[Newsbot]

Title: Vancouver has 2nd most unaffordable housing market in the world after Hong Kong
Category: Business
Posted By: Regina
Date: 2015-01-20 10:43:07
Canadian

[Public_Domain]

[Freakinoldguy]

Of course it has the second most unaffordable housing market in the world after Hong Kong.

Those same people who drove up the realestate prices in Hong Kong own a ton of property in Vancouver.

[OnTheIce]

And? Move outside the City if you want a cheaper place to live.

[Regina]

Freakinoldguy Freakinoldguy:

Of course it has the second most unaffordable housing market in the world after Hong Kong.

Those same people who drove up the realestate prices in Hong Kong own a ton of property in Vancouver.

[ShepherdsDog]

OnTheIce OnTheIce:

And? Move outside the City if you want a cheaper place to live.

Where exactly, as the Fraser valley is almost as bad when it comes to housing costs?

[OnTheIce]

ShepherdsDog ShepherdsDog:

OnTheIce OnTheIce:

And? Move outside the City if you want a cheaper place to live.

Where exactly, as the Fraser valley is almost as bad when it comes to housing costs?

True, but if you want cheaper housing, you have to be prepared to move or commute.

Looking at some of the houses in the Vancouver area recently....brutal. Much like Toronto. Shitty old homes for far too much money.

[andyt]

Freakinoldguy Freakinoldguy:

Of course it has the second most unaffordable housing market in the world after Hong Kong.

Those same people who drove up the realestate prices in Hong Kong own a ton of property in Vancouver.

Bullshit. The upper end market is pushed up by Chinese investors (these days mostly from the mainland), but the market overall is pushed up by people from all over the world, including Canada, who continue to flow into Vancouver despite the low wages and high living costs.

[ShepherdsDog]

That kind of commuting isn't really feasible there. All the way out to Hope, housing is ridiculous. A commuter train runs, or it did, out to Mission/Abbotsford, but as I said, the housing costs out there aren't much better. People may have to start looking at generational mortgages like they have in Europe. You buy the house and your grandkids pay it off.

The house my grandparents bought in Abbotsford in the early 70s, for about $60 000 is valued at over half a million now. The forests that surrounded it then are long gone, and all of it is suburban sprawl. He and his brother both bought homes there, across the street from each other. My granduncle was a prison guard and had 5 kids and was able to afford the house on a single income. Another brother of my grandfather's, also a prison guard, was able to buy a house in Colwood(Victoria) and support a family of 7. My dad's older brother bought a five bedroom in Colwood to in 1971, mind you my aunt was a nurse and he was a new PO. They had 4 kids and while she raised them, she only worked part time when he wan't at sea. Housing costs have become ridiculous. They were the number one reason I chose Winnipeg over Vancouver in the 90s for a job. I was able to buy a 4 bdrm house in River Heights(Winnipeg) and a rural property(3bdrm house and half a section of land at the time) for what a house similar house would have cost in Vancouver. Ask Zip what he has for a yard.

[OnTheIce]

ShepherdsDog ShepherdsDog:

That kind of commuting isn't really feasible there. All the way out to Hope, housing is ridiculous. A commuter train runs, or it did, out to Mission/Abbotsford, but as I said, the housing costs out there aren't much better. People may have to start looking at generational mortgages like they have in Europe. You buy the house and your grandkids pay it off.

The house my grandparents bought in Abbotsford in the early 70s, for about $60 000 is valued at over half a million now. The forests that surrounded it then are long gone, and all of it is suburban sprawl. He and his brother both bought homes there, across the street from each other. My granduncle was a prison guard and had 5 kids and was able to afford the house on a single income. Another brother of my grandfather's, also a prison guard, was able to buy a house in Colwood(Victoria) and support a family of 7. My dad's older brother bought a five bedroom in Colwood to in 1971, mind you my aunt was a nurse and he was a new PO. They had 4 kids and while she raised them, she only worked part time when he wan't at sea. Housing costs have become ridiculous. They were the number one reason I chose Winnipeg over Vancouver in the 90s for a job. I was able to buy a 4 bdrm house in River Heights(Winnipeg) and a rural property(3bdrm house and half a section of land at the time) for what a house similar house would have cost in Vancouver. Ask Zip what he has for a yard.

Why isn't it feasible?

There are lots of homes available in the areas surrounding Vancouver with homes 1/2 the price of the ones in the City.

[andyt]

You want a cheaper house (still way more than in Moncton, where the average price is $170k) you face at least an hours commute with poor transit service. And still the yo yos sitting in their cars idling to work moan about having to pay for transit, (which if built would way reduce congestion - sky train is faster than car during rush hour, and no parking fee) while they use the roads for which everybody paid.

[DanSC]

No, Vancouver's long term strategy is to drive out the poors and have robots perform all service jobs.

[Zipperfish]

ShepherdsDog ShepherdsDog:

That kind of commuting isn't really feasible there. All the way out to Hope, housing is ridiculous. A commuter train runs, or it did, out to Mission/Abbotsford, but as I said, the housing costs out there aren't much better. People may have to start looking at generational mortgages like they have in Europe. You buy the house and your grandkids pay it off.

The house my grandparents bought in Abbotsford in the early 70s, for about $60 000 is valued at over half a million now. The forests that surrounded it then are long gone, and all of it is suburban sprawl. He and his brother both bought homes there, across the street from each other. My granduncle was a prison guard and had 5 kids and was able to afford the house on a single income. Another brother of my grandfather's, also a prison guard, was able to buy a house in Colwood(Victoria) and support a family of 7. My dad's older brother bought a five bedroom in Colwood to in 1971, mind you my aunt was a nurse and he was a new PO. They had 4 kids and while she raised them, she only worked part time when he wan't at sea. Housing costs have become ridiculous. They were the number one reason I chose Winnipeg over Vancouver in the 90s for a job. I was able to buy a 4 bdrm house in River Heights(Winnipeg) and a rural property(3bdrm house and half a section of land at the time) for what a house similar house would have cost in Vancouver. Ask Zip what he has for a yard.

I paid $767K for a '57 rancher in North Van. That was about 5 years ago. I actually got lucky on the lot--as the house is old the property is an original sized lot: 50' x 100'. If I put her up on the market now I could easily ask $875K.

Anyways, a bum asked for me money the other day. Said he didn't have any. I said "If somebody came along right now and gave me half a million dollars, I'd be exactly the same boat you're in."

[andyt]

How Marie Antoinette of you.

[Zipperfish]

andyt andyt:

How Marie Antoinette of you.

Then another bum came up and asked if I had any spare change. I said "Sorry buddy, alls I got is fifites."

It's a joke andy. Sheesh.