“My parents sold their house for $1.1 million in Vancouver and moved to a lovely home in central B.C for $500,000. They pocketed nearly $600,000.”

anonymous, commenting in the Vancouver Sun 9 Feb 2011 2:11pm“My parents sold their house for $1.1 million in Vancouver and moved to a lovely home -waterfront in central B.C for $500,000.They pocketed nearly $600,000.They have lots of cash to make 3 or 4 westjet trips to Vancouver ,Hawaii every year.The rest is invested.They love having some money and investments !”

7 responses to ““My parents sold their house for $1.1 million in Vancouver and moved to a lovely home in central B.C for $500,000. They pocketed nearly $600,000.”

  1. This is unprecedented in the history of this country. I hope bulls realize this. Vancouver = Ireland 5 years ago.

    • Nick, what exactly is unprecedented? Vanc RE players have seen numerous bull and bear markets over the decades. Also, I don’t quite get the Vanc vs Ireland comparison. Anyway, are prices at the high end of the range? Most certainly yes (however, I’ll bet that this $1.1M home would likely sell for more now). Will prices retreat back to 1970’s levels? No, not a chance. Our good ol’ monopoly money just doesn’t buy what it used to (and the problems are only just beginning). I just took the wife and 2 kids to the movies + dinner (Whitespot) last weekend. Cost me over $150. Of course, had we gone to the hockey game, we would have spent 4x that amount.

      Hopefully, these folks know how to invest their money or else that $600k (which isn’t is much as they think) won’t get them very far especially if they plan on living large like quasi-jetsetters for more than just 5-10 years.

      • Van RE players need to take a good look around and be a little more critical of the current debt-fueled boom. Van RE players are high on helium right now. They don’t have the salaries to suport current prices. It’s a trend that can last for a while and be great fun to follow and profit from. Everything is more expensive now, as you point out, but housing in way out of whack and will correct accordingly.
        People with kids and great cars and dinners to attend to make way more money in Bel-Aire than in Van and yet Bel-Aire is cheaper than Van at this moment. Let this sink in for a moment.
        The current issue of Vanity Fair has a great story on the Irish boom, and great insight on income vs housing prices.
        http://www.vanityfair.com/business/features/2011/03/michael-lewis-ireland-201103

    • Good for the couple. That’s a wonderful profit and I’m sure that everyone is pleased with the outcome. Sadly, I don’t think their child could hope to follow the same plan today.

  2. I’m halfway through the Vanity Fair article (“When Irish Eyes Are Crying,” by Michael Lewis). Every couple of paragraphs I’ve been struck by the parallels to our situation here in Vancouver. Ireland is interesting, because in some respects it might be a better parallel for Vancouver than the United States. The US is such a vast economy, that even down on one knee, it’s still a heavyweight. Ireland is the provincial society that suddenly blew up grand — with a bad result. Something about that dynamic feels closer to home than what’s occurred across the entire US real estate market. Although BC is part of a much larger country, our geographic isolation, our relatively small population, our history of being outside the centers of power, does have an “Irish” aspect to it. And perhaps that isolation can lead to becoming ungrounded, or disconnected in certain ways. There was obviously an insularity to the Irish mentality during their bubble. I feel something of that insularity here in Vancouver.

  3. Pingback: “There was obviously an insularity to the Irish mentality during their bubble. I feel something of that insularity here in Vancouver.” | Vancouver Real Estate Anecdote Archive

  4. CanuckDownUnder

    But if they had waited they could have bought for $300,000 and pocketed nearly $800,000. Still, nicely played.

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