“Sky-high Vancouver housing prices were one of the reasons why my son, a young engineer, and his wife chose to move to Montreal, where they were able to buy a townhouse for half what they’d have to pay here.”

“In fact, sky-high Vancouver housing prices were one of the reasons why my son, a young engineer, and his wife chose to move to Montreal, where they were able to buy a townhouse for half what they’d have to pay here.
They miss Vancouver terribly, and we miss them and our little granddaughter. But we realize the vast distance separating us is the penalty we pay for living in Lotusland, and my son pays for having a real job.”

- from ‘We need to look at a greater variety of housing options’, Jon Ferry, The Province, 27 Jan 2012
Hat-tip to Patiently Waiting, at vancouvercondo.info 27 Jan 2012 2:44pm, who also adds:
“A smug Boomer newspaper columnist is suddenly concerned about housing affordability. Why?
He’s only concerned now that it affects him personally.”

20 Responses to “Sky-high Vancouver housing prices were one of the reasons why my son, a young engineer, and his wife chose to move to Montreal, where they were able to buy a townhouse for half what they’d have to pay here.”

  1. The article and the comments are amusing, same old, same old. All those darn rich Chinese buying up precious BC. Guess in their mind it now means Be Chinese.

    On a different note: I noted a lot of furniture stores apparently going out of business, that’s what happened back in 2008 as well. Guess when you’re afraid of going broke you don’t buy overpriced cardboard furniture.

    • @Michael — I read the article but not the comments. So I can’t speak about the comments, but the article actually insists that blame not be directed at wealthy Asian buyers. It suggests among other things that local governments move to help create more affordable housing options.

      • There is nothing the local governments can do to create more affordable housing. Unless you want taxpayer sponsored ghettos.
        This bubble needs to pop by itself and then the governments (local and federal) should stay out of the way until we reach the bottom.

      • No the article didn’t, but it also didn’t point out that a lot of personal greed is involved. That he suggests that current prices need to be preserved because so many people have banked on being house rich just adds to this in my opinion.

        The comments of course are the usual “The Chinese are coming!” BS.

        As for the local Government to create more affordable housing: That’s a nice idea. That would require to allow higher density (good luck with the NIMBYs), though probably more importantly to get more rental units build, something that developers aren’t really interested in as they can’t make as much money from it as with Condos.

      • [G]overnments (local and federal) should stay out of the way until we reach the bottom.

        They won’t and can’t. The Federal Government can’t because of CHMC and the provincial and local Government can’t because they know full well how many people are in way over their head.

      • They can, they should, but they won’t.

      • Agreed, a lot of people can’t even consider buying even after a crash and the private market does a poor job of providing certain types of housing.

        I live in a very large apartment that’s big enough for a family with children. Even though this probably was family housing at one time, the investor landlord doesn’t want to deal with renting to a family. Kinda sad really. I’m getting a great deal because I’m easier to deal with, and will cause less wear-and-tear, since I don’t have children or pets.

        Vancouver is notorious for its lack of suitable family housing for all but the rich. Market failure, bubble or not. Government-subsidized townhouses is the only realistic answer.

      • Renters Revenge

        Local governments to create more affordable housing….
        How exactly? What mechanism? I thought the olympic athletes village was affordable housing, how’s that working out?

      • Please don’t let the government try to make housing “more affordable.”

      • Mouse, there is massive governmentintervention, but is one of the purestforms of a democratic checkwe have. Developers decry regulations allowing more supply via rezoning yet powerful neighbourhood groups run ragged over any suggestionsto change hood’s character.

        Perhaps governments are to blamebut IMO real estateis one of the purestexamples of how fearfulofficials are of the next election.

  2. from the article:

    “Forget caviar dreams on a Costco budget. Reduce your housing expectations. Think Kia rather than BMW, and Arborite rather than granite”

    or, rather than try to move the mountain…start climbing

    • Who has “caviar dreams on a Costco budget”?
      Only the completely deluded.
      The problem is that in Vancouver, you have to forget caviar dreams on a caviar budget, and forget Costco dreams on a Costco budget.
      In Vancouver, to realize Costco dreams, you have to have a caviar budget.

      • Renters Revenge

        “In Vancouver, to realize Costco dreams, you have to have a caviar budget.”
        Well said!

      • Touche!

      • “In Vancouver, to realize Costco dreams, you have to have a caviar budget”

        only 30% of all properties are detached with land running close to 1M each in Vancouver proper. I’d wouldn’t describe this as a costco dream. Try a condo.

      • Most of those detached properties are Costco quality at caviar prices.

      • Actually, that’s an unnecessary insult to Costco. Most of those properties are below Costco quality, at caviar prices. Seriously, not joking here.

    • or crack-shack dreams on a caviar budget.

      or condo-crap on a caviar budget? :)

    • And, to argue that, if one “starts climbing”, you, too will be able to afford a Costco lifestyle on a caviar budget, is… silly.

  3. This is not a Race Issue a Globalization Issue. We need to protect our Canadian Citizens and make it affordable to bring up a family in this city. Otherwise we erode it away entirely.
    Foreign TAX!!! Perhaps limits on ownership.

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