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key2thecup

Vancouver housing ranked among world's least affordable

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The urban lifestyle, the kind of stuff you live in a big city for, it just doesn't do much of it very well, be it general nightlife, dining, events and happenings, service and selection, vibe, convenience, infrastructure, etc etc.

The old Vancouver (20+ years ago) stacked up a lot better, unfortunately if you don't have a time machine handy you're stuck with today's version.

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The same could be said of any city.

Here's a newsflash. Despite all the talk of foreign money, the overwhelming majority of housing in the lower mainland is purchased by locals.

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If you want an urban lifestyle, go live in New York City! Where shockingly it's cheaper to own a place!!!!!!

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No it couldn't be said of any city. What other cities are right next door to one of the biggest drug production industries in the world?

Vancouver also has an extremely high immigrant population when compared with other cities around the world. The proportion in Vancouver of 1st or 2nd generation people, with large ties to their homelands, is much higher than other cities.

You also have to look at the quality of the immigrants here. In the USA most immigrants come from Hispanic countries, where you cannot earn significant income to use for real estate. In Canada, many immigrants are well off and highly educated people who have significant income streams from their home countries. While many of these peole may qualify as local, the money they earning most certainly is not.

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It is not cheaper to own a place in New York City, at least not a part of NYC that you would want to live in. Comparing urban housing prices between Canada and the USA is apples and oranges. Every major US city has large parts of the city which have been ghettoized, and significantly bring down average prices. There is not a single Canadian city with a sprawling ghetto. The closest is Rexdale in Toronto. Even then, Rexdale is far smaller than a US ghetto and the living conditions are far better.

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San Diego? Laredo and Corpus Christi Texas? Any city in Holland? Or for that matter Spain? Only a Vancouverite would qualify "a prolific drug trade" as a reason to justify higher prices!

If we have a lot of people earning foreign income that they are not reporting, than clearly we have a tax evasion problem, not a stats problem.

That it's a port city with more investment and a limited land base is a good reason for Vancouver to be the most expensive in Canada. Heck, it's plenty of reason to never expect prices to drop (or inflation to catch up to) a 3 times multiplier that would make it affordable.

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Victoria, BC ... No surprise there. At least in Vancouver, you live in a world class city. Victoria is just garbage for the amount of money you pay.

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Go to the places in the states that had the biggest "pop": Las Vegas, Florida, Phoenix, Southern California, etc... Even now, entire city blocks remain unpopulated. That won't happen in Vancouver.

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Vancouver?!? World class city!!?

Personally, I prefer Victoria. I don't know what Vancouver has going for it to make it a world class city, unless you're talking about "the best place to raise kids just outside of a city if you've got a significant income"

Victoria has charm.

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Maybe people live in Vancouver's "big city" for different reasons than you/others that might prefer other cities? And your mention of dining is hilarious. Vancouver is notable for it's excellent restaurants from a vast array of cultures.

Perhaps Vancouverites prefer Vancouver because of it's ample outdoor activities over other city's "nightlife"? That doesn't make it a crappier city, it makes it a different one. Perhaps it's not your cup of tea and that's ok. But living in the GVRD suits MY lifestyle just fine thanks. I love being able to go for a hike/ski/golf/kayak etc in the afternoon, have a nice dinner at any number of fantastic restaurants from countless different cultures and enjoy a nice play/symphony/concert/hockey/football/soccer/baseball game in the evening.

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Vancouver's dining doesn't compare very well with the notable exception of Asian, high end boutique and perhaps seafood.

And while I get the appreciate the outdoors aspect, the shortcomings mentioned make this a city with relatively narrow appeal.

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Victoria has a complete lack of or, at best, completely inadequate infrastructure in almost every single area for starters.

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I don't disagree with a tax reporting problem, however, you can't deny that is a reason for inflated prices. I never said I supported it, I was just pointing out a major cause.

As for San Diego, and cities like Texas, those aren't comparables. Those cities do not have a housing shortage, they have housing vacancies. Also, San Diego is not a major hub for drugs. You can bring drugs through San Diego, but you have many options along that Mexico/USA border. The geographic region is huge, and there are several metropolitan centres a drug operation could operate out of on both sides of the border. In BC, Vancouver is the only major city that is going to provide the kind of lifestyle a drug dealer is looking for.

There is no "pop" coming. Expect a gradual decline, which is already happening. A few markets might experience a correction. However, if your waiting for the housing prices to drop to a "multiple of 5", which would be about a 50% drop...don't hold your breath. Expect a 30% drop in certain sectors of the housing market, with no more than a 10% overall drop.

The major reason for the pop in the USA, was not the bad credit. It was the surplus of housing and a temporary and migrant population characteristic. When housing prices started to fall in the USA, they continued to fall because noone was living in the houses and you had a vast surplus on the market. In Canada, the population is growing, and it's growing especially in the major urban centres like Vancouver. A house in Vancouver will always maintain value, as there is always someone who wants to live in it.

Go to the places in the states that had the biggest "pop": Las Vegas, Florida, Phoenix, Southern California, etc... Even now, entire city blocks remain unpopulated. That won't happen in Vancouver.

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No, when you sell you pay out your mortgage and then the new buyer has to get a new one if they need it.

So if you have a 200k mortgage and sell your house for 400k, you receive the 400k, immediately pay the bank 200k and pocket the other 200k. minus transfer fees, tax, yadda yadda.

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You evidently don't get out to restaurants much then....

As for the "narrow appeal", if you don't like what the city offers you can do one of two things. Live elsewhere or be the change you wish to see.

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Maybe if you live out in Sooke or something. The infrastructure in Victoria is fine.

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You evidently don't get out to restaurants much then....

As for the "narrow appeal", if you don't like what the city offers you can do one of two things. Live elsewhere or be the change you wish to see.

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