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Welcome to Vancouver losers (Macleans Magazine article)


Violator

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https://www.macleans.ca/economy/realestateeconomy/the-real-estate-war-on-the-west-coast-vancouver/

 

Kind of an interesting read.seems like alot of speculation from the people being interviewed.

 

The real estate war on the west coast that’s tearing Vancouver neighbourhoods apart

Garish wealth. Scarce rental housing. A government that sees the middle class as stinking rich. No wonder Vancouverites are at each other’s throats.

 

 

 “The guy across the lane from us, he tore down an old house, built a whopping new house, and he had a Rolls-Royce and a Ferrari in the garage,”

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This pretty much tells the whole story:

MAC06_REAL_ESTATE04-810x608.jpg

2014: Indicated in red, 23 per cent of single-family residential properties in Metro Vancouver assessed at more than $1 million

 

MAC06_REAL_ESTATE05-810x608.jpg

2018: Indicated in red, 73 per cent of Vancouver single-family homes are worth more than $1 million

 

It reminds me of that scene from Edge of Tomorrow, where they show the map of the mimic hordes across Europe. Personally I think the damage is done, this is a change over 4 years. I give it another 4-5 years and that entire map will be red.

It's why I left BC. We're a single income family, and despite my income being very generous I could not afford to buy what I needed in order to provide a comfortable life for my family. Lots of other places in this country to live, and to do so a lot cheaper.

 

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1 hour ago, VanGnome said:

This pretty much tells the whole story:

MAC06_REAL_ESTATE04-810x608.jpg

2014: Indicated in red, 23 per cent of single-family residential properties in Metro Vancouver assessed at more than $1 million

 

MAC06_REAL_ESTATE05-810x608.jpg

2018: Indicated in red, 73 per cent of Vancouver single-family homes are worth more than $1 million

 

It reminds me of that scene from Edge of Tomorrow, where they show the map of the mimic hordes across Europe. Personally I think the damage is done, this is a change over 4 years. I give it another 4-5 years and that entire map will be red.

It's why I left BC. We're a single income family, and despite my income being very generous I could not afford to buy what I needed in order to provide a comfortable life for my family. Lots of other places in this country to live, and to do so a lot cheaper.

 

The closing of schools is real. No families with kids are going to be able to afford Vancouver. 

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“I had dinner with some friends last night, and the person who is renting was attacking the people that were there,” she says. The renter was telling the homeowners to just sell their homes and enjoy the windfall if they were so worried about taxes. “What kind of response is that?” she says.

 

Ummm...the right one?

 

It's an absolute mess over there. Sometimes I don't understand why so many insist on fighting it out.

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4 hours ago, Violator said:

https://www.macleans.ca/economy/realestateeconomy/the-real-estate-war-on-the-west-coast-vancouver/

 

Kind of an interesting read.seems like alot of speculation from the people being interviewed.

 

The real estate war on the west coast that’s tearing Vancouver neighbourhoods apart

Garish wealth. Scarce rental housing. A government that sees the middle class as stinking rich. No wonder Vancouverites are at each other’s throats.

 

 

 “The guy across the lane from us, he tore down an old house, built a whopping new house, and he had a Rolls-Royce and a Ferrari in the garage,”

Being a former Vancouverite, I feel like Vancouverites always either had a chip on their shoulder or they were "fake".

 

Seems like nothing's changed.

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5 hours ago, VanGnome said:

This pretty much tells the whole story:

MAC06_REAL_ESTATE04-810x608.jpg

2014: Indicated in red, 23 per cent of single-family residential properties in Metro Vancouver assessed at more than $1 million

 

MAC06_REAL_ESTATE05-810x608.jpg

2018: Indicated in red, 73 per cent of Vancouver single-family homes are worth more than $1 million

 

It reminds me of that scene from Edge of Tomorrow, where they show the map of the mimic hordes across Europe. Personally I think the damage is done, this is a change over 4 years. I give it another 4-5 years and that entire map will be red.

It's why I left BC. We're a single income family, and despite my income being very generous I could not afford to buy what I needed in order to provide a comfortable life for my family. Lots of other places in this country to live, and to do so a lot cheaper.

 

The sad thing is for the same money or sometimes cheaper you can own real estate in Hawaii or California. That's how out of whack our real estate is. 

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13 minutes ago, Ghostsof1915 said:

The sad thing is for the same money or sometimes cheaper you can own real estate in Hawaii or California. That's how out of whack our real estate is. 

Meh.

 

i wouldn’t pay any money to live the in the states regardless of what I could afford.

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16 minutes ago, Dazzle said:

Being a former Vancouverite, I feel like Vancouverites always either had a chip on their shoulder or they were "fake".

 

Seems like nothing's changed.

I dunno. 70’s through the 90’s Vancouver was pretty ideal.  Full of regular er’day good people.

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41 minutes ago, riffraff said:

I dunno. 70’s through the 90’s Vancouver was pretty ideal.  Full of regular er’day good people.

post expo 86 changed the demographics ,with the impending Chinese takeover of hong kong from british rule ,and Canada taking on the highly educated and/or wealthy .according to wiki as of 1964 there were 16,700 people of Chinese descent in the lowermainland ,as of 2011 that figure  jumps to 450,000. on a much smaller scale prince Rupert has seen an influx as well ,having always had a long history of Chinese residence (railroad) 

Hong Kongers[edit]

Vancouver received most of the Hong Kongers settling in British Columbia, and out of all of Canada British Columbia had the highest proportion of Hong Kong settlers.[50] Many professionals, spurred by the impending 1997 Handover of Hong Kong and 1980s economic and political issues, immigrated to Vancouver. Therefore, late 20th century Hong Kong immigration had relatively more socioeconomically higher end persons compared to previous waves of Chinese immigration.[51] Hong Kong immigrants perceived Vancouver as a good destination due to concerns about safety and the quality of Canadian schools.[52] As of 2013 several Hong Kong-origin families based in Vancouver are transnational, meaning that members of the family may move between Hong Kong and Vancouver.[53]

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11 minutes ago, ReggieBush said:

Property rich, cash poor is a real thing ladies and gentlemen.

And thats my argument towards people who have the attitude "your rich so screw you".  Ok you may own a 2 million dollar home, if you were to sell and move 30-40 minutes further away from work you might get a house for 1.6 mill.  Are you really that much ahead?  Chance are you might still have a mortgage, the fact you live in a million dollar home means squat now.  Hell in Mission and Chilliwack where I have lived, very meh homes on 1/5 acres are litterally over a million now.  Developer is buying my neighbors property and told me he is building townhomes on it in the "affordable" price range for the average family, 500-550k....  550k for a townhome butted up beside your neighbour, thats a 550k townhome in Chilliwack.  Just because you have an expensive home, everything else has skyrocketed also, you may have bought at 600k and worth 2 mill now but every other place has also risen 1.4 mill.  Only way you would be "rich" would be to move out of the city to a much smaller town to work/retire, you can't stay in the same place and be "rich"

 

Quote

The change has deeply angered the west side of Vancouver, where large detached homes perch on leafy, green lots. Residents have launched petitions, staged protests and erected yard signs claiming the tax is “hurting seniors and working-class families the most!!!!” Home values have skyrocketed in the area, but incomes have not. Those who purchased property many years ago don’t necessarily have extra cash on hand.

^^^ And this is my biggest point, incomes are not higher but ALL homes have skyrocketed.  Just cause you bought when it was cheaper, everything has risen drastically while people don't have all that much more disposable income.

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26 minutes ago, janisahockeynut said:

Hey Guys

 

The house beside me just went on the market yesterday...….In Nanaimo...….3 bedroom/2 bathroom house    $449,000.00 …...Remax

Very nice quiet street on green belt...…..take a look!

Shh, don't tell people stuff like this or we're next. 

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24 minutes ago, StealthNuck said:

Shh, don't tell people stuff like this or we're next. 

lol...…………..according to my realestate buddy......they are starting to come anyways

 

I was just trying to tell our friends here, that may not know, what the actual prices are like.

 

And 1 - 15 minute helicopter ride from down town Vancouver

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I lived in Vancouver for most of my life and I still love it. I moved away when I realized I had made enough equity from my condo to buy house with ocean views further up the Coast, and still had some left over to start a nest egg for retirement. I still love coming to Vancouver for my band and to see the wonderful friends 30 plus years of living their provided.  It's a beautiful city with some great people, but I have to agree the real estate market sucks.  I've seen all four corners of this country and there is a reason BC is coveted. It has a lot to offer.  Vancouver isn't the only place to enjoy what Vancouver has to offer.

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1 hour ago, StealthNuck said:

Shh, don't tell people stuff like this or we're next. 

No kidding, even here in port alberni the market is nuts, when my brother bought his house 3 years ago he got it for 107 thousand and it had been on the market for at least 6 months. He just sold it for 207 thousand first day it was on the market and he really did not do that much to improve it and its only gotten worse in the months since, 5 years ago 250 thousand could get you a 2500 sq house here with a good chunk of land in the city or at least an acre out beaver creek, that house now would probably be and 450 to 500

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