“A couple of years ago I started going to open houses with my wife. Quickly, I found myself getting angry that we were even discussing shoeboxes that were going for $600 per sqft. I started looking for information online.”

It has been exceptionally difficult, socially and psychologically, to be a prospective buyer who is bearish on Vancouver RE prices these last 5-8 years. The internet arguably fuels bubbles, but it also enables independent thinkers to feel less isolated. This poster describes how Vancouver Condo Info and other blogs have given him the fortitude and information necessary to “make reasoned decisions about home (not) buying”. -vreaa

RoyceMcCutcheon at vancouvercondo.info 9 Apr 2010 11:32 am

“A couple of years ago I started going to open houses with my wife. We just thought we’d try to learn about what such a big purchase would involve. I could see the hype, but I didn’t feel too compelled to push against it. Quickly though, I found myself getting angry. Angry that we were even discussing shoeboxes that were going for $600 per sqft, etc., I started looking for information online. I was hoping to hear at least some voices that made me feel like I wasn’t some crazy curmudgeon that was missing the point about RE here in Vancouver. This site was one of the places I eventually uncovered and I’ve been happily lurking ever since (with close to zero understanding of RE, investing, etc. going in, there wasn’t much point in adding my voice). I figured I’d take this opportunity to thank thoughtful posters on this site who have given me wonderful points and counter-points to use while discussing why I don’t want to buy in this town any time soon. It helped my wife and I crystallize what we wanted to do about housing: we elected not to buy and have instead rented a spacious place that’s about 10 minutes walking from work. We’ve also socked away thousands each month, meaning we can buy IF IT MAKES SENSE TO DO SO later on. Maybe we’re now facing RE-mageddon (am I the first to use that?), maybe not yet. Either way, to the bears (and, yes, some of the bulls): thanks for giving me some tools to help make reasoned decisions about home (not) buying. Cheers.”

2 responses to ““A couple of years ago I started going to open houses with my wife. Quickly, I found myself getting angry that we were even discussing shoeboxes that were going for $600 per sqft. I started looking for information online.”

  1. roxsane lenec

    i agree wholeheartedly

  2. I’m also really glad I found the bubble sites for Vancouver RE. When I got my current job, one that pays well enough to consider owning, I took a quick look to see what I could get. I figured since my income was a few thousand above the average I should be able to afford a somewhat decent 2 bedroom condo in Burnaby or East Van. The ones I thought looked pretty reasonable (and ones I could easily rent) were in the 300K range. I headed to the bank so see what kind of mortgage I could get and they told me with stretching everything (35 yr amrt, varriable interest rate) I could get something in the 250K range.

    I was floored that someone making above the average income for the city couldnt afford a semi decent condo even with stretching everything. I also realized I would be damn close to retirement by the time I paid the thing off.

    I talked to a few people and they all said things like “thats the cost of ownership” and “RE is always a good long term investment”…

    I went online to find some explaination and after some searching found housing analysis and VCI and the likes, and it made me feel better knowing I wasnt the only one who thought this was nuts.

    Who knows, without these sites I might have just given up and bought a crappy condo in surrey.

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