When do you think the Vancouver housing bubble will explode and come crashing down ?

[Hugor Hill]

Just now, taxi said:

We don't need to confuse immigration and foreign investment. Two entirely different things. The issue is people investing in real estate, who don't actually live here and are not immigrating here. 

Right. You tell them, who are happy to lump anything and everything not 'local' together as one pile of riffraffs.

 

 

[Electro Rock]

16 hours ago, LolClarkson said:

Look at the chart that I posted.  all the major us cities including sf fell markedly in 2008  SF is experiencing another bubble that will collapse again.  but at least it took a breather in 08. And despite your story  Van is more expensive than SF

Bubble or not, Vancouver is still a lot less as expensive as SF, unless you you're comparing average income to cost of living ratio, as SF is an economic powerhouse with many high paying jobs, while Vancouver is actually closer to being the economic equivalent of an Eastern European city.

 

Oh and Vancouver wasn't always expensive, that's more of a recent thing, back in the day it actually had a cost of living in line with its traditionally weak economy, and the only relatively expensive real estate was in places like the British Properties and Shaughnessy.

 

There used to be abandoned buildings, and empty and underused land everywhere, real estate just wasn't a valuable commodity then.

[taxi]

8 minutes ago, Electro Rock said:

Bubble or not, Vancouver is still a lot less as expensive as SF, unless you you're comparing average income to cost of living ratio, as SF is an economic powerhouse with many high paying jobs, while Vancouver is actually closer to being the economic equivalent of an Eastern European city.

 

Oh and Vancouver wasn't always expensive, that's more of a recent thing, back in the day it actually had a cost of living in line with its traditionally weak economy, and the only relatively expensive real estate was in places like the British Properties and Shaughnessy.

 

There used to be abandoned buildings, and empty and underused land everywhere, real estate just wasn't a valuable commodity then.

This is exactly it. When people talk about "World Class Cities" like San Francisco, NYC, London, etc.. and group Vancouver in with those cities, they seem to miss out on just how bad the salaries are here. It's really quite atrocious how bad the economy in Vancouver is getting. The increased cost of real estate is making it much worse too. It's very hard to run a business that requires a store front, or any kind of physical space. 

[taxi]

5 minutes ago, Electro Rock said:

Bubble or not, Vancouver is still a lot less as expensive as SF, unless you you're comparing average income to cost of living ratio, as SF is an economic powerhouse with many high paying jobs, while Vancouver is actually closer to being the economic equivalent of an Eastern European city.

 

Oh and Vancouver wasn't always expensive, that's more of a recent thing, back in the day it actually had a cost of living in line with its traditionally weak economy, and the only relatively expensive real estate was in places like the British Properties and Shaughnessy.

 

There used to be abandoned buildings, and empty and underused land everywhere, real estate just wasn't a valuable commodity then.

This is exactly it. When people talk about "World Class Cities" like San Francisco, NYC, London, etc.. and group Vancouver in with those cities, they seem to miss out on just how bad the salaries are here. It's really quite atrocious how bad the economy in Vancouver is getting. The increased cost of real estate is making it much worse too. It's very hard to run a business that requires a store front, or any kind of physical space. 

[taxi]

58 minutes ago, Hugor Hill said:

Right. You tell them, who are happy to lump anything and everything not 'local' together as one pile of riffraffs.

 

 

 

It's important to make the distinction. Canada needs to have a real discussion about limiting foreign investment into our real estate. Too many people, with their own personal interests, are hiding behind the racism card. It has nothing to do with race, and everything to do with country of residence. 

[Realtor Rod]

Live in the Eastern valley and commute to work is what I am seeing happen a LOT since October. 

[taxi]

5 minutes ago, Realtor Rod said:

Live in the Eastern valley and commute to work is what I am seeing happen a LOT since October. 

Honestly, I just don't see this happening all that much. I don't know anyone who lived in Vancouver who decided to move to a place like Abbotsford. 

 

I see people moving to Kelowna and Victoria, but not Abbotsford. 

[kurtis]

Hopefully soon. My wife and I want to buy a house in port coquitlam by my parents... 

[MaxVerstappen33]

5 hours ago, Electro Rock said:

Bubble or not, Vancouver is still a lot less as expensive as SF, unless you you're comparing average income to cost of living ratio, as SF is an economic powerhouse with many high paying jobs, while Vancouver is actually closer to being the economic equivalent of an Eastern European city.

 

Oh and Vancouver wasn't always expensive, that's more of a recent thing, back in the day it actually had a cost of living in line with its traditionally weak economy, and the only relatively expensive real estate was in places like the British Properties and Shaughnessy.

 

There used to be abandoned buildings, and empty and underused land everywhere, real estate just wasn't a valuable commodity then.

Quote

Bubble or not,

Or not ? Give me one metric that suggests that its not.

Quote

Vancouver is still a lot less as expensive as SF,

I think I already corrected you on this. But here again. SF is way down at number 7.

 

 

 

[MaxVerstappen33]

5 hours ago, taxi said:

This is exactly it. When people talk about "World Class Cities" like San Francisco, NYC, London, etc.. and group Vancouver in with those cities, they seem to miss out on just how bad the salaries are here. It's really quite atrocious how bad the economy in Vancouver is getting. The increased cost of real estate is making it much worse too. It's very hard to run a business that requires a store front, or any kind of physical space. 

SF's economy is only "good" right now because they are having another .com stock bubble.

[Electro Rock]

Consumer Prices in San Francisco, CA are 38.99% higher than in Vancouver

Consumer Prices Including Rent in San Francisco, CA are 89.31% higher than in Vancouver

Rent Prices in San Francisco, CA are 178.54% higher than in Vancouver

Restaurant Prices in San Francisco, CA are 37.23% higher than in Vancouver

Groceries Prices in San Francisco, CA are 48.99% higher than in Vancouver

Local Purchasing Power in San Francisco, CA is 2.37% lower than in Vancouver

 

http://www.numbeo.com/cost-of-living/compare_cities.jsp?country1=Canada&city1=Vancouver&country2=United+States&city2=San+Francisco%2C+CA

 

Some of that may be due to the differences in the CAN and USD, but then again the SF metro is much bigger in footprint and all that extra sprawl likely waters down its average prices somewhat.

 

And once again, Vancouver is only uniquely expensive when you take the piss poor average wage into account, SF has lots more professionals making professional wages, not blue collar wages.

[taxi]

2 minutes ago, Electro Rock said:

Consumer Prices in San Francisco, CA are 38.99% higher than in Vancouver

Consumer Prices Including Rent in San Francisco, CA are 89.31% higher than in Vancouver

Rent Prices in San Francisco, CA are 178.54% higher than in Vancouver

Restaurant Prices in San Francisco, CA are 37.23% higher than in Vancouver

Groceries Prices in San Francisco, CA are 48.99% higher than in Vancouver

Local Purchasing Power in San Francisco, CA is 2.37% lower than in Vancouver

 

http://www.numbeo.com/cost-of-living/compare_cities.jsp?country1=Canada&city1=Vancouver&country2=United+States&city2=San+Francisco%2C+CA

 

Some of that may be due to the differences in the CAN and USD, but then again the SF metro is much bigger in footprint and all that extra sprawl likely waters down its average prices somewhat.

 

And once again, Vancouver is only uniquely expensive when you take the piss poor average wage into account, SF has lots more professionals making professional wages, not blue collar wages.

Those charts don't make sense...it says the cost of a meal at McDonalds is greater in San Francisco than Vancouver. With the state of our dollar, that's simply not true. It also states the cost of a new car is far more expensive? Also, various grocery items that I know to be cheaper in San Francisco are listed as much more expensive. 

 

Either McDonalds has special San Francisco only rates, or that info is skewed.

[MaxVerstappen33]

1 hour ago, Electro Rock said:

Consumer Prices in San Francisco, CA are 38.99% higher than in Vancouver

Consumer Prices Including Rent in San Francisco, CA are 89.31% higher than in Vancouver

Rent Prices in San Francisco, CA are 178.54% higher than in Vancouver

Restaurant Prices in San Francisco, CA are 37.23% higher than in Vancouver

Groceries Prices in San Francisco, CA are 48.99% higher than in Vancouver

Local Purchasing Power in San Francisco, CA is 2.37% lower than in Vancouver

 

http://www.numbeo.com/cost-of-living/compare_cities.jsp?country1=Canada&city1=Vancouver&country2=United+States&city2=San+Francisco%2C+CA

 

Some of that may be due to the differences in the CAN and USD, but then again the SF metro is much bigger in footprint and all that extra sprawl likely waters down its average prices somewhat.

 

And once again, Vancouver is only uniquely expensive when you take the piss poor average wage into account, SF has lots more professionals making professional wages, not blue collar wages.

This doesn't even pass the smell test.  You probably have a decimal in the wrong place.  Recheck your data.  Because none of it makes sense.  Consumer prices are not 90% higher.  A dollar menu item at McDonald's is not $100 in SF

 

Studies are done all the time on this.  Vancouver is more expensive than SF

[mdehaan]

Goldman Sachs is going to take out a massive short position on Canadian mortgages like they did in 2008 in the US.

[MaxVerstappen33]

http://www.zerohedge.com/news/2016-06-01/oecd-warns-disorderly-housing-market-correction-canada

 

“We’re a little concerned about housing prices in the greater Vancouver area and Toronto," Porter, 58, said Tuesday in an interview on Bloomberg TV Canada. “We just took our foot off the gas the last couple quarters in terms of mortgage growth for the reasons I cited, in terms of Vancouver and Toronto."

[riffraff]

11 hours ago, Hugor Hill said:

Right. You tell them, who are happy to lump anything and everything not 'local' together as one pile of riffraffs.

 

 

Damn riffraff

[Hugor Hill]

12 hours ago, mdehaan said:

Goldman Sachs is going to take out a massive short position on Canadian mortgages like they did in 2008 in the US.

Have they? You know we are screwed if they have.

 

 

[MaxVerstappen33]

http://www.huffingtonpost.ca/2015/06/24/canadian-housing-bubble-accident-waiting-to-happen_n_7657018.html

 

Investors are looking at Vancouver, where a single-family home now averages $1.4 million and homes sometimes sell for $2 million over asking, as the epicentre of any future Canadian housing bubble collapse.

“The problem is housing is no longer housing,” Marc Cohodes, a prominent Wall Street short-seller, told Vancouver's News 1130.

“Instead of being a shelter, homes have become more of a speculative game, akin to penny stocks, where value has lost all sense from price.”

Earlier this year, the Bank of America declared “shorting Canadian banks” to be the second-best investment of 2015.

But this isn’t the first time that foreign investors have bet against Canada’s housing market — and lost.

[Electro Rock]

On ‎2016‎-‎06‎-‎01 at 6:01 PM, LolClarkson said:

This doesn't even pass the smell test.  You probably have a decimal in the wrong place.  Recheck your data.  Because none of it makes sense.  Consumer prices are not 90% higher.  A dollar menu item at McDonald's is not $100 in SF

 

Studies are done all the time on this.  Vancouver is more expensive than SF

It includes rent, rent prices are far higher in SF, some of the figures may be off as I suspect that chart is a few years old, but SF has always been more expensive than Vancouver, in other than fairly recent per capita income to cost of living terms.  

[MaxVerstappen33]

2 hours ago, Electro Rock said:

It includes rent, rent prices are far higher in SF, some of the figures may be off as I suspect that chart is a few years old, but SF has always been more expensive than Vancouver, in other than fairly recent per capita income to cost of living terms.  

That chart is not a few years old. You are wrong. Vancouver house prices are more expensive than SF and so is the cost of living.

 

Or even back in 2013

 

Vancouver Most Expensive City To Live In North America: The Economist

The annual EIU Worldwide Cost of Living Survey The report ranks cities based on the cost of 160 products and services, such as gas, food, rent and transportation.