“A 27 year old colleague of mine bought in Whalley in late 2009, claiming that it would be the new Yaletown.”

“A 27 year old colleague of mine went out and bought in Whalley in late 2009, claiming that it would be the new Yaletown.
My other bearish colleague and I almost laughed when she said this during a staff meeting, as he actually lives in Surrey. She was so proud that she wrote in the office log “off to get my mortgage approved for my first place – smiley face”
She is married to a guy that works at the bank, and they have since bought another place. They are renting the Whalley place, and claim that their rent covers their mortgage payment. When questioned further, they didn’t factor in property taxes, insurance, and strata fees..
I cannot wait till this twit gets burned…”

SKS at VCI 25 Jul 2012 8:12am

13 responses to ““A 27 year old colleague of mine bought in Whalley in late 2009, claiming that it would be the new Yaletown.”

  1. no debt, no stress

    Interesting article on Zero Hedge about our housing bubble, everyone else sees it except the majority of Canadians, because its different here.
    http://www.zerohedge.com/contributed/2012-07-27/canadian-real-estate-bubble

    • That contributed letter to ZeroHedge is so full of “issues” it is barely worthy of comment. I am no fan of Reggie either as he has shown a strong tendency to exaggerate the problems in the US economy. He must have really been short of material the day he submitted that piece. ZH is doing no better for having published it. Did their editors go off on sick leave or something?

  2. joe_blown_away_by_high_housing_costs

    I remember reading a few years back how the original Quattro buyers wanted to sue the developer for false advertising. The developer made ads promising that the Whalley area of Surrey would become the next Yaletown. These buyers claim that this promise is what got them to buy. Well, no surprise, Whalley hasn’t turned out to be the next Yaletown. So they wanted to sue for false advertising.

    WHO IN THEIR RIGHT MIND WOULD BELIEVE WHALLEY WOULD BECOME THE NEXT YALETOWN!?! I actually remember seeing those ads at skytrain stations and I just laughed at the time. Anyone who knows anything about Yaletown knows what a ridiculous claim that is. Yaletown started off as an industrial area full of warehouses. Many of the warehouses were renovated into loft apartments with shops below. Only later did the gleeming glass towers spring up.

    Whalley is not an industrial area. There are very few warehouses in Whalley so it is not possible to create loft apartments in former warehouses in Whalley. Whalley has long been SFH residential — Yaletown was never that. So you’re starting with a different form of development from the get go — that shapes how the neighbourhood may transfer. Also, Quattro is low rise apartments — there is very little of that in Yaletown, which is all lofts/warehouses and high rises. Yaletown is by the waterfront in the downtown area. Whalley is not by the waterfront and it’s in the suburbs. Yaletown and Whalley couldn’t be more different. No one with a brain in their head could ever believe Whalley could become something like Yaletown. Yes, Whalley is gentrifying. I know because I live here and I see it every day. But even if it ever fully gentrifies and all the druggies and homeless are pushed out, the neighbourhood will never feel anything like Yaletown.

    • I bet some investor had something to do with the fire. The market was softening when that happened.

  3. Yaletown is Yaletown because of the people who are attracted to the life style there more than anything.
    Plus if Whalley is Yaletown, then it would have Yaletown prices, duh.

  4. The real question is why the advertisers were allowed to claim Whalley would be the new Yaletown.

  5. You are reading this too literally. Think Yaletown is to Vancouver what Whalley is to Surrey! See, no lies. 😉

  6. I thought that the new Yaletown is in Marpole, south of 70th Ave (where they magically found some new land)

    http://bit.ly/u6KvqI

    How many more Yaletowns will be built until we run out of them?

  7. Hmmm, just noticed this one: http://bit.ly/OiLP58
    “Vancouver’s video game industry has suffered another blow, as Microsoft shut down two of its major projects.”

  8. Whalley is like the Maple Leafs. They are ten years away from being ten years away

  9. Aldus Huxtable

    Recently I encountered an acquaintance who was bragging on Facebook about condo shopping in Surrey. I provided her with links to here, Vancouver price drop, greater fool and VCI. Her response was, as long as she’s happy with the monthly payment she doesn’t care. A few weeks have passed and now she brags of taking possession and the great deal she just got on patio furniture.

    Rationale, logic and data cannot overcome most people’s emotional “needs”. I suppose this could be a result of a lack of encouragement in critical thinking in schooling over the past twenty years.

    Let ’em all burn their equity into the pit red numbers. Unfortunately, those who were prudent or wise will probably end up bailing out these ignorant fools being drained by the banks and boomers who both have no social conscience for their actions.

    Now, when shall the dust settle?

  10. Aldus Huxtable

    Since we are renaming areas of Vancouver (east village) which I have now taken to calling all Hastings sunrise residents “village people” perhaps we can rename Yaletown Nob Hill … Silent k in front of it you know…

    I’ll comment cheerily on something soon, don’t fret.

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