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Vancouver housing ranked among world's least affordable


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#91 ronthecivil

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Posted 25 January 2013 - 09:48 AM

Yup. Surrey's changed a lot since the '90s.

All the newer single family homes are going for 550k+ in Newton, Fleetwood, Clayton, etc. The monster homes are going for 750k+

Also, more or less any home in Panorama Ridge (basically Newton), Elgin, Morgan Creek, Grandview, Hazelmere, etc. are 1M+

----------------------------------------------------------------

Vancouver is expensive but it really comes down to proximity and ego.


Those prices in Surrey are more likely to fall than even Vancouver. The million dollar homes in Newtwon the most.

Thing is about Vancouver is the 4 million dollar house is probably owned by someone wealthy.

The million dollar Newtown home is more likely to be owned by someone that is leveraged to the teeth and all giddy about have a hundred k in equity.

History shows swanky neighbourhoods actually tend to fair the best. It's the pretenders that really get slaughtered......
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#92 ronthecivil

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Posted 25 January 2013 - 10:20 AM

http://www.businessi...g-market-2012-1



Not just Vancouver, but all of Canada. Vancouver is just the worst.

But then again, how often does the IMF get to take in our great restaurants and beautiful scenery?

::D

P.S. If for some reason the IMF is reading this and does want to short Canada look into Genworth - the private sector brother to the CMHC.....
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#93 D-Money

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Posted 25 January 2013 - 10:29 AM

Those prices in Surrey are more likely to fall than even Vancouver. The million dollar homes in Newtwon the most.

Thing is about Vancouver is the 4 million dollar house is probably owned by someone wealthy.

The million dollar Newtown home is more likely to be owned by someone that is leveraged to the teeth and all giddy about have a hundred k in equity.

History shows swanky neighbourhoods actually tend to fair the best. It's the pretenders that really get slaughtered......


Yup.

First thing to plummet is vacation properties. This is already happening.

Next are the suburbs. Most people who live around a city really want to live in the city. But those who can't afford the Vancouver prices buy in the 'burbs to "get in the market", as an investment of sorts. When prices are falling, nobody is buying to simply "get in the market". Many will just rent - and if you have to rent, why not rent in the city? So one of the main reasons for the house being built and sold has evaporated.

But most people still want to live in the city (provided it's not one of the aforementioned ghettos). People need to work there (some more than ever). The demand will always be there. In fact, the rental demand goes up, which can offset some of the downward pressure. Prices will go down, but generally not as much as elsewhere.
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#94 Electro Rock

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Posted 25 January 2013 - 10:37 AM

I see so many folks living in RVs, vans, ex-delivery vehicles and even retired schoolbuses these days it's not funny, you'll see it even up in the British Properties.

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#95 mdehaan

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Posted 25 January 2013 - 11:39 AM

The debt-income ratio of Canadians is 164%. That is higher than the American ratio (160%) when thier housing bubble popped.

Edited by mdehaan, 25 January 2013 - 11:40 AM.

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#96 taxi

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Posted 25 January 2013 - 12:57 PM

You would also be leveraged to the teeth (in one non diversified asset no less). I wouldn't call that an excellent economic position.

You would be better off taking the 200k and putting it on roulette. At least then you can only go down to zero.

A 20% decline in value and your almost a years salary in the red.

A 30% decline in value and your almost four years salary in the red.

With that much at stake I would be ****ing the bed with so much as a hint of declining values.

Especially if I saw that graph and noticed that the first ten percent has already arrived......


Most people hold their homes for the long run. A house in a growing population will always go up in value in the long run. Certain speculators who play the short game and cannot afford to wait swings out will be in trouble in a 30% drop scenario.
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#97 taxi

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Posted 25 January 2013 - 01:00 PM

The debt-income ratio of Canadians is 164%. That is higher than the American ratio (160%) when thier housing bubble popped.


Debt to income ratio is a pretty meaningless statistic. Like I said before it doesn't take into account equity in a home, sustainability of income, assets in general, and quality of debt.

Sweden, which did not experience any kind of housing bubble of approximatey the same as ours. Denmark has a significantly higher ratio. They, like us, experienced a small dip in 2009, and relative stability after that.
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#98 Berto91

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Posted 26 January 2013 - 11:12 AM

Well, hopefully when I move in 5-6 years, it'll have gone down dramatically..
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#99 Electro Rock

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Posted 26 January 2013 - 11:51 AM

Well, hopefully when I move in 5-6 years, it'll have gone down dramatically..


If prices drop by any meaningful degree, there'll be good reason for it, as in the kind where you'll probably want to avoid moving here in the first place.
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#100 key2thecup

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Posted 26 January 2013 - 02:54 PM

If prices drop by any meaningful degree, there'll be good reason for it, as in the kind where you'll probably want to avoid moving here in the first place.


Yeah, so the younger generation that dreamed of owning a detached home with a decent property size within Metro-Vancouver, keep dreaming. (Unless mommy & daddy are well enough financially to help you get your mortgage)
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#101 Grapefruits

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Posted 28 January 2013 - 08:07 PM

Those prices in Surrey are more likely to fall than even Vancouver. The million dollar homes in Newtwon the most.

Thing is about Vancouver is the 4 million dollar house is probably owned by someone wealthy.

The million dollar Newtown home is more likely to be owned by someone that is leveraged to the teeth and all giddy about have a hundred k in equity.

History shows swanky neighbourhoods actually tend to fair the best. It's the pretenders that really get slaughtered......



The City of Surrey has been named one of the top five real estate investment cities in Canada by Business Review Canada.
A recently released report by the organization highlighted Surrey's strategic location, increasing business opportunities and population growth, and emphasized the city is a prime location for business. The cities were chosen based on factors ranging from market stability to housing prices, and future growth potential.

"Surrey is an emerging metropolis with a dynamic local economy," the report states. "With over 6,000 acres of parkland and green spaces, and an array of bike lanes and trails sprinkled throughout the city, Surrey offers residents an arrestingly beautiful landscape with all of the amenities of a bustling city."

Surrey Mayor Dianne Watts said she was proud of the recognition, noting that her council has worked hard to maintain one of the lowest tax rates in Canada and continues to cut red tape to foster a competitive environment for business.

In 2011, Western Investor Magazine named Surrey the best place in Western Canada to invest in real estate. The Real Estate Investment Network has repeatedly named Surrey the best place in B.C. to invest, and also ranked the city fourth on the list of top Canadian investment cities.

Other cities on the list include Barrie, Ontario, Maple Ridge and Pitt Meadows and Red Deer, Alta.


Read more: http://www.vancouver...l#ixzz2JKWdLxk2


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#102 Violator

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Posted 28 January 2013 - 09:24 PM

Good thing about surrey is that they have vast amounts of untapped farm land which means people that need to build big warehouses can do that at a limited price
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