the $1.1 Mil....but that's just me.

housing
 

you help pay for the house with hydroponics-how else can they afford it

Once interest rates rise a few points, quite a few people won't be able to afford their mortgage payments so they will be forced to put their homes up for sale. At the same time, the higher interest rates will mean fewer buyers. Increased supply with less demand means a precipitous price drop. I am sorry for those who have put their life savings into this bubble.

Thats why I live in Chilliwack.:biggrin:

I bought my parents house from them for a really great price...almost 1/2 mkt value, in Coquitlam which is about 20K outside of Vancouver and in trade I bought them a house in Saskatoon, where they were both born and wanted to retire for 80,000...

That was 4 years ago and now that house in sask was appraised for 200,000$

My house in Coq on the other hand has only appreciated about 15% since then...

My old boss built a new house in Sherwood Park 1800SQFT Bunglow Pie lot huge oversized garage for $200,000 no mortage lived in it 3 years the boom hit. His son and daughter both lived and worked in Saskatoon while visiting he had a look at the paper at houses and his jaw dropped. Sold his new house for in SWP for $550,000. Bought a 6 year old 2300SQFT bunalow walkout basement in Saskatoon backing on to the north sask river with a pool 2 hot tubs 1 indoors one outdoors huge snooker table triple garage paid $265,000 and it was for sale for 7 months he said I got to retire 5 years earlier and pocketed almost 300G.

Boom time is coming again to Alberta time to jump on the wave before it hits

I was born and raised in Richmond, and I will never go back. I just don't like it there anymore.

I live in Calgary, now it has its own issues, but I do like it here. I also bought my home before the huge boom. So my home has doubled or more in actual value. So I am pleased.

It is tough for any new person/couple to get into the housing market anywhere anymore. That is too bad, as when renting all you are doing is paying someone else's mortgage.

Thank god I was able to buy when I did, because there would be no way in hell I would do the commute out to the burbs everyday, 2 of my co-workers come in to Van from Abbotsford /Mission. 2 - 3 hours everyday....

Yeah, I know what you mean....
 

Well I got into the market finally about 2 yrs ago after sitting on the sidelines since 2002 thinking houses are far to expensive for the average joe. I should have bought in back then. However, in 2 yrs since buying my house, only because of having 2 kids, it is about 400K more than what I paid for. Cash poor, house rich I guess....

I have to say it's true, the folks buying a 1.XXM are mostly Chinese immigrants who are putting their monies here as opposed to China becasue in China, you only get to keep the house land for a limited time similar to Native land houses out in North Vancouver, UBC and the sunshine cost. They prefer to buy houses in Vancouver/Burnaby as opposed to the suburbs. I also see a few Brits buying homes as its still cheap compared to London.

I can't see how Vancouver prices are justified compared to world class economic cities like NY, HK, Tokyo , LA but seems they like it here as a tourisy haven. I recall Vancouver is 2 most expensive in the world based on
per capita income; the average joe probably will have to live in a 800 sqft condo.

msjboy

Ya, I couldn't afford the older home I have in Vernon at today's price anymore either. I moved here at about the right time, a year sooner would have been even better. Starting in 2005, prices started to rise relatively quickly. I think the Okanagan, Kelowna in particular had the largest one year increase around 2006 or maybe 07, before the downturn. Despite the economy, prices in the Okanagan have held up fairly well.

My daughter lived in Port Coquitlam and later in Maple Ridge, maybe 3 years total before moving back to Vernon. She had better employment opportunities in Vancouver area, but what good is that when you spend 4 hours of your day commuting? Crazy, no insane is probably a better description. Why folks put themselves through that on a daily basis I'll never know. You gotta make a living I reckon, but I have to chuckle every time some mega city like Van, New York or whatever call themselves the greatest city. Not my view, I can tell you. Daughter & significant other are currently renting a duplex in Vernon, but they're in the process of looking at buying in the very near future. Prices in Vernon can range from about 250k at the low end to well into the millions for places with lakeviews & golf courses etc. Several new developments have pretty much stalled out since the downturn a couple of years ago, among them Turtle Mountain & The Rise. The Rise features a Fred Couples designed golf course and a vineyard. The vineyard is planted, but the winery that was supposed to go along with it is on hold due to lack of sales. This development has changed hands a couple of times already due to bankruptcy. On the other hand, Predator Ridge, another development with Fred Couples designed golf course, has been building additional units. They've been on the scene here for a while though and interest in that area has increased once again since the Swarovski Crystal family built the Sparkling Hills mega spa overlooking Okanagan Lake.

I lived in Ottawa for 13 years and if I had to choose another city larger than Vernon (yes, it is a city ha ha), I'd probably go back there. It's large enough but not a mega city like Van or TO and you can still get around reasonably well. I do remember in the summer though, riding to work on my bicycle going over the Queensway overpass in the morning and seeing the traffic backed up all the way to Orleans.