“He’s a lawyer. She’s a manager. His mom’s a doctor. The family has breeding and expectations, not to mention wealth and upward mobility. Just the kind of people who could live anywhere, and do it well. Make the locals inadequate. But not Vancouver.
Some months ago he was offered a job at a prestigious BC law firm with the usual perqs, Big cheques. Moving costs. Status office. West Georgia ain’t Bay Street, but there was the appeal of a city which fashions itself green, progressive, sporty and insufferably self-centred. Besides, you can drive the Carrera all year. Sweet.
But it took just one weekend of house-hunting on the west side, in West Van, even North Van and down to White Rock to send the ambitious thirtysomethings fleeing back to godless Toronto. “They are,” he told me, “nuts. What possible benefit is there changing jobs and doubling my salary when I have to pay triple for a lesser house?” Left unsaid: If I’m going to move to a regional city with no subway and no prestige at least I expect to live better, not worse.
This is how a bubble can eat a city.”
– anecdote relayed by Garth Turner at greaterfool.ca 18 Oct 2011
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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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Having a prestigious lawyer not wanting to move to “regional” Vancouver due to high real estate costs… remind me why do we want lower house prices exactly?
Hahaha
Agreed. It was the “breeding” that had me thinking the same thing.
HAHAHA
this family should move to Hope. there is no subway there.
There’s a Subway just off of the #1 at Hope. That should feed the troll well enough.
i too only live in prestigious cities
welcome back derpkeeper!
I’ll DoubleDitto Matt’s re: ReturnOtheDerp! (sounds like a good Zombie ‘franchise’, actually).
In other news…. ‘Breeding’ is for livestock and/or future monarchs/aristos… (I know, essentially the same thing; although I’ve always thought that they should really have their own little ‘exposition’ – rather like the PoochyCrowd and Crufts. Can you possibly begin to imagine how entertaining that would be!? And just think of the BroadcastRoyalties / Syndication potential).
Aside: Funny how the TheWellBredMoney invariably relies on the ‘mongrels’ to do their dirty work, ain’t it?.
That was intended in the PluckyComicRelief sense ‘o ‘UpstairsDownstairs’.
there you have it, a lawyer, a manager and a doctor can be fed on subway for life!
Lesser city? To some people like myself, I would never choose Toronto over Vancouver. I hate being baked in the summer where I can’t do anything outdoors because it’s freaking hot outside. Then being frozen in the winter.
It’s funny, I have a lot of friends from TO who actually have a pretty good perspective about the difference of the two cities. They do feel Vancouver does not have much culture, but they understand why. Because of the natural beauty that we have in this City, we tend to enjoy the outdoors more than we enjoy interactions with each other. They argue that because TO doesn’t have the natural beauty of Vancouver, people in TO are forced to develop culture in other areas such as being more of a community. Besides that TO is also a much older city and give us another 50 years we would have a lot of culture too. People forget how new of a City Vancouver really is, I was driving around DT and I am amazed by the freshness that I feel looking at all the new buildings around.
Vancouver does have culture… just not the same culture as TO.
Vancouver Culture:
Bard on the Beach
FolkFest
Malkin Bowl
VSO
Lots of clubs and bars with live music (esp Gastown)
Commercial Drive
Toronto and the GTA has a critical mass of population to support a greater diversity of “culture” with a population that is 4x the size of the GVRA while being geographically closer to other major large population culture centres such as NYC, Montreal, Chicago, and the rest of the NE. It also has natural beauty both in the surrounding areas and downtown (UofT is gorgeous, autumn leaves, High Park, the lake and waterfront, etc. etc.) Don’t confuse Mountains with natural beauty. The cottage country and the escarpment and particularly attractive, especially in fall. It’s not all “Too hot in summer and too cold in winter” and at least the snow dumps come with days of sunshine (rather than a month of gloomy and cold rain).
You cannot compare the two cities on those metrics. They are different and both have valid and positive aspects (as well as negatives). What you can compare is where the jobs are and what the salaries are and where the growth is and what the cost of living is. Vancouver… not a chance.
Don’t know if this is shallow or not, but can’t get the same feeling at Toronto waterfront (I tried as I actually had a great job offer in TO) as being in Stanley Park looking at the North Shore mountains in the background with water in front of it. Can do that all day. Can’t do that in TO and especially can’t do that in 35 degree heat. Personal preference really, but I suspect that there are a lot more people like myself than you would expect.
“freshness that I feel looking at all the new buildings around” – sorry but we have lost soem heritage because of that. Look at houses – we have asian boxes from the 90’s and now good homes being torn down to put up mcmansions. We have lost character in many Vancouver neighborhoods – thank goodness some revitalization has happened like on Main street.
What is character?
Like ‘breeding’, it may well exist solely in the eye of the beholder.
I’ll tell you what character is not. Vancouver.
That depends on what you prefer no? I personally prefer newer buildings over character houses. Again, it’s all based on personal preference. What I am saying to people is that you can’t simply say that everyone prefers character houses. There are a large population, particularly those from Asia, who prefer the newer architecture styles. And if they own the land, that’s what the place will turn into. And there are many who prefer to have streets full of these McMansions rather than character houses. Doesn’t mean that it is wrong.
The new Asians are ruining Vancouver! I am a second generation Asian & I can’t stand the newcomers. My family worked their asses off to buy a house & help make a community. The money hungry government has ruined it. Stupid economics that I can’t wait to blow in their faces!!