paradox April 11th, 2011 at 2:14 pm – “I know a couple who has been waiting for 5 years for prices to come down so they can afford a house with a garden and have a baby. They both work in manufacturing industry and have decent jobs. Finally they gave up on Vancouver and moved to Seattle. They are expecting a baby now. We don’t need more immigrants. Make life affordable for people already here and they will certainly have more kids. We will pay a dear price in the future.”
That’s another three people lost to Vancouver directly because of the RE bubble. -vreaa
I empathize with that family. I was born and raised in Canada and went to the US for graduate school. I’ve been working here for 4 years now (CPA). I’d like to come home, to be near my family, but the numbers don’t make sense. I’d earn about the same but housing costs would be much higher.
http://www.cbc.ca/news/canada/british-columbia/story/2011/04/11/bc-vancouver-ladner-residential-restrictions.html
We’ll be headlining this once we have transcription of the CBC Radio segment.
Wow.. better late than never. Allthough the damage has already been done. It should only take a few years to debate this and Im sure Vancovuer City Hall will need to consult the Chinese Government before they do anything.
hey come on now
keep that talk under wraps – or it’s off to the salt mines with you
Someone has to suggest….they could rent? But no, I understand, it gets frustrating, waiting all the time for the market to drop, living in a place that’s not your “own”-at the mercy of a landlord who may decide to sell the place, or move back in him/herself. I agree, at some point you have to give up on what you want (owning a place at a reasonable price) and either accept that you’ll have to rent for a long time, or like this couple did, get on with their lives and move away.
I think you’re missing something critical regarding why someone might choose to not live here, regardless of whether they’re renters or owners. What I’m talking about is the growing realization that Vancouver, the Lower Mainland, and maybe all of BC is poised to maybe become a pretty big mess over the next 5-10 years. And I mean that relative to the rest of this country in particular. If Canada is going to see a correction, isn’t it pretty clear that this province is ready to do a Nevada or Florida impression?
I’ve previously noted that I’m very at peace with renting here indefinitely. That doesn’t mean I’m immune to serious pain if BC’s economy goes down the tubes. I work in research. Governments are not going to pay for grants if the economy tanks and regular folks will not be giving more to disease charities to pick up the slack – they’ll be giving less because they’ll be broke. Several other sectors – perhaps ALL other sectors – will experience similar impacts. Economic woe begets economic woe. Obviously individual exposure to the hurt that may be coming will vary, but it’s undeniable that we’re all in this together. My continued tracking of the BC real estate speculation issue is based mostly on the wider trouble that may result, not because I care about some 20-something twit too stupid to see the debt noose he’s stringing around his own neck.
Ultimately, the run-up of house prices here is only Phase 1 of the pain that’s going to come from this idiotic misallocation of resources. If growth and talent were suppressed by prohibitively high pricing, what comes when demand falls, debt comes due (at higher rates), and dollars dry up? I love this place. I’m of this place. I want very badly to make a life in this place and I’m making it happen right now. But I will leave – along with many others – if things get bad enough. THAT is the Phase 2 we may be facing. And it’ll make Phase 1 look like a mild annoyance.
If you are patient and look around there are longer-term leases available. The specter of an eviction is a major reason to avoid renting for many but it’s often a false reason. Further, if a landlord does not want a longer-term lease it’s an indication your business interests are not aligned so find a better business partner.
Well put. (RMcC and jesse)
Silly people. Why move?
Everyone knows that RE never goes down here. Instead of moving, just borrow more and buy several properties instead of 1. That way, in a few years you can cash out after properties have gone up 40%. Although, why would you cash out since RE never goes down…
Silly people, don’t leave, just get on the bandwagon!!
Quality rentals in Vancouver are not easy to be found. Most rentals are basement suits or run down detached houses unless you pay a very high price. If you want to live in an appartment, then I agree that there is more choice.
I can understand why any couple planning to have kids would like to live in a detached house with a garden.
I lived in Europe and there the minimum lease is for 3 years and there is lots of choice with laws being very protective for the tenant.
We do not have this kind of thing here. Most renters are looked upon by the landlords as the poor caste, stupid enough to pay their mortgage.
that’s why
every six months or so
i make them wait 10 days
i’ve given them half of their son’s down payment on his house
never seen a receipt and the faucet’s still broke and the draft.. my god, the draft..
Why didn’t they buy 5 years ago? Sure it was expensive but now they are completely priced out! Don’t ever try to time the market. Lesson to be learned here.
troll
http://i55.tinypic.com/ixw6k1.jpg
Every home owner in Vancouver is a sophisticated derivatives trader at heart.
Lesson be learned: if YOU don’t buy now you will regret it in five years’ time. If you don’t buy NOW, you will turn into a renterwraith, slaved into haunting RE blogs and the city’s basement-dungeons.
Choose life not misery.
Do it.
i only haunt the RE blogs because i have no job
the rest, is true.
i chose pasta and rice and potatoes, not life, unfortunately.
“Choose Life. Choose a job. Choose a career. Choose a family. Choose a fucking big television, choose washing machines, cars, compact disc players and electrical tin openers. Choose good health, low cholesterol, and dental insurance. Choose fixed interest mortage repayments. Choose a starter home. Choose your friends. Choose leisurewear and matching luggage. Choose a three-piece suite on hire purchase in a range of fucking fabrics. Choose DIY and wondering who the fuck you are on a Sunday morning. Choose sitting on that couch watching mind-numbing, spirit-crushing game shows, stuffing fucking junk food into your mouth. Choose rotting away at the end of it all, pishing your last in a miserable home, nothing more than an embarrassment to the selfish, f*cked up brats you spawned to replace yourself.
Choose your future.
Choose life.”
http://www.youtube.com/watch?v=DbGhC47NSmY
Choose debt. You’re richer than you think.
ah Renton
he wins in the end
Canada needs more Scots – they built the country, so why not? currently i am reading about Alexander Mackenzie on the Fraser – being a boss