rmac at VREAA 1 July 2011 8:23am -
“I grew up in Kitsilano (when it was pretty well all immigrants and working class) and moved into the Arbutus neighbourhood in the 80′s. Every house has at least one suite, many have three and a couple of the big $3M Chinese style mansions on my block are operated as B & Bs for mainland Chinese tourists. We had a computer fire in our basement a while back and, even though there were six emergency vehicles out front, not one of the other residents on the block came over to see if we were okay. The locals don’t even talk or appear to acknowledge each other – it is a very odd feeling to think that one is isolated in ones own neighbourhood. I don’t feel that the new immigrants are here to stay – they appear to be riding the wave of home flipping and moving on. The houses are poorly maintained and hardly furnished – just walking around the neighbourhood it’s apparent that lawns are only being mowed occasionally and basic home repairs are not done (yes, even on the new houses). It gives the area a weird feeling of impermanence and I really can’t predict how it will all play out.”
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Latest Anecdotes:
- Chat Thread
- Taking A Break
- “My best guess: this property is now an ‘investment hold’ and will be built ‘when prices recover’. Good luck on that!”
- Man Loses $745,000 Vancouver Condo Deposit
- Graphic – Degrees of Housing Overvaluation in Canada
- The Rare Individual With A Negative Ownership Premium
- Advice Regarding Renting In Vancouver, Please – “Unfortunately, the Vancouver rental stock is absolutely atrocious. It just seems like every landlord is looking for someone to pay 100% of their mortgage on a crappy place through rental income.”
- “I just visited Manhattan for a week, and happened to snap some real estate ads on both the Upper West and Upper East sides of the island. Compare to Vancouver. It simply doesn’t compute.”
- Ben Rabidoux In Vancouver Next Week
- “The mortgage company told me they were calling in my 40-year, 0-down mortgage. I have paid nearly sixty thousand dollars towards it, but, nearly five years in, I have yet to touch the principal.”
- ‘Vancouver City Hall: Housing Report Card 2012′; Plus Revised Version
- “My folks find themselves at 65 still owing half the value of their home and recreation property to the bank. After almost 30 years of ownership in the BPOE and a number of boom markets, they have very little to show for it.”
- “Rent for $2,200 a month or buy and have a mortgage of $4,310 per month. Why would anyone buy?”
- “They were talking about two couples they knew who had recently bought a lot and planned to each build a house on it and live as neighbours.”
- Greater Vancouver Home Builders’ Association Annual First-Time Buyer Seminar Attendance Plummets
- Mom and Pop Get It Wrong In All Markets, Time And Again
- The average British Columbian homeowner is not going to pay off their mortgage by the time they retire.
- “He’s sold all his properties except his current one, which is now for sale. He explained that the market’s currently in crash mode, worst that he’s ever seen.”
- “One of my old high school buddies finally got her mother to sell the family home in Kitsilano – sold for over $1M, monies realized after debt paid off $185K.”
- “I know someone who just declared bankruptcy because her condo was assessed at $150k and she bought it presale north of $250k in 2005 or 2006.”
- Sturdy, With Views – “Calling Froogle Scott!… Is Dr. Scott ‘In The House’?” [Not In This One, Certainly]
- “She said the market was dead in Victoria and that it would remain so for a very long time. I asked how she knew. Her answer was fascinating and should scare the pants off the real estate crowd.”
- Kits Notes – “I’m pretty sure that this is the first 3+ bedroom property of any type that I’ve seen in the 5 years I’ve lived here that is priced below $700K.”
- “A beautiful Belfast home, in the equivalent of 1st Shaughnessy, bought at their RE peak in 2007 for £3.5 million, has now sold for £800K, almost 80%-off. The market didn’t suffer any significant economic shocks. Rates & unemployment didn’t skyrocket. They didn’t build more land. Sentiment just changed and the prices fell and fell.”
- “Two family members of hers are trapped, underwater, in condos on the East Side.”
- “Interprovincial migration is not saying good things about BC’s economy.”
- Vancouver RE: Not As Expensive Provided You Don’t Think – “It’s clear that our perception of affordability has been coloured by living on a continent where housing is unusually inexpensive.”
- More Undisclosed RE Industry Insiders Publicized As Clients – “In 1995, Allan and Karin Hoegg were mortgage-free. But no more. Today their Vancouver home is a valuable source of income as they plan for full retirement.”
- Rumor that some OV units will be reduced by 20%.
- Downside Weights On The Vancouver RE Market – “One of the older guys (over 60) mention to the guy beside him that he and his wife were thinking about selling their family home, and renting, in order to get some of the money that was locked up in the house.”
- “My buddy was looking to upgrade to a house in the Coquitlam area. With 200k extra for a home, that’s half of lifetime saving between him and his wife.”
- “I was walking in the Fraser neighborhood yesterday, I noticed that the population, on average, seem to be composed of workers. I belong to the top 5 percent in terms of income. Nevertheless, I cannot afford any of the houses for sale in that neighbourhood.”
- “Vancouver is an urban resort whose value mostly resides in its real estate and not much else.”
- “Rogers Communications is expanding into RE; aiming to relaunch website; providing critical data that can help potential buyers assess the value of a property from the comfort of their home computer.”
- I’m only 50 and I can just about retire if I want to, all because of a single simple decision – “When prices rebounded to their former highs, then rocketed another 30% higher to what I considered to be totally unsustainable levels, I decided that only a fool would pass up a second opportunity to harvest such a massive non-taxable capital gain, and in 2011 I sold my place.”
- The Vacant Lot of Versailles, Richmond.
- “I don’t think that most people think things are going to crash, just that there is going to be a slight correction, but it was amazing to me how sentiment has changed, and the fact Vancouver RE is too high was just understood.”
- “The ‘investor’ who purchased our house put it up for sale two months later, in January 1981, but the bubble had burst.”
- For A City To Have That Kind Of Vacancy, It’s Like Cancer – “Downtown, the vacant unit rate is so high that it’s as though there were 35 towers at 20 storeys apiece – all empty.”
- “What’s the worst that can happen? You can’t pay your mortgage, so sell your house! No fear.”

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Other explanation: People are so tapped out after buying “the dream home™” that they have no money left for all the basics required to own a home.
livin’ the dream!
Another beautiful summer day in The Best Place on Earth™. Maybe we get over 18C today. Crossing fingers for our daily Five Minutes of Sun™…
Just walked through Coal Harbour. Couldn’t see the mountains. Where are the World Class Views™?
Granville Street has been closed to traffic for Viva Vancouver™ so that we can enjoy some outdoor events in rain. Who says this city doesn’t have culture?
In front of my office building was a “street person” from the eastern corners of our Supernatural™ downtown. He greeted me with a nice dose of coughing.
Looking forward to the weekend. I will do the usual trio of Skiing, Golfing and Boating™. Will have to smoke something really good first…
so you mean rails, pitch and putt and maybe an aquabus
Or kinect.
it`s always sunny in liberty city! (if you use the cellphone codes to change the weather)
There’s no life like it. In other news, ‘Nemesis’ met a charming professional housekeeper in the FortressOfSolitude’s elevator this morning. Formerly a a tribeswoman of the Terrifying&Pityless ProtoRealtors™ of Ogopogo, she has since exchanged her Blazer ‘n BlackBerry for a fetching PoloShirt n’ Khaki’s ensemble (&UprightHoover/with attachments).
Here’s the thing though… she said she vastly prefers cleaning homes to marketing them… and, to all outward appearances, was genuinely relieved/happier to have eschewed the LexusLifestyle.
I’ll bet she’s earning more, too.
http://vancouver.ca/engsvcs/streets/vivavancouver/granville.htm
wow aren’t we lucky, some skateboard demonstrations and “hip hop” dancing all summer long!
I remember we used to have this event called The VANS Warped Tour (huge touring band list and skateboarding/bmx event) that visited the city annually but started skipping Vancouver as of 2010.
It may be of note that other larger touring music festivals such as Ozzfest have never visited this ‘world class’ city.
i like how they cancelled pemberton
The Cit-iots can’t handle waiting – or drinking without driving, etc.
You can add more expensive flights to and From Vancouver. I fly a lot for work just priced out two tickets difference of $614.46 per ticket flying from Vancouver instead of Toronto. Add real airport with lots of direct flights as one of the pluses for Toronto over Vancouver I can probably save $10K a year on flights living in Toronto can’t wait to move back to Toronto in April 2011.
April 2011? Am I missing something here?
Or is this supposed to be a joke?
But you have to admit that Vancouver airport is prettier.
that was a typo april 2012 is the get out of Vancouver date
I live in a city that competes with Seattle for rainy/cloudiest title. I’d LOVE to send you some sun. It has been pushing 90 and blistering hot sun for weeks now. The lawn is dead, I may have to water the trees soon. Send some rain back, please.
Obligatory, RE related comment. Couple with a house just like ours across the street just put theirs on the market, I’m trying not to care what they get for it.
Harcourt: No more single-family homes in Vancouver
http://www.cbc.ca/news/canada/british-columbia/story/2011/07/15/bc-vancouver-greenest-city.html
Most delusional city..right here, right now.
Me things that all these environmental nut jobs are going to destroy whatever is left of this city. All this stuff about environment stuff is just a let out by the insecure people to feel important about themselves.
I understand that there are long term pollution and environment issues..don`t get your pitch forks out yet…but for an average latte sucking..organic granola bar sucking poorly employed and poorly talented egghead it becomes the last refuge to try to feel important about themselves.
How does it help the future generations if you cannot provide for them now in the name of `green`, more carbon taxes, and everything organic from toilet paper to “free-running“ chicken to dog food.
Not just delusional, but totally brainwashed! The stupidity in this city is so rampant it’s mind boggling.
bubbly,
i have a blog for you.
http://downandoutinvancouver.wordpress.com
dedicated to documenting dumb
Most houses in Vancouver aren’t “single family” but don’t tell the visionaries. Things look better as scale models.
The delusion stems from both fear and greed about the cost of RE in this city..
People are heavily invested in their homes, so much so that there present and future financial health is affected by it. Hence the fear of a RE downturn and the greed wanting it to go up forever.
Look at the perfect example of the abnormal behavior re. Vancouver Canucks. Desperation to prove `world class city`with a champion team,
and the desperate attempts at blaming the riots to ìdiots òr ànarchists. Lot to be said about mass psychology.
This will not end well
we’ll have the most environmentally friendly slums!