Average Vancouver home will cost $2.1 Million by 2030

[riffraff]

Right, there's no way to affect real estate prices because people are greedy. Get back to me when you have a better understanding of economics.

I can't believe you don't know what racism is.

Economics! Really?

The real estate trend is smashing you in the face dude!!!!

I was born and raised here and I'm almost forty. More so i work in residential construction. Not only have most locals been priced out of north and west Vancouver and vancouver proper, I couldn't even get contracts in the area anymore. Foreign investment employing foreign Labour equals out of reach homes.

You don't need a business degree to realize this. So enough with the patronizing. I've lived life. It's a very small percentage of people who can actually afford to live in Vancouver compare to people who think they can.

I've literall been on housing projects for clients who have no intent to live in the home. It's simply a tax right off used as accommodation for "business" rather than hotels etc.

Racist or reality?

I've also travelled through eighteen countries and have enjoyed the hospitality of many races as well as reciprocated it. So labele racist for my assessment if you need too.

Bottom line is there is problem. I'm pretty sure there is no solution. As I said, you can't solve greed. The government instills it, perpetuates it and allows it. And the people who are capable exploit the "opportunities."

Ftr I grew away from Vancouver anyway. I don't enjoy the city life anyway.

Bit of a ramble I know but I'm over the racist cards played here as much as people complaining about situations they do nothing to change more than bitch about it in cdc.

[-DLC-]

I can't believe this thread is still open with the amount of straight up racism in it.

And you have reported none of it? That's how you address inappropriate behavior in order to have someone address it and I don't see it. So please either direct us to what it is you're referring to or don't bother commenting.

[McBackup]

Economics! Really?

The real estate trend is smashing you in the face dude!!!!

I was born and raised here and I'm almost forty. More so i work in residential construction. Not only have most locals been priced out of north and west Vancouver and vancouver proper, I couldn't even get contracts in the area anymore. Foreign investment employing foreign Labour equals out of reach homes.

You don't need a business degree to realize this. So enough with the patronizing. I've lived life. It's a very small percentage of people who can actually afford to live in Vancouver compare to people who think they can.

I've literall been on housing projects for clients who have no intent to live in the home. It's simply a tax right off used as accommodation for "business" rather than hotels etc.

Racist or reality?

I've also travelled through eighteen countries and have enjoyed the hospitality of many races as well as reciprocated it. So labele racist for my assessment if you need too.

Bottom line is there is problem. I'm pretty sure there is no solution. As I said, you can't solve greed. The government instills it, perpetuates it and allows it. And the people who are capable exploit the "opportunities."

Ftr I grew away from Vancouver anyway. I don't enjoy the city life anyway.

Bit of a ramble I know but I'm over the racist cards played here as much as people complaining about situations they do nothing to change more than bitch about it in cdc.

So do you have anything to add? Your point about it still boils down to "Vancouver is expensive, its going to get more expensive, might as well leave."

Also, I suggest you go back and re-read the thread as you clearly didn't do so very thoroughly. First of all that racism comment wasn't directed at you, it was directed at the guy accusing people in this thread of racism. There's a nifty little "MultiQuote" button on these forums. Second, I wasn't calling anyone racist. I was arguing the exact opposite. Read a little more thoroughly before you fly off the handle and make posts like this when someone disagrees with you.

[riffraff]

So do you have anything to add? Your point about it still boils down to "Vancouver is expensive, its going to get more expensive, might as well leave."

Also, I suggest you go back and re-read the thread as you clearly didn't do so very thoroughly. First of all that racism comment wasn't directed at you, it was directed at the guy accusing people in this thread of racism. There's a nifty little "MultiQuote" button on these forums. Second, I wasn't calling anyone racist. I was arguing the exact opposite. Read a little more thoroughly before you fly off the handle and make posts like this when someone disagrees with you.

You're right I should have used multi quote option.

So, I apolo the racism rant was not directed at you.

Otherwise I stand by what I said....greed is the driver behind most financial situations affecting every day people negatively. And in short, the world is a big place and there is more out there than Vancouver and there are more paths to get to where you need to be to find a balance and peace in life than you think.

[McBackup]

You're right I should have used multi quote option.

So, I apolo the racism rant was not directed at you.

Otherwise I stand by what I said....greed is the driver behind most financial situations affecting every day people negatively. And in short, the world is a big place and there is more out there than Vancouver and there are more paths to get to where you need to be to find a balance and peace in life than you think.

I agree that the world is far larger than the lower mainland. However I still think its a shame so many people born and bred in Vancouver will have to leave because its become unaffordable. Vancouver is always going to be an expensive place to live, I get that. Its gorgeous, has a high standard of living and is densely populated. But part of the reason the price is being artificially inflated is due to it being used as a "Hedge City", which can be changed. And its still simply not economically sustainable to have a city so tied in with the economy to have most of the workers who drive that economy unable to live there.

When I say "something has to give" I don't mean "Gee, I really hope prices go down so I can afford to live here", I mean something WILL change, think of it like natural selection. Unless you see Vancouver becoming a millionaire's playground like Monaco (not bloody likely) it will eventually give in to the economic pressures required to make housing affordable, so the projected upward trend is not sustainable.

As for what can actually be done, we need to change Vancouver from becoming a Hedge city. I think massive taxes on uninhabited residences are the answer, but I'm sure there are other potential solutions. To not make any effort because people are greedy is giving in.

[taxi]

Australia has already developed a model to restrict foreign investment from overly inflating the price of real estate.

Whether it's cabs, bike lanes in rich neighborhoods, real estate, etc.. The government habitually takes the side of special interest groups over people who live and work in Vancouver.

[McBackup]

Australia has already developed a model to restrict foreign investment from overly inflating the price of real estate.

Whether it's cabs, bike lanes in rich neighborhoods, real estate, etc.. The government habitually takes the side of special interest groups over people who live and work in Vancouver.

And thats where efforts to change need to start.

[riffraff]

I agree that the world is far larger than the lower mainland. However I still think its a shame so many people born and bred in Vancouver will have to leave because its become unaffordable. Vancouver is always going to be an expensive place to live, I get that. Its gorgeous, has a high standard of living and is densely populated. But part of the reason the price is being artificially inflated is due to it being used as a "Hedge City", which can be changed. And its still simply not economically sustainable to have a city so tied in with the economy to have most of the workers who drive that economy unable to live there.

When I say "something has to give" I don't mean "Gee, I really hope prices go down so I can afford to live here", I mean something WILL change, think of it like natural selection. Unless you see Vancouver becoming a millionaire's playground like Monaco (not bloody likely) it will eventually give in to the economic pressures required to make housing affordable, so the projected upward trend is not sustainable.

As for what can actually be done, we need to change Vancouver from becoming a Hedge city. I think massive taxes on uninhabited residences are the answer, but I'm sure there are other potential solutions. To not make any effort because people are greedy is giving in.

It seems we share some common ground on ideals however I disagree with your second paragraph. Imo it is in fact becoming a millionaires playground and it retirement city. I've had clients actually have the audacity to say that to my face. Paraphrasing here but along the lines of "Vancouver has no industry. I make and have made my money elsewhere and am now here to retire...."

That's the mindset I was referring to when mentioning greed. Changing people's mindsets is difficult and almost impossible when that mindset is money driven.

As you suggest , taxes could be a solution but I don't see the gvt scaring away foreign real estate investment. The gvt is into making money priority número uno. Sustainability is a funny thing in this instance. Many people commute to a city everywhere in the world to work as they can't afford to live right in the city.

Not only do I not live in Vancouver I don't even work where I live currently. I'm away from home four weeks at a time and then around ten days off and a month off around Christmas. At the end of the day I'm paying my taxes, a cog in the wheel and the gvt could care less where I live so long as I pay my ends to them.

I don't feel I'm giving up or have given up. My priorities and lifestyle has changed as I've aged. The Vancouver "lifestyle" isn't what I need anymore. As well, I like people, I like community and the city doesn't provide that for me. I enjoy familiar faces, talking to people, knowing names etc. but when I want my own time and place in nature or whatever I get it. Not fighting for space with weekend warriors.

So my suggestions to younger people are to be realistic with expectations. Travel. Try things. All this may provide the outlook, skills, mindset to see beyond owning a house in Vancouver as the be all end all.

If you love Vancouver so much and hey it is a great city, then go for it. Do whatever it takes but it comes with a price.

[McBackup]

It seems we share some common ground on ideals however I disagree with your second paragraph. Imo it is in fact becoming a millionaires playground and it retirement city. I've had clients actually have the audacity to say that to my face. Paraphrasing here but along the lines of "Vancouver has no industry. I make and have made my money elsewhere and am now here to retire...."

That's the mindset I was referring to when mentioning greed. Changing people's mindsets is difficult and almost impossible when that mindset is money driven.

As you suggest , taxes could be a solution but I don't see the gvt scaring away foreign real estate investment. The gvt is into making money priority número uno. Sustainability is a funny thing in this instance. Many people commute to a city everywhere in the world to work as they can't afford to live right in the city.

Not only do I not live in Vancouver I don't even work where I live currently. I'm away from home four weeks at a time and then around ten days off and a month off around Christmas. At the end of the day I'm paying my taxes, a cog in the wheel and the gvt could care less where I live so long as I pay my ends to them.

I don't feel I'm giving up or have given up. My priorities and lifestyle has changed as I've aged. The Vancouver "lifestyle" isn't what I need anymore. As well, I like people, I like community and the city doesn't provide that for me. I enjoy familiar faces, talking to people, knowing names etc. but when I want my own time and place in nature or whatever I get it. Not fighting for space with weekend warriors.

So my suggestions to younger people are to be realistic with expectations. Travel. Try things. All this may provide the outlook, skills, mindset to see beyond owning a house in Vancouver as the be all end all.

If you love Vancouver so much and hey it is a great city, then go for it. Do whatever it takes but it comes with a price.

It is a retirement city, but at the same time, the West Coast has been that way for quite awhile. I think whatever way you slice it, housing prices will lower themselves eventually, as despite what people like you've met have said it is a very industrious city. Its the biggest port in Canada, has huge ties to natural sectors like forestry, fishing and mining, and is big on industries like technology, film and tourism. You don't get to 2.5 million residents without jobs.

And thats where I think the changes will come. There's quite a large amount of jobs here to be had, and most aren't going to be paying enough to afford a house like that. So naturally there will be an exodus of people to more affordable housing. However there are still going to be jobs here, and still going to be people. The housing bubble will deflate, income will go up, something has to change. It will still be expensive, but it will change. Look at Alberta. Big job losses and an economy thats tanking because its so tied up in oil.

You can't predict the future, but you can try to affect it. One thing I will say is that there will be a lot of renters in the future as well.

[William_Clarkson]

really? every time i'm in vancouver i cannot help but think how rude and corporate it is. what are hippies if not friendly culture vultures?

lol, Vancouver's one of the most hippie major cities I've been to.

[key2thecup]

Fresh warning bells sounded over Vancouver's hot housing market

A modest bungalow in Vancouver sold for $2,480,000 -- $192,000 above the asking price of $2,288,000. The previous selling price in 2000 was $488,000. The house has a great view of mountains and downtown Vancouver.

BRENT JANG

VANCOUVER — The Globe and Mail

Published Sunday, Apr. 05 2015

Soaring real estate prices have been the equivalent of winning the lottery for thousands of people who own single-family detached homes in Vancouver.

The average price of new and existing detached houses sold within the city of Vancouver has topped $1.9-million. An eye-popping projection by Vancouver City Savings Credit Union calls for the average detached price within Vancouver’s city limits to skyrocket to $4.4-million in 2030, if pricing trends of recent years continue unabated.

Real estate industry officials say the price projection is theoretical and fantastical, but Vancity said its outlook is meant to sound the alarm on an already expensive market becoming even more mind-boggling.

A decade ago, housing experts would have been incredulous at what has transpired. The average price for new and existing detached properties sold within the city of Vancouver reached $1,914,069 last year, up 173 per cent from $701,094 in 2005, according to data released by Vancity to The Globe and Mail.

Royal LePage real estate agent Karin Morris got a first-hand look at the frenzied market during a recent two-hour open house in the upscale Point Grey neighbourhood on Vancouver’s west side. A professional couple paid $488,000 for the detached home in 2000.

The couple, who now live in California, kept the home as an investment until listing it at 3 p.m. on March 25. An offer emerged two hours later at their asking price of $2.288-million.

But the couple, in an interview Saturday outside the home during their visit to Vancouver, recalled how patience would be a virtue.

During the open house on March 29, Ms. Morris exhausted all of the 28 feature sheets she printed in anticipation of a typical turnout. By the end of the afternoon, more than 100 people toured the 52-year-old bungalow.

Ms. Morris began accepting bids one day after the open house, attracting 15 offers – none of them subject to financing.

“It has gone berserk,” she said. “Four of the offers were really close.”

The winning bid turned out to be $2.48-million, or nearly $2-million higher than the selling price 15 years ago. The house sold for $192,000 above the asking price of $2.288-million. The number eight, considered lucky in Chinese culture, is a common sight in Vancouver in real estate pricing for listings and sales.

Clamouring over the modest bungalow is just the latest example of bidding wars breaking out amid surging demand for detached homes.

The Point Grey buyers are a family from China, said their agent, Shino Zhang of Pacific Place-Arc Realty Ltd. Through their agent, the purchasers asked not to be identified.

Darcy McLeod, president of the Real Estate Board of Greater Vancouver, plays down the impact of offshore buyers, saying such sales tend to be focused on higher-end listings on Vancouver’s west side. “It doesn’t apply to every neighbourhood,” he said.

Low mortgage rates, a limited land base and new residents moving to B.C. from overseas and other provinces all contribute to the housing boom. “It creates the perfect storm for a bit of a frenzy for home buyers,” Mr. McLeod said.

The bungalow sellers, who asked not to be named, are thrilled at their good fortune after renting out the house since 2000. They originally had thoughts of retiring in Vancouver because the husband is Canadian, but their careers took them to California, where they have set down roots.

“We were, frankly, staggered at the response our house generated,” the American wife said in an e-mail.

The 2,164-square-foot home is in good condition, but is a tear-down candidate by Vancouver standards because it could be replaced with a larger new house. The main attraction in the listing is the majestic view through the front window of the mountains and downtown skyline.

The buyers’ intent for now is to keep the home. The house itself was assessed at only $35,800 last July, while the land value was pegged at slightly above $2-million. Assessed land values, however, are quickly outdated due to the booming housing market.

Last month, a Vancity report said the average price for all housing types within Vancouver could theoretically exceed $2.1-million in 2030, based on recent pricing growth. For detached homes, condos and townhouses within Vancouver’s city limits, the average price climbed 126 per cent over the past decade – from $449,953 in 2005 to $1,018,188 last year, Vancity said.

Vancity commissioned Central 1 Credit Union senior economist Bryan Yu and chief economist Helmut Pastrick to compile and refine statistics from Landcor Data Corp., focusing on land title transfers arising from arm’s-length transactions. Landcor tracks real estate data for new and existing properties.

In Greater Vancouver, including suburbs such as Richmond and Burnaby, the average price for resale detached homes set a record last month of more than $1.4-million, up 16.2 per cent from March, 2014. Properties don’t sit long on the market. It took an average of 33 days to sell an existing detached home in March, compared with 42 days in the same month in 2014.

Canada’s most expensive housing market has become a city of real estate millionaires.

A study by Andrew Yan, an urban planner with Bing Thom Architects, found that 66 per cent of the nearly 68,600 detached properties within the city of Vancouver were conservatively assessed at $1-million or higher last July.

Many younger consumers are looking at resale condos, which had an average price of $465,225 last month in Greater Vancouver.

“First-time buyers are going to have to accept smaller spaces and take advantage of outdoor public amenities,” said Andy Broderick, Vancity’s vice-president of community investment. “It’s going to get tougher and tougher.”

http://www.theglobeandmail.com/report-on-business/economy/housing/vancouver-real-estate-prices-continue-climb-projected-to-skyrocket/article23799929/?cmpid=rss1

Why are Vancouver homes among the most expensive in North America?

The city has long attracted Asian investors but now other foreign buyers are also showing an interest

For more than 10 years, Chinese buyers have dominated the upper end of the real-estate market in Vancouver, snapping up some of the most expensive properties and pushing prices to record levels. In December, one estate was sold to a businessman from mainland China for C$51.8m ($40.6m), one of the highest prices ever paid for a property in the city.

The influx of investment from China and Asia, lured by longstanding historical connections and Vancouver’s good schools, has helped to turn this small city of about 603,000 residents into one of the most expensive in North America. The average price of a home in Vancouver reached C$1.026m in February, up 9.7 per cent from the same time last year and 88.5 per cent from February 2005, according to the Real Estate Board of Greater Vancouver.

However, the city is now attracting foreign buyers from beyond China. Americans, rushing to cash in on lower interest rates and a strengthening US dollar, are arriving in increasing numbers, as are European buyers in search of a safe haven from a slowing economy. Meanwhile, investors from the Middle East are also a showing greater interest in the city.....

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

Buying guide

● There is no residency or citizenship requirement for buying and owning property in Canada

● Non-residents can own rental property in the country, but they are required to file annual tax returns with the Canada Revenue Agency

● Vancouver property buyers must pay a transfer tax of about 1 per cent on the first $200,000 and 2 per cent on the remaining balance

● Real estate commission is typically 7 per cent on the first $100,000 and 2.5 per cent on the balance

What you can buy for . . . 

$3m A 1,100 sq ft, three-bedroom condominium in downtown Vancouver

$5m A newly built, four-bedroom home in North Vancouver

$8m A five-bedroom, 2,500 sq ft property with four bathrooms in West End

http://www.ft.com/intl/cms/s/0/80837826-d24a-11e4-ae91-00144feab7de.html

[inane]

And you have reported none of it? That's how you address inappropriate behavior in order to have someone address it and I don't see it. So please either direct us to what it is you're referring to or don't bother commenting.

Sure...

[McBackup]

Sure...

Are you just trying to troll at this point?

[Raoul Duke]

Rent.

Agreed.

[Lockout Casualty]

And you have reported none of it? That's how you address inappropriate behavior in order to have someone address it and I don't see it. So please either direct us to what it is you're referring to or don't bother commenting.

The poster is expressing his opinion. Whether founded or not, as a mod, I think you're out of line telling him not to bother commenting.

[McBackup]

The poster is expressing his opinion. Whether founded or not, as a mod, I think you're out of line telling him not to bother commenting.

Why? Making baseless accusations of racism contributes nothing to a discussion. I don't want to play Elvis here but part of the forum rules say posts should be well thought out and add content. Not blindly saying "racism" followed by one word passive aggressive posts like "sure...".

[Mustapha]

The poster is expressing his opinion. Whether founded or not, as a mod, I think you're out of line telling him not to bother commenting.

It's one thing to comment on someone's statements on the forum. However, it's not appropriate to call someone's posts 'racist' without explaining why.

Besides, if there's one person who has the authority to decide what is/isn't appropriate, it's the moderator.

[Lockout Casualty]

Why? Making baseless accusations of racism contributes nothing to a discussion. I don't want to play Elvis here but part of the forum rules say posts should be well thought out and add content. Not blindly saying "racism" followed by one word passive aggressive posts like "sure...".

It's one thing to comment on someone's statements on the forum. However, it's not appropriate to call someone's posts 'racist' without explaining why.

Besides, if there's one person who has the authority to decide what is/isn't appropriate, it's the moderator.

Let me refer to Deb here:

And you have reported none of it? That's how you address inappropriate behavior in order to have someone address it and I don't see it. So please either direct us to what it is you're referring to or don't bother commenting.

I wasn't saying Deb shouldn't say what she did. I said she shouldn't say it as a mod. Either it's against the rules, in which case let's clean up every thread where someone said something without backing it up (good luck with that...), or it's not against the rules, in which case don't chastise the poster for saying something you disagree with.

I tend to lean to the side where it's not against the rules, which is why the posts are still up, in which case Deb the Moderator was telling a poster on an Official Canucks Message Board to keep his opinion to himself. Now that is definitely against the rules, and not the ones posted in a sticky.