Vancouver housing price

[globaldesigns]

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.

[randallino]

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....

[msjboy]

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

[mike31154]

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.