Vancouver housing price

[Doug]

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.

[ScubaSteve]

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...

[Doug]

Originally Posted by ScubaSteve

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.

[spawn]

Originally Posted by ScubaSteve

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...

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:


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). 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.

[monocus]

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

[trilinearmipmap]

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.

[dsaundry]

Thats why I live in Chilliwack.

[gobytron]

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...

[Murminator]

Originally Posted by gobytron

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