Avoiding Vancouver – “Out-of-towners have been offered the job but all declined when they learned about RE values here.” … “My kids are looking to relocate. My family’s 150 years in Vancouver is likely to end with this generation.”

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.”

25 responses to “Avoiding Vancouver – “Out-of-towners have been offered the job but all declined when they learned about RE values here.” … “My kids are looking to relocate. My family’s 150 years in Vancouver is likely to end with this generation.”

  1. 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.

  2. 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?

  3. CanuckDownUnder

    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.

      • CanuckDownUnder

        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.

  4. “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” ???

  5. 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.

  6. 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??]

  7. 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.

  8. [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

  9. Fish10,

    New Westminster was settled by the 1860s.
    http://en.wikipedia.org/wiki/New_Westminster

  10. 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

  11. ” 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.

  12. 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!

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