left already at VREAA 20 May 2011 8:53pm -
“I moved to Vancouver from Holland 3 years ago because my wife’s family lives there and many of my friends and family also.
Planning to buy a business, house and settle.
We had approx 10million CAD in cash. After looking at all possible businesses for sale for two years, we realised that there was really no opportunity to buy smth decent with cap rates higher than 3 to 4% same as what our money was earning on a savings account (most businesses were franchises, restaurants and other retail).
We rented for 2 years thinking that the RE prices will fall to reasonable levels.
It was not so much that we could not afford it but having come by our money the hard way, we realised that there was really not value in paying 1.5 million to live in very ordinary poorly build house. Weather was not so much an issue for us are we are used to rain and we really did not have bad whether the two years we lived there. The summers were beautiful, we liked it so much.
Last year we decided to invest in the States and moved here on an investor E2 visa. We bought an apartment building (42 apartments for 3 million USD) with a cap rate of 6.5%. The same building in Vancouver would cost 6 to 8 million.
And since we are here, I can tell you that once you get used to the San Diego sunshine, you can hardly dream of another place.
We just bought a house four ourself ( 860 000USD) with swimming pool and ocean view, lots of oranges in the garden, they are ripe and sweet now. Unbelievable how far the money goes here compared to Vancouver. Evth is cheaper. Vancouver is a TOTAL RIP OFF anyway you look at it. I will never regret the decision to leave.
Also, having worked for 27 years as an electro-mechanical engineer in Holland and having registered 7 patents during this period, and managed countless projects around the world, I thought I might get a part time consulting job in the industry , mainly to do smth useful and not get bored rather than to make money.
To my surprise no body recognised my credentials, I had to be registered to practice engineering there, and to do that is going back to school, pass all exams again, and once you do that you have to be coached for about 3 to 5 years by another professional engineer, almost mission impossible. I was stunned. It was the same thing for my wife, architect graduated from one of the most prestigious schools in Europe. Impossible to practice here.
Now, when you look at all the architectural junk that Vancouver is filled with, I really don’t know were they get those creative architects / designers…
I am so amused checking from time to time the blogs that helped me so much understand RE craze in vancouver and feel sorry for the people waiting on the sidelines.
I wish you good luck and hope things return to sanity sooner in the rainy city.
Don’t let RE prices dictate your life plans, move on to where the sunshine is and life opportunities await. There are very little in Vancouver.”
[We are now satisfied that this anecdote is likely genuine, so we have headlined it. -ed.]