Housing 'bubble' in Vancouver
#31
Lost in BE Cyberspace
Joined: Nov 2011
Location: Somewhere between Vancouver & St Johns
Posts: 19,846
Re: Housing 'bubble' in Vancouver
Hi! I'm a newbie - coming out of my lurking phase to join in on this conversation!
I wonder what everyone's thoughts are about Vancouver's property market compared to London (which is actually cooling this year). And whether you'd expect Vancouver to grow at a quicker rate?
My husband and I are hoping to move to Vancouver but it's probably 2 years away as we have just started the process of getting his nursing credentials assessed. We are are under no impression that Vancouver is affordable, but it's at least cheaper than London so we figured we'd do alright by selling our London flat and bringing over the equity. Now I'm worried that the gap is going to close in the next few years which seems illogical considering London has more reasons to support the high prices - but I'm just wondering if anyone with knowledge or experience of both cities has any thoughts?
I wonder what everyone's thoughts are about Vancouver's property market compared to London (which is actually cooling this year). And whether you'd expect Vancouver to grow at a quicker rate?
My husband and I are hoping to move to Vancouver but it's probably 2 years away as we have just started the process of getting his nursing credentials assessed. We are are under no impression that Vancouver is affordable, but it's at least cheaper than London so we figured we'd do alright by selling our London flat and bringing over the equity. Now I'm worried that the gap is going to close in the next few years which seems illogical considering London has more reasons to support the high prices - but I'm just wondering if anyone with knowledge or experience of both cities has any thoughts?
Looking at it from a different angle and this could also apply to most countries and places as well. Your husband is a nurse I presume. Logically thinking a nurse could get a job where qualified in any town, city or country as they all have hospitals.
We can agree that London and Vancouver property prices are high but so are Hong Kong, Singapore, Paris, Zurich and Sydney.
So for arguments sake you have chosen Canada as a place to move to so does it have to be Vancouver (most expensive) or would another place which is way cheaper be OK?
We could name you several cities across Canada that are a lot cheaper than even the 10 priciest cities in Canada to live in according to this list
10 Most Expensive Cities to Live in Canada | Miratel Solutions
Now without knowing the salary to be paid what salary would he be paid in Vancouver as opposed to Red Deer, Lethbridge, Regina, Brandon, Winnipeg, Thunder Bay, Sudbury, Moncton, Saint Johns (NB), Halifax, St Johns (NF) for example.
Housing costs in those cities are half to 70% cheaper than Vancouver but Im betting the salary in Vancouver won't be double of what the same job would pay in those cities.
Be like someone asking the opposite for the UK and someone suggesting Newcastle, Manchester, Liverpool, Leeds, Sheffield, Nottingham, Norwich etc etc as opposed to London.
#32
Just Joined
Joined: Apr 2015
Location: London, UK
Posts: 26
Re: Housing 'bubble' in Vancouver
Why Vancouver and why Canada?
Looking at it from a different angle and this could also apply to most countries and places as well. Your husband is a nurse I presume. Logically thinking a nurse could get a job where qualified in any town, city or country as they all have hospitals.
We can agree that London and Vancouver property prices are high but so are Hong Kong, Singapore, Paris, Zurich and Sydney.
So for arguments sake you have chosen Canada as a place to move to so does it have to be Vancouver (most expensive) or would another place which is way cheaper be OK?
We could name you several cities across Canada that are a lot cheaper than even the 10 priciest cities in Canada to live in according to this list
10 Most Expensive Cities to Live in Canada | Miratel Solutions
Now without knowing the salary to be paid what salary would he be paid in Vancouver as opposed to Red Deer, Lethbridge, Regina, Brandon, Winnipeg, Thunder Bay, Sudbury, Moncton, Saint Johns (NB), Halifax, St Johns (NF) for example.
Housing costs in those cities are half to 70% cheaper than Vancouver but Im betting the salary in Vancouver won't be double of what the same job would pay in those cities.
Be like someone asking the opposite for the UK and someone suggesting Newcastle, Manchester, Liverpool, Leeds, Sheffield, Nottingham, Norwich etc etc as opposed to London.
Looking at it from a different angle and this could also apply to most countries and places as well. Your husband is a nurse I presume. Logically thinking a nurse could get a job where qualified in any town, city or country as they all have hospitals.
We can agree that London and Vancouver property prices are high but so are Hong Kong, Singapore, Paris, Zurich and Sydney.
So for arguments sake you have chosen Canada as a place to move to so does it have to be Vancouver (most expensive) or would another place which is way cheaper be OK?
We could name you several cities across Canada that are a lot cheaper than even the 10 priciest cities in Canada to live in according to this list
10 Most Expensive Cities to Live in Canada | Miratel Solutions
Now without knowing the salary to be paid what salary would he be paid in Vancouver as opposed to Red Deer, Lethbridge, Regina, Brandon, Winnipeg, Thunder Bay, Sudbury, Moncton, Saint Johns (NB), Halifax, St Johns (NF) for example.
Housing costs in those cities are half to 70% cheaper than Vancouver but Im betting the salary in Vancouver won't be double of what the same job would pay in those cities.
Be like someone asking the opposite for the UK and someone suggesting Newcastle, Manchester, Liverpool, Leeds, Sheffield, Nottingham, Norwich etc etc as opposed to London.
#33
BE Enthusiast
Joined: May 2011
Posts: 860
Re: Housing 'bubble' in Vancouver
What does Vancouver have to compete with all of this, besides scenery and copious amounts of immigrant investors? Is there something I'm missing?
#34
BE Forum Addict
Joined: Oct 2007
Location: British Columbia
Posts: 1,371
Re: Housing 'bubble' in Vancouver
Lifestyle. Lifestyle that revolves around being in nature, being active, and healthy, and a climate and diverse geography that allows for one to pursue said lifestyle year round while still basing yourself in a city with all the conveniences of an urban centre with a Pacific Rim flavour. Lifestyle is a significant factor that is often overlooked on this forum, but that is, I'd argue, what you're missing. There are few cities that offer Vancouver's lifestyle. People do not move to Vancouver for its economy.
Last edited by Lychee; Apr 18th 2015 at 3:46 pm.
#35
slanderer of the innocent
Joined: Dec 2008
Location: Vancouver, BC
Posts: 6,695
Re: Housing 'bubble' in Vancouver
Stop worrying and let it go. You have no control.
#36
Just Joined
Joined: Apr 2015
Location: London, UK
Posts: 26
Re: Housing 'bubble' in Vancouver
Lifestyle. Lifestyle that revolves around being in nature, being active, and healthy, and a climate and diverse geography that allows for one to pursue said lifestyle year round while still basing yourself in a city with all the conveniences of an urban centre with a Pacific Rim flavour. Lifestyle is a significant factor that is often overlooked on this forum, but that is, I'd argue, what you're missing. There are few cities that offer Vancouver's lifestyle. People do not move to Vancouver for its economy.
#37
Re: Housing 'bubble' in Vancouver
I think this is why it's slightly hard to understand the prices there - it's something quite subjective whereas in London there are very tangible economic reasons why it would be so pricey. I suppose both markets have been picked out by foreign investors as safe places to invest money and so all bets are off.
#38
Account Closed
Joined: Jan 2006
Posts: 0
Re: Housing 'bubble' in Vancouver
I think this is why it's slightly hard to understand the prices there - it's something quite subjective whereas in London there are very tangible economic reasons why it would be so pricey. I suppose both markets have been picked out by foreign investors as safe places to invest money and so all bets are off.
All in all Vancouver has no real land left, so they now go up, but there is still a housing crunch which further increases the prices.
If you want the lifestyle of Vancouver like nature, you can get that more or less anywhere in the lower mainland and Sea to Sky corridor and still be within a reasonable commute.
In Squamish for example it's 55 mins to downtown Vancouver on average, less to North Vancouver which would be the nearest hospital with psychiatric department (locally there is out patient psych care which could be a possibility as well) offers healthy lifestyle, nature (moreso then Vancouver) but it's a small town, but its a commuter town, most who live here and of working age commute to Vancouver, and a lesser extent Whistler.
Housing in this town is 50% less then Vancouver which is why is a booming little town. Close to Vancouver + cheaper housing = popular.
You don't necessarily need to live in Vancouver for the life style. Vancouver while a nice city, is overrated in my view and not worth the cost of housing which is insane.
With over-time a friend who is a psych nurse (been one for a while so on the mid range pay scale, a new hire would make less) clears a low 6 figure income, but even starting pay of 30/hr is above average and doable for Vancouver if full-time but be aware in the healthcare world in BC, likely be casual on call to start with varied hours each week.
Last edited by scrubbedexpat091; Apr 18th 2015 at 7:53 pm.
#39
Account Closed
Joined: Jan 2006
Posts: 0
Re: Housing 'bubble' in Vancouver
Vancouver is mostly imposed by either natural obstructions or borders of other city's. Not much if any land left within the city of Vancouver to develop, have to buy something and tear it down and then build up.
#40
Just Joined
Joined: Apr 2015
Location: London, UK
Posts: 26
Re: Housing 'bubble' in Vancouver
Vancouver has a lack of land, its surrounded by water on more then 1 side, then you have Richmond (independent city of Vancouver) then Burnaby to the East (another independent city) and of course more water to the north.
All in all Vancouver has no real land left, so they now go up, but there is still a housing crunch which further increases the prices.
If you want the lifestyle of Vancouver like nature, you can get that more or less anywhere in the lower mainland and Sea to Sky corridor and still be within a reasonable commute.
In Squamish for example it's 55 mins to downtown Vancouver on average, less to North Vancouver which would be the nearest hospital with psychiatric department (locally there is out patient psych care which could be a possibility as well) offers healthy lifestyle, nature (moreso then Vancouver) but it's a small town, but its a commuter town, most who live here and of working age commute to Vancouver, and a lesser extent Whistler.
Housing in this town is 50% less then Vancouver which is why is a booming little town. Close to Vancouver + cheaper housing = popular.
You don't necessarily need to live in Vancouver for the life style. Vancouver while a nice city, is overrated in my view and not worth the cost of housing which is insane.
With over-time a friend who is a psych nurse (been one for a while so on the mid range pay scale, a new hire would make less) clears a low 6 figure income, but even starting pay of 30/hr is above average and doable for Vancouver if full-time but be aware in the healthcare world in BC, likely be casual on call to start with varied hours each week.
All in all Vancouver has no real land left, so they now go up, but there is still a housing crunch which further increases the prices.
If you want the lifestyle of Vancouver like nature, you can get that more or less anywhere in the lower mainland and Sea to Sky corridor and still be within a reasonable commute.
In Squamish for example it's 55 mins to downtown Vancouver on average, less to North Vancouver which would be the nearest hospital with psychiatric department (locally there is out patient psych care which could be a possibility as well) offers healthy lifestyle, nature (moreso then Vancouver) but it's a small town, but its a commuter town, most who live here and of working age commute to Vancouver, and a lesser extent Whistler.
Housing in this town is 50% less then Vancouver which is why is a booming little town. Close to Vancouver + cheaper housing = popular.
You don't necessarily need to live in Vancouver for the life style. Vancouver while a nice city, is overrated in my view and not worth the cost of housing which is insane.
With over-time a friend who is a psych nurse (been one for a while so on the mid range pay scale, a new hire would make less) clears a low 6 figure income, but even starting pay of 30/hr is above average and doable for Vancouver if full-time but be aware in the healthcare world in BC, likely be casual on call to start with varied hours each week.
#41
Re: Housing 'bubble' in Vancouver
Thanks for all the insight! I will definitely take a look at Squamish. My husband is actually most keen on outpatient community jobs. Regarding the casual employment, if that's the case we wouldn't get the visas as we would need him to be sponsored and presumably that would have to be for a permanent job. So I will talk to Health Match BC about that. In theory, a long commute is my worst nightmare based on the London style of commuting - but an hours drive on the Sea to Sky highway looks like something I could get behind! I can see why it's a popular option!
#43
slanderer of the innocent
Joined: Dec 2008
Location: Vancouver, BC
Posts: 6,695
Re: Housing 'bubble' in Vancouver
The sea to sky is the easy bit. once you hit the north shore, the traffic is not fun, and then there's the bridge....
#45
BE Forum Addict
Joined: Oct 2007
Location: British Columbia
Posts: 1,371
Re: Housing 'bubble' in Vancouver
Why would anyone uproot their lives to live a commuting lifestyle if they didn't have to? 2 hours in a car per day is something you can easily avoid if you downsize and live closer to where you or your significant other will be working. If you downsize, you can probably live somewhere close enough where you/they can just walk to work!
Last edited by Lychee; Apr 18th 2015 at 11:32 pm.