“A close friend who graduated last year as a gastro specialist from UBC, finally got his job offer and green card in Eugene, Oregon. I visited this September for a house warming party: 8.000 sq.ft lot, 3.400 sq. ft house built in 2008, helper suite on the main level, self contained with rear entrance (rented at $ 1.220 / month, including utilities, cable, internet), double garage, radiant heat, hrv, central air condition and vacuum. Constructed with red brick, energy star type windows, two fireplaces, gas stove, good quality laminate flooring, etc, etc. He bought it for 328.000, after bargaining for 3 months, initial asking was 375.000. The funny thing is that we are in the same field and his income is almost double of mine, of course there are things like medicare, but the cost of living is much, much lower than Vancouver, gas, groceries, utilities, etc., are all lower. Oregon is a state which is tax free, this also helps. I am considering leaving as of now, its too much to pay for the views, rain, and short summers.”
- Viorelli at VREAA 12 Oct 2011 10:45pm
Most Recent Comments:
- http://www.ndgraphics.com/ on Gord Goble in Local Newspapers – Vancouver RE ‘House Of Cards’ Will “Implode”
- rod_jonsson on Chat Thread
- Nemesis on Chat Thread
- Nemesis on Chat Thread
- Nemesis on Chat Thread
- J-F on The Stigma Of Renting In Vancouver – “Oh no, we would never rent”
- Real Estate Tsunami on Chat Thread
- Nemesis on Chat Thread
- Real Estate Tsunami on Chat Thread
- rod_jonsson on Chat Thread
- Nemesis on Chat Thread
- rod_jonsson on Chat Thread
Type of Anecdote
- 01. He Said, She Said (247)
- 02. Profiting from the Boom (441)
- 03. Changed my Life (103)
- 04. Changed my Career (38)
- 05. Where do Buyers get the money? (958)
- 06. Held my Nose and Leapt (96)
- 07. Avoiding Vancouver (375)
- 08. Overextended Buyers (1182)
- 09. Delaying Buying (315)
- 10. Demoralized Renters? (362)
- 11. Regrets about Investing in RE (417)
- 12. Effects of Development (274)
- 13. 2010 Olympics Related (74)
- 14. Social Effects of the Boom (1255)
- 15. Misallocation of Resources (958)
- 16. Missed The Boat? (236)
- 17. The Froogle Scott Chronicles (27)
- 18. Spot The Speculator (171)
- 19. BlastRadiusPostCards (17)
- 20. The Limitless Demand Argument For Ongoing Market Strength (70)
- 21. Vancouver RE-Verse [Found Poems] (8)
- 22. RE References In Popular Culture (41)
- 23. Jumping The Shark (1)
- 24. Policies On Housing (10)
- 25. Epigrams For The Bubble (1)
- 26. Premature Calls Of "Bottom" (3)
- 27. Seller Panic (3)
- 28. Erroneous Causation Theories For Falling Prices (7)
- 29. Bubblespeak (1)
- Uncategorized (176)
Blogroll
- 01 Vancouver Condo Info
- 02 AmericaCanada [retired, no archive]
- 03 Housing Analysis
- 04 RealEstateTalks BC
- 05 Vancouver RE and then some
- 06 Whispers from the Village on the Edge of the Rainforest
- 07 Greater Fool
- 08 Canada Bubble
- 09 Rob Chipman's blog
- 10 YatterMatters
- 11 condohype [retired; archives available]
- 12 vancouver (un)real estate
- 13 Agent Will's Stats [retired]
- 14 Landlord Rescue
- 15 The Economic Analyst
- 16 Canadian Housing Price Charts
- 17 Hoodsurf [retired Jun 2011]
- 18 World Housing Bubble
- 19 Vancouver Price Drop
- 20 North American Economics


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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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This guy did very well. That’s a great price for a 3,400 s.f. house, built in 2008, even in Oregon. Plus he has a renter which is a much rarer arrangement down here than in Vancouver.
Even I’m envious of this guy’s living situation from my perch in Portland.
You’d almost think he was making it up…
…if you didn’t know of similar reports from other physicians giving Vancouver a miss and raving about how great their new circumstances are.
i’m being needlessly adversarial. Ignore me on this one.
Rent seems high but so be it.
something about a 50% and 2% rule …
http://www.mrmoneymustache.com/2011/10/10/lets-buy-a-foreclosure-episode-2-what-is-the-50-2-rule/
Most excellent. Thank you MM. I am an MMM as well, so I appreciate that link tremendously.
Good point. It might be a foreclosure. Or maybe a home that was built in 2008 and never sold. Coming on the market in 2008, it could be in a subdivision with a bunch of other unsold homes. So the developer is basically just trying to liquidate it for whatever he could get.
Hey, I just noticed something interesting about one of Rusty’s comments in an earlier thread…
Diablo (who our noble bloghost has already outed as a sock-puppeter who also goes by Rusty) claims that MOI in Vancouver detached is 2.7 in a thread here:
http://vreaa.wordpress.com/2011/10/12/was-that-it-the-top-possibly-they-are-not-as-excited-theyre-taking-a-wait-and-see-approach-theyll-put-an-offer-in-and-the-offer-may-not-be-close-to-the-asking-price-and-then-the-ow/#comment-17674
That 2.7 number is totally random and doesn’t correlate to any of the published statistics… and it also reminded me of another randomly-spouted number I recently saw:
http://www.realestatetalks.com/viewtopic.php?p=231522#p231522
Pretty coincidental to pull the exact same random number out of one’s ass, no?
Truly, eyesthebye/Rusty is one weird sonofabitch.
Good catch! What is the actual number?
The real numbers were crunched in the RET thread I linked to. No combination comes up with 2.7, at least no factual combination.
MOI for VanE+VanW detached is probably in the 5-7 range. That is consistent with price stability. Based on previous trends, if prices are to fall significantly, listings need to go up and sales need to go down; MOI of over 8 will typically precipitate price drops year-over-year, and if you think that prices are 40% overvalued it shows how pronounced MOI needs to become to elicit those sorts of movements.
“I’ve never seen a soft landing in 53 years,” – Angelo Mozilo, ex-CEO of now-defunct Countrywide Financial
…” one weird sonofabitch.”
Nope. Just the best ‘they’ can afford. Which in itself, ‘speaks volumes’. ChortleChortle.
Eyesthebye/rusty/rollie/diablo is not hired help. He’s just a guy who bought a crappy old house in South Van and has now made THOUSANDS of posts on RET to tell the world how brave and smart he is and how much money he has made and will continue to make through his purchase.
Ironically, his posts demonstrate that he is fearful and dumb and that his ugly old house is the only asset he owns. This makes sense since it took the poor guy 15 years (!) to amass his ~$60K down payment (and nearly all of those 15 years were not in a 2%-interest-on-savings environment).
I especially like his theory that Vancouver real estate will appreciate by a minimum of 5-7% per year, on average. Someone should tell all the pension fund managers… they can stop wasting their time.
Other classics:
- The median dwelling should match the median income
- Only sales in Vancouver matter
- Immigration will keep prices high
- 19% of dwellings in Vancouver are detached
Gold.