“A client of mine had an offer to take a teaching job at the Emily Carr art school and turned it down after seeing the housing prices.” – daloo22 at reddit.com 15 July 2011
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- 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!”
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- 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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Emily Carr perhaps?
[corrected rather than 'sicced'. -ed.]
Once again renting doesn’t even seem to be an option.
Just out of curiosity, if I wanted something with 3 bedrooms and was willing to pay $2000/month, where would I be looking in Vancouver?
poco
You can get a livable one bedroom in some parts of Vancouver for just under that if you’re lucky. otherwise buy a vehicle and enjoy sitting in traffic!
For rent – You can get a large two bedroom downtown for that price. Or 3 bedrooms anywhere on the East Side. Or an old small house in North Vancouver.
To buy – impossible in Vancouver. PoCo, maybe…
A large two bedroom downtown? Not according to craigslist.
http://vancouver.en.craigslist.ca/search/apa?query=vancouver&srchType=A&minAsk=2&maxAsk=2000&bedrooms=2
does this not count? from your search results:
http://vancouver.en.craigslist.ca/van/apa/2518880378.html
from the same:
http://vancouver.en.craigslist.ca/van/apa/2518798338.html
There is plenty of 2 bedrooms for under $2000 downtown. $2000 is actually close to higher end. If you pay more, you are either getting ripped off or are paying a premium for something special, like a penthouse apartment with a great view, for ex. I have visited one of those a few months ago – a large 2 bedroom, 2 bathroom penthouse with 270+ degree views of city, mountains and English Bay + large terrace (500sqft) – they were asking $2700/month.
TPFKAA:
Link one: Yes, it does, however, water radiator heating in a 50-60 year old building only leads to ask about mold issues. Plus do you really want to live in a building where most apartments are at maximum or above capacity? Manager can’t be that great if they’re letting people convert living rooms into bedrooms.
Link two: 750sqft for a two bedroom is a small space. Two 10×10 or 12×12 bedrooms eat up a lot of that foot print. Expect one to be the size of a single bed, if that. I have viewed apartments for rent in buildings similar to that to find that a second bedroom is a liberal use of the term bedroom.
They exist all over, especially if you’re not in a panic. For bigger spaces and houses, I find south is now where to find the cheap deals – Fraserview, Marpole, Champlain Heights, Killarney – or very far east near the PNE: but if you search around the 10th of every month, you’ll maximize your selection. A friend recently moved into a sizable 3 bed suite in Kits for that price: no pets, however.
Thanks, I was trying to figure what would be comparable to what we currently rent in Sydney. It takes me 60 minutes to get to work into the city by train.
I should have asked “in the GRVD” instead, if you wanted to rent in City of Sydney proper I’m not even sure you could find 2 bedrooms for that kind of price.
Sorry, 60 minutes door to door, not just train travel. I have my limits.
that’s still nearly 50 hours a month!
Yes, a small part of me dies every commute. Even thinking about it as a scenic train ride through suburban splendour doesn’t help.
A colleague of my wife actually commutes from the Blue Mountains, they wanted to live somewhere they could get a house with a garden. It’s 2 hours, 15 minutes each way! Apparently she gets to read a lot…
Unfortunately, those college and even some university teaching positions don’t pay as much as we would like to think. Probably only qualify for a 250-350K mortgage if that on a single salary. What can that get you in Vancouver – 1 bed. condo (Tiny) in certain areas.
I understand that some of the colleges (which the Liberals have transmogrified with a wave of a magic wand into universities) actually pay significantly better per course than the universities in Vancouver for entry level teaching. No doubt there are exceptions, but the tenured profs can make a lot at UBC/SFU but there are few tenured or tenure-track positions available these days. Emily Carr, though nominally a university, is still an art college with a teaching staff largely made up of part-timers picking up courses. I know a number of people who have taught there and they were not particularly well compensated.
Calguy is quite correct that even many full-time positions at a school like Emily Carr probably don’t pay enough for a significant mortgage in Vancouver’s frothing market.
You’re all missing the point, you don’t move to Vancouver to *work*.
A caller on the Bill Good show this morning was saying something to the effect of his being not sure why he bothers living in the LM anymore:
(Paraphrase) “I work long hours to be able to pay for a house. I drive long distances to get too and from work. I barely do anything in my expensive house other than sleep and go back to work each day. And on top of that (speaking about the upcoming additional gas tax) every time I turn around I’m being taxed for something else.”
Mr. Good said: “I think that you’re speaking for thousands of people right now.”
E.G.: thanks for posting this.
Yes, it is distressing for the many in that situation. Furthermore, after the crash, these “thousands of people” will be in an even worse situation, as their “expensive homes” will be significantly less expensive, but their mortgages/workload/commutes/taxes will be the same. And in some cases, employment will be injeopardy.
Can we imagine how demoralizing all that is going to be?
then we’ll really be ready to get fleeced