“I guess I will keep watching everything and restrain myself from jumping onto the Vancouver housing bandwagon even though I missed the Shanghainese one.”

“I came to Raincouver three years ago. I was working and living in Shanghai for two years: it’s a nice city, more transparent and efficient than its counterparts in inner part of the country. More foreign investments and more job opportunities. And therefore more attractive for young people, either uneducated, educated or over educated 🙂 At that time I remember the main topics between colleague is either stock market or property price. There is pressure for me to buy apartment before I got married with my wife (we both live and work there) but I didn’t go that route by empty my pocket (not much) and by asking my parents for their help (not much they can do either). At that time, 2006-2007, the price of a 2-3 bed apartment in outer skirts of city will cost 7 to 10 times of my annual income with at least one hour (doesn’t matter you drive or not, could be two if you are not living beside subway) commute to work.
Well, I guess I’m lucky not be part of the housing party in Shanghai, but here in Vancouver, it’s definitely another show going. I’ve been here 3 years now and realized the house price was shooting up. I don’t know the exact price range here in Burnaby but some SFH will easily cost you 1mil. Consider all the fun facts undergoing these days: QE3, bailout, Euro crises, BPOE, HAM, I guess I will keep watching everything and restrain myself from jumping onto the Vancouver housing bandwagon even though I’ve missed a Shanghainese one.”

GuyInBurnaby at VREAA 30 Nov 2011 12:59pm, commenting on “If I’d paid for it all myself, the price cut wouldn’t bother me as much, but there’s a lifetime of my parent’s blood and sweat in it. Developers’ profits are outrageous. The price they set when the housing market kept going up was far more than the real value.”

12 responses to ““I guess I will keep watching everything and restrain myself from jumping onto the Vancouver housing bandwagon even though I missed the Shanghainese one.”

  1. “And therefore more attractive for young people”

    One may start coming to the conclusion that some cities (that shall remain nameless) aren’t being built for families with children as a matter of course.

  2. Yesterday, a nice re agent warned me not to buy. He thinks the boom is over.
    We’ll see in a few months if he was right.

  3. “Garossino indicates, because it’s allowing housing to be bid ever higher and far beyond its intrinsic value”

    WTF!
    The instrinsic value is the price you pay above and beyond the actual utile value (rental equivalent). It’s the price paid for the home. You can never pay above instrinsic value because the price paid IS the intrinsic value…no matter how high.

    • Royce McCutcheon

      Sure you’re not talking about “market value” instead of “intrinsic value” there Formulablorustybye?

      Also, misapplication of this single word term where the author’s true meaning is pretty easily derived raises your ire, but logical swamps like “climbing the property ladder” don’t warrant comment? Okay.

      • “climbing the property ladder”…

        Invariably reduces to spending years, if not decades, with your nose in the ass of the next guy/gal up the rung…

        You can quote me. If ya wanna. 😉

    • Renters Revenge

      Wow! You’re understanding of intrinsic value is amazing. How about economic value of equity? Is that a term you would like to elucidate upon, for us?
      http://www.investopedia.com/terms/e/economicvalueofequity.asp#axzz1fhyc3qXe

  4. A couple days ago we saw the survey (from Seattle) “If your household income were $100,000, how expensive a home would you be comfortable buying?”
    https://vreaa.wordpress.com/2011/12/01/if-your-household-income-were-100000-how-expensive-a-home-would-you-be-comfortable-buying/

    The most common vote was $300k-$399k.

    So who’s living in those uber-expensive $1M houses in Seattle?

    Answer: $1M is so crazy expensive, you’d want to be the CFO of Microsoft to live there.
    http://seattle.blockshopper.com/news/story/700020060-Microsoft_CFO_sells_1_08_million_in_Bellevue,

    • In Vancouver, a $1M house means you drive a taxi, have a $600K mortgage and bought two years ago. It also probably means you’ll be bankrupt in two more years!

  5. It’s amazing that this took so long…

    Vancouver Sun HAM Edition http://taiyangbao.ca/
    (btw, gotta love those cute banner ads)

    I am also hearing that Patsy Hui will be doing daily RE features on Global TV starting on Chinese New Years 2012 (just joking…)

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