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- 01 Vancouver Condo Info
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- 03 Housing Analysis
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- 07 Greater Fool
- 08 Canada Bubble
- 09 Rob Chipman's blog
- 10 YatterMatters
- 11 condohype [retired; archives available]
- 12 vancouver (un)real estate
- 13 Agent Will's Stats [retired]
- 14 Landlord Rescue
- 15 The Economic Analyst
- 16 Canadian Housing Price Charts
- 17 Hoodsurf [retired Jun 2011]
- 18 World Housing Bubble
- 19 Vancouver Price Drop
- 20 North American Economics
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Anecdotes Banks Bears blogs British Columbia Bubble Bulls buyers Canada Capitulation China CMHC Construction Debt Economy Employment Fear Foreign buyers Fundamentals Government Housing Interest Rates Landlords Life Media Mortgage brokers Okanagan Olympics Ownership Prediction Real Estate Realtors Relationships Rent Retirement RE_ATM sellers Sentiment Speculators Toronto US Vancouver Victoria Visual Anecdote Whistler
Stories From The Boom & Bust
This from Strataman at RE Talks:
Posted: Wed Feb 06, 2008 7:45 pm
“I have a couple of younger (30s) employees who make 60K a year (industrial elecronics) in line with the rest of Canada, they are thinking of leaving Vancouver. I have two positions open and they are going begging, I can’t compete with Alberta or Ontario when it comes to housing. “(a)
This from feisto at RE Talks:
Posted: Tue Feb 26, 2008 1:30 pm
“My family (wife and kids) are seriously considering moving back to Ontario and I know another young family thinking the same way. We currently own a condo which is too small for us and are challenged with the prices of townhouses and houses.”(a)
This from rainmaker at RE Talks:
Posted: Tue Feb 26, 2008 2:13 pm
“Since I graduated from university 4 years ago, I’ve had many friends depart for work/graduate school elsewhere. Dozens of people I would say.
Off the top of my head, I can only think of 3 that didn’t return. They now live in Calgary, Calgary and Detroit.
On the other side of the coin, several of my “new” friends are Toronto transplants (like I was when I started school).”(a)
Seriously, you just need to look around. A five-bedroom Victorian house on a large corner lot in Strathcona changed hands recently for less than $300,000.
Rain,
Is there a real estate slump happening, you mean? That is incredible, when you consider a dump in Squamish goes for a half-million.
Not at all. Squamish is utterly overpriced: I’ve got a friend who bought a tiny studio apartment there and he paid three times what he paid for his five bedroom house in Vernon. More than his four bedroom house in Vancouver.
It’s STRATHCONA that’s underpriced. I was at a party the other day (blogged) on the DTES and people refused, simply refused to set foot east of Carrall. Their loss, our gain I guess. Seriously, any building in Chinatown or anywhere in Strathcona is going to be severely underpriced, and that’s strange considering A) the safety rates, which are quite good actually and B) the number of heritage buildings in the area.
Squamish: I saw some item in the local Squamish paper that said people are gearing up for the Olympics there by keeping their properties empty, then asking for up to 25-grand a week for the Olympics. Crazy nuts.
I don’t know about overpriced, though. Whistler is totally built out, the road to Vancouver is being upgraded, and many people want to live there for the lifestyle. My concern – this is my old stomping grounds, after all – is that development there will destroy what attracts people to there in the first place. I guess that’s inevitable.
BTW, I LOVE the Strathcona area. The last time I was in Vancouver, I accompanied a friend of mine to a little church there – he’s Catholic, I tagged along. Anyway, after that service we went across the road and went to a Russian Orthodox service – but only to see how they went about it. We didn’t want to come off as Sunday-morning tourists.
After that, we went strolling through the heritage building area.
This from doubter at rob chipman’s blog: doubter { 03.03.08 at 4:33 pm }
“Rob, thanks for your view. The problem is that I have seen (and largely subscribed to) the same bear arguments for years. It is very, very difficult not to start to believe that “things are different this time.” And even if we see a 10-20% reduction, housing will still be far out of the range of affordability for many of us. If we see high single-digit increases this year, nothing less than a 40% correction is going to bring things back into line for the people I know. And these people aren’t retail clerks.
Perhaps Vancouver will start to lose some of its talent; I already know a few people who have given up and moved away. Interestingly, this was as much for reasons of employment as real estate: the city does not seem to have a strong employment market for professionals in many areas. Which makes the real estate run-up seem even stranger.
As vomitingdog asks, who ARE these people who “have money coming out of their $&^@!”?”
I know a couple who moved to Montreal because house are $300,000. They said weather wise it won’t be as good but the money they save will make it worth while.
mathamatical -
Did they leave Vancouver for Montreal?
How long had they stayed here?
Were they renters or owners here?
What line of business were they in?
Strataman:
60K? What do I have to do?
verra
1. They left already and are living in Montreal
2. They where here for 5 yeras
3. They where renters
4. One was a banker the other an accountant
They had a choice of a condo and a kid or a house and two kids. They went with the house and two kids.
paulmct,
Same here 70k, simply not enough??? Any other city in Canada not a problem. I have faith thou, whatch how many for sale signs you will see in the next three months
i love Squamish…i don’t think that it is overpriced. I know someone who bought a nice townhouse there about 1.5 years ago and it is now worth $100k more. He keeps asking me if he should sell now because of the fear that the US subprime will come to canada and he will lose that potential $100k in profit. I don’t know what to think…no one has a crystal ball. Will BC’s prices just slow down or will they drop 30%?
Sorry to hijack this thread, BUT for the record, re: raincoaster’s comment about Strathcona – it’s DEFINITELY not underpriced.
VERY rarely, there will be the odd investor who will decide to sell their property, and they might list with a clueless agent who doesn’t realize just how desirable this area has become – this happened about a year ago with an old heritage by the park. It got multiple offers and sold without even having a showing, for over 100K over asking – and we’re talking needing a minimum of 100K in renovations. Believe me, there is a group of priced-out westsiders watching this area like hawks.
Been living in this neighbourhood for three years, and while I love it – don’t kid yourself into thinking it’s underpriced.
BTW – I’m also planning a move to Montreal. Real estate prices are one of many reasons why.