Post YVR at VREAA 13 may 2011 1:39pm – “I left Vancouver in 2006 with my wife – the high cost / low quality of housing was a big reason. We were both newly minted Architects – both working (ironically on high rise condo projects). We got married and rented a nice little one bedroom. We were expecting a son, still had school debt and had been kicked out of a couple rental places due to sales. Sat down with a nice lady from RBC to talk about what we could afford – 350 was our pre-assumed limit. RBC lady said “you guys are the most conservative couple I have met – we’ll send you 600, possibly more!”
We were pretty freaked out – not ready to take on that much debt, looking at crappy little damp garden hovels in our price range east of nowhere…we left the city / country as did most of the talent from our graduating class. Vancouver is an awesome city as a student / single / lifestyle town, not a great family town – at least not for most honest wage earners.
We now have two kids, good jobs, awesome place with yard, good schools, amenities, and oh yeah – sunny warm weather all year long. We left Vancouver – easier than I had thought it would be, and having lived through 4 years of a real estate melt where I live now I can honestly say it saddens me to see the social train wreck Vancouver is heading for.”
The bubble has rewarded the reckless and punished the prudent. Thus far, that is. – vreaa
There are many reasons for out-migrating from Vancouver and I’m sure job prospects is at the top of the list.
Remember the “brain drain” laments in the late ’90s? Now it’s high house prices. Dude just can’t catch a break.
maybe that’s why we have such high priced sales in Vancouver, the “brain drain [sic]” has made us stupid.
Near market tops in the stock market, the ‘smart money’ sells to the ‘dumb money’.
After watching the Ascent of money and Inside job – I feel we are going to see chaos at RBC and other poorly capitalized Canuck banks. Time to get liquid? The whole recent trend is down and how bad is it? US announced debt ceiling breeches this week and Medicare is already saying that the pot is running dry. In Ireland people are seeing what happens when John Law stupidity takes over the herd. Many people are going to rue the day when they bought in Vancouver.
“smart money” creates bear blogs. “dumb money” own multiple RE.
Now you’re getting it.
Mmm. quite. Now if you’re in the US:
“smart money” owns RE. “dumb money” owned RE.
See what I did there?
Yes. Very impressive.
good for you Jesse. “dumb money” owned RE cuz it read too much into Garth’s books and bear blogs.
[Incomprehensible statement. Great example of the completely fuzzy thinking that it takes to be an RE bull in the current environment. In the US, those who took heed of the bear blogs did extremely well. -ed.]