Monthly Archives: February 2008

How To Use This Site

1. Read ‘ABOUT VREAA‘ for background and introduction. 2. Send VREAA an anecdote by either e-mailing vreaa at vreaa@hotmail.com OR by posting your anecdote as a comment on the latest thread. Logging in is not necessary, but please leave a ‘handle’. All stories are welcome.

1. He said, She said, I said

Over the BBQ, at the office party, during Thanksgiving dinner, in the check-out line-up.
Accounts of civil dialogue, overheard tid-bits, and heated exchanges about Vancouver RE.

2. Profiting from the Boom

sunbather002-copy.jpgStories about folks who’ve made a killing, either by selling appreciated RE, or by accumulating enough RE to feel like land barons.

3. Changed my Life

leap_house010-copy.jpgStories about folks who have made big changes, directly because of the current value of Vancouver RE.

Early retirement, bought more toys, stopped other saving, etc. etc.

4. Changed my Career

career_change004-copy.jpgStories about folks who’ve changed their line of work to RE related endeavours.

5. Where do Buyers get the money?

magician_money009-copy.jpgFirst hand accounts of where buyers are getting the cash for their downpayments.

Financed by Mom & Pop? Grow-ops? Four jobs? Offshore funds? Robbed a bank? Commodity trades? And so forth..

6. Held my Nose and Leapt

Stories about people buying out of ‘priced-out forever’ fears, spousal cajoling, or other pressures.

7. Avoiding Vancouver

vancouver003-copy.jpgFolks who’ve either left Vancouver, or decided not to move here, solely or largely because of RE prices.

8. Overextended Buyers

overextended006-copy.jpg We bought and we’re suffering.
Kraft dinners, no holidays, five jobs, etc.

9. Delaying Buying

delayed_buyer008-copy.jpgFolks who could somehow buy now, but have decided to wait in the hope of price drops.

10. Demoralized Renters?

renter005-copy.jpgPeople who feel like second class citizens, largely because they see no prospect of ever owning their own home?
Or people who’ve come to terms with this ‘alternative lifestyle’?

11. Regrets about Investing in RE

rainhouse007.jpgI thought I’d make a bundle……

12. Effects of Development

Overdevelopment? Misallocation of resources? Positive effects?
The consequences of the boom on the urban/suburban landscape and our society.

13. Other stories

Anecdotes not covered by the categories above.

Winnings From Poker Buys RE

kyle-wilson.jpgFriday February 29 2008 Vancouver Sun – This ‘Poker Nation’ front-page article (not yet citable on the web) featured Kyle Wilson, a 24 year-old BC poker player from White Rock.

Excerpts from page A13-

“These days… he puts in three to four hours a day, usually starting at 11am.”

“Gambling winnings – Wilson prefers not to call it income – are not taxable in Canada.” — “Canadian law has traditionally held that gains from gambling are incidental to the ‘entertainment’ of gambling even when earnings from gambling form the majority of one’s income..”

[It's unclear from the article what exactly Wilson's annual income amounts to, but we read that his online account balance at PartyPoker is $270,000 (after tax, one presumes), and that he's won $20K to $55K in 6 different US tournaments.]

“In the open family room of Wilson’s house, Kristel gets the kids Kyle, 7, Destiny, 4, Raine, 1, and newborn Sadie dressed and fed. If she minds her husband playing cards for a living, it doesn’t show. “It leaves him a lot of time for the kids and for leisure,” she said. That, and their new White Rock home was assessed at $1.5 million”

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This anecdote lifted from the Vancouver Sun will be archived in the ’05. Where do Buyers get the money? (archive)’ page HERE.