5th generation Vancouver at VREAA 22 Feb 2011 3:00pm – “I also know of many professionals (Professors, doctors, many teachers, planners, engineers) who have decided to leave the city and even the country because of the RE costs and many jobs that can’t be filled. I have been approached five times over the last year for a certain $120,000 a year job in Vancouver and have learned that most of my colleagues in similar positions have also been headhunted. A few out-of-towners have been offered the job but all declined when they learned about RE values here. The rest of us turned down the offer because the cost to relocate to Vancouver from Maple Ridge/Langley/Coquitlam was too high and commuting for 2 hours a day was not on.
But my biggest concern involves my children who are now young adults in arts jobs. They have woken up to the fact that they will never be able to afford anything beyond a small condo in Surrey. So, my family’s legacy of helping this city for over 150 years, being involved in coaching, volunteering, and leaders in the community is likely to end with this generation. The kids are looking to relocate to New Zealand, Montreal or somewhere in the US.”
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Type of Anecdote
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- 20. The Limitless Demand Argument For Ongoing Market Strength (70)
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Blogroll
- 01 Vancouver Condo Info
- 02 AmericaCanada [retired, no archive]
- 03 Housing Analysis
- 04 RealEstateTalks BC
- 05 Vancouver RE and then some
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- 07 Greater Fool
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Latest Anecdotes:
- “I’m surprised that everyone else is so surprised to hear anyone talk about a housing bubble” – “Canadian RE 2021 worse than U.S. bubble at 2006 peak” – David Rosenburg
- “Always the Right Time to Buy!” – Cheap Rope For Vancouver RE Buyers
- Mortgage Squeeze Anecdotes – “Two days ago my mortgage holder called and told me that, after 22 years, they would not renew my mortgage.”
- Wow! – CMHC CEO Evan Siddall Points To Unsustainable Debt & Calls For 18% Drop In Housing Prices – [which of course would mean a lot more off]
- Prediction: Vancouver RE Prices Will Not Crash… Unless They Crash
- Pre-Existing Disease – COVID Economic Stress Uncovers Longstanding Vulnerability in Vancouver RE Market
- COVID-19 the Pin for the Highly Debt-Leveraged Vancouver RE Bubble?
- Vancouver Sun Headline – ‘Five more Metro Vancouver homeowners hosed in a falling market’
- Vancouver RE Prices – Where is the Support?
- Money Laundering & Vancouver Home Prices
- “Psychologically, They’re Ill-Prepared” – “Canadian Chaos Looms”
- Keeping Up With Other Bubbles – Australia Suddenly Not Running Out Of Land Anymore – “Aussie House Prices Could Halve”
- Watershed? or Dam-Collapsing? – Mainstream Media Quoting Vancouver RE Bear-Tweets, and Predicting Shrinking Realtor Numbers – “What they’re used to is not what real estate is typically like.”
- “Within artistic communities in Vancouver it’s hard to spend more than 15 minutes at a social gathering without talking about the cost of rent or knowing of someone who is being evicted.”
- Macleans Wakes Up – ‘This is how Canada’s housing correction begins’ – “We’re not ready for what happens next”
- Vancouver Detached – Sales Down, Prices Down
- Bloomberg Calls Vancouver ‘The City That Had Too Much Money’
- “Our family loves Vancouver, but we’re leaving because the struggle to live here is simply too hard”
- Tendency Towards Corruption Is Inevitable – How Do We Minimize Its Existence?
- Hard Earned Home Savings? Hardly.
- “You know your real estate is in bad shape when there is a game app that displays Vancouver’s Science World and teaches you how to be a money hungry real estate developer.”
- “It’s sinking in that Vancouver is sinking” – “Westside prices have fallen 17% from 2016 & 11% this year; sales volumes down by 80%; 3 years worth of >$3 Million inventory”
- The Carrion Have The Carcass – “I’ve lived in Vancouver since 1968; my wife was born here; we are about to leave; this town has priced us out. All that is left are the investors and the very rich visitors.”
- All Time High, And Climbing… $251 Billion Personal Debt Borrowed Against Canadian Homes
- “I asked a group of young people how many of them thought they’d be in Vancouver in two years, and 17 out of 18 said that they would be moving.” – Mayoral Candidate Shauna Sylvester
- Off-The-Charts Unaffordable – Greater Vancouver Price-To-Income Ratio 28 (average home price: $1,071,800, median one-person income: $38,164)
- Conflicts of Interest – BC MLAs Heavily Invested In RE Making Laws About RE
- File Under Tags: ‘Tolerant Vancouver Renter’ and ‘YouGottaBeKiddinMe’
- Vancouver “an international housing-affordability basket case” with “RE bubble risk the worst in the world” – Maclean’s
- Vancouver Economy Over-Dependent On Debt Spending
- Vancouver City Councillors Wake Up To ‘Fierce Speculative Demand’ – “There is significant evidence speculative investment has the biggest impact on housing costs in the city.”
- The Dance Around Foreign Ownership of Vancouver RE
- Information From Outside The Vancouver RE Bubble – U.S. Senator Lives In (don’t laugh) $500K Home
- “The Position Remains Unfilled”
- Jessica Barrett – ‘I Left Vancouver Because Vancouver Left Me’ – “Like Living On An Abandoned Film Set.”
- “I’ve thought since early 2010 that Vancouver housing was in a bubble, and have refused to buy a house for this reason. I’ve felt that the risk of mean-reversion was far higher than the risk of missing the upside.”
- “It is very difficult to live here.”
- “We want young people to buy Real Estate.” – Vancouver’s Mayor
- “Vancouver RE Balloon Pricked; Median Price Detached Home Down >$500,000 to $1.7 million; Prices Need To Be Slashed”
- Detached Price Trend Remains Up, For Now. Speculators Hold Their Breath?
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If your children can’t afford real estate in Vancouver then that’s a consequence of their choice to be employed in the ‘arts’, a vocation which does not generally place a high priority on financial remuneration.
Not the major issue. Incomes cannot support prices; the ones left buying need to pay a high price and often take on too much debt. That will be the lasting legacy the city will have to deal with.
Or maybe the kids could get a side job as a realtor?
And its easy, just slime your way through!
Is there a list of approved occupations for Vancouver? Realtors, bankers…Anything else?
Money launderer and tax evader.
‘Grow-op’er, drug dealer, gang member, etc. Sorry, had to put that in.
Why not burnaby? Commute is only 15 minutes to downtown. Or even Richmond. Take the Skytrain and you’ll be in Vancouver in under 45 minutes.
Are these not viable options?
A word of caution about New Zealand. Sure, it might be the most beautiful country in the world, have the nicest people, and real estate there is really cheap but the job market is not the greatest unless you want to work in agriculture or tourism. Most Kiwis head to Australia or the UK for work.
If they have one working arm they can bowl for the Black Caps.
Ouch. Sad but true. Although against the Aussies it was really their batting that let them down, too many wickets just thrown away.
Australia can be beaten this time around against patience and discipline, their quicks are all over the place and the team that waits and punishes their bad deliveries should put enough runs on the board to beat them. And not bringing Mike Hussey over was just stupid.
“If your children can’t afford real estate in Vancouver then that’s a consequence of their choice to be employed in the ‘arts’, a vocation which does not generally place a high priority on financial remuneration.”
Raj, – I am sorry but most people including business people, lawyers, teachers etc cannot afford real estate in Vancouver, not just “arts” vocations. In terms of single family homes, nope – they moved to the burbs. These are people I know in their late twenties/early thirties who have recently married and would rather live outside vancouver in a sfh than in a condo. The problem most of my friends have is also the lack of jobs in their fields. Also people can be enticed to get paid much more in other cities and provinces.
I didn’t want to initiate class warfare on this site … only wanted to point out that choosing certain vocations have consequences.
In terms of anyone saying “most people including business people, lawyers … cannot afford real estate”, this is obviously incorrect. Someone is buying real estate and driving prices higher in Vancouver. And don’t tell me that it’s all “mainland Chinese”. I think many people have blinders on – just because they cannot afford real estate in Vancouver, it means that it’s un-affordable and most others cannot.
If people can be enticed to be paid more in other provinces they are free to leave. Obviously most do not. Obviously more people are coming to Vancouver then leaving. The market prices simply reflect demand/desirability.
I’m a professional who certainly can afford to buy and live in Vancouver. Heck, I won’t even need a mortgage. There’s just one problem: I am not a fool.
Agree with ATP.
I am a successful professional and can easily afford to buy in Vancouver but will not. But is it not the difference between “being successful” and “being a fool” ???
Yes, it’s silly to think that the only people who can afford to (and thus, should) live in this city are high-income professionals-lawyers, doctors, etc. Well, who is going to ring up the groceries at the grocery store? Who is going to take the blood at the lab? Who is going to help you make your deposit at the bank? You can’t reasonably have a city full of just lawyers and doctors! Houses are for regular people, not just the wealthy. The rest of us can’t live in tents.
Exactly. And on the other side: I don’t imagine I’ll be a high roller in my lifetime but if I was, I’d want more than a blue collar bungalow for my million bucks.
Sorry VREA my BS monitor went off with this one.
Vancouver isn’t even 150 years old!
Unless their ancestors moved here when it was a few logging camps, then the poster has over-estimated his attachment to the city.
http://en.wikipedia.org/wiki/Vancouver
Though I agree with the sentiment.
hahaha — excellent catch, it slipped us by, thanks.
If ‘5th generation’ is reading this, could you please clarify?
[perhaps they simply did 5 generation x 30 years math, rather than working out when their first ancestor arrived here. Or have they perhaps first nation blood??]
I’m just over thirty and I have friends or friends of friends whose incomes I estimate are well above 6 figures. Three of them have bought duplexes as a means of avoiding the clusterfuck of home renovation.
[UK Guardian] – Cost of living crisis pushes ‘squeezed middle’ off the housing ladderPeople on low to middle incomes have had their ability to buy their own homes dramatically reduced
“The foundation will say that 41% of young low-to-middle earners live in privately rented accommodation compared with 14% in 1988, suggesting a dramatic reduction in the number of those who can afford to get on the housing ladder.
It will also highlight evidence showing that someone at the lower end of these incomes will take 45 years to accumulate a deposit to buy a home if they save an average 5% of their income a year. This compares with less than 10 years during periods in the 1980s and 1990s.”…
http://tinyurl.com/5s76ayb
Fish10,
New Westminster was settled by the 1860s.
http://en.wikipedia.org/wiki/New_Westminster
Good post from FishYRE on why the VRE bears have been wrong for so long – he does not hold out hope for a quick correction:
“…we cannot come to simple calculations based on average income to try and work out what prices are reasonable. There are just too many unknown variables that cannot be accounted for.”
http://fishyre.blogspot.com/2011/02/why-have-bears-been-wrong-for-so-long.html
” In terms of anyone saying “most people including business people, lawyers … cannot afford real estate”, this is obviously incorrect. Someone is buying real estate and driving prices higher in Vancouver. And don’t tell me that it’s all “mainland Chinese” – Yes i do agree, I am just using some examples of people I know starting out as lawyers etc making close to 100K. They could have bought in Vancouver, but chose to go for the burbs for a larger house/lot etc. Just look at the frantic action around Douglas Park/Main street area. Those houses are mostly locals looking to get into that area because it is seen as trendy.
Just a note to Fish10, I think your BS monitor, might need a tune up. Not sure if you know about Fort Vancouver, and the island, aswell as fur traders, who populated the vancouver area well over 150 years ago!