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Housing 'bubble' in Vancouver

Housing 'bubble' in Vancouver

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Old Apr 18th 2015, 12:20 pm
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Default Re: Housing 'bubble' in Vancouver

Originally Posted by Shelley Bean
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?
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.
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Old Apr 18th 2015, 12:56 pm
  #32  
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Default Re: Housing 'bubble' in Vancouver

Originally Posted by Former Lancastrian
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.
Yes he is a Nurse and could work absolutely anywhere, it's my career that's the issue. I work in marketing so I do need a bigger city that has a number of large employers. Toronto would be better for me but my husband is a Psych nurse so only the Western provinces are an option as the Eastern do not recognise his qualification. Also I have family on the West coast USA and that is one of the major reasons for wanting to move to North America (I am American but my husband also can't work there with his psych nursing qualification). So Vancouver is quite perfect for us, and we love the city, but dealing in two very unique and strange housing markets makes it hard to plan - in 3 years I'm not sure how our equity will translate. I guess planning a transatlantic move is probably a good time to let go of the obsessive need to control and plan everything?
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Old Apr 18th 2015, 3:18 pm
  #33  
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Default Re: Housing 'bubble' in Vancouver

Originally Posted by Shard
My own view is that London will slightly outpace Vancouver over the next two years, but really, if you're looking to move, it's not something to get hung up on right now.
London has a huge, vibrant, productive, globalised economy. It leads the world in many sectors, including technology and financial services. Demand has been outstripping supply since the beginning of the industrial revolution.

What does Vancouver have to compete with all of this, besides scenery and copious amounts of immigrant investors? Is there something I'm missing?
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Old Apr 18th 2015, 3:39 pm
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Default Re: Housing 'bubble' in Vancouver

Originally Posted by FlyingDutchman6666
What does Vancouver have to compete with all of this, besides scenery and copious amounts of immigrant investors? Is there something I'm missing?
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.
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Old Apr 18th 2015, 6:06 pm
  #35  
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Default Re: Housing 'bubble' in Vancouver

Stop worrying and let it go. You have no control.
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Old Apr 18th 2015, 6:43 pm
  #36  
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Default Re: Housing 'bubble' in Vancouver

Originally Posted by Lychee
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.
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.
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Old Apr 18th 2015, 7:14 pm
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Default Re: Housing 'bubble' in Vancouver

Originally Posted by Shelley Bean
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.
Vancouver, like London, also suffers from a shortage of development land. Self imposed of course. The foreign money is largely Chinese money, and as there is an ample supply of that, prices remain high.
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Old Apr 18th 2015, 7:48 pm
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Default Re: Housing 'bubble' in Vancouver

Originally Posted by Shelley Bean
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.
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.

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Old Apr 18th 2015, 7:54 pm
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Default Re: Housing 'bubble' in Vancouver

Originally Posted by Shard
Vancouver, like London, also suffers from a shortage of development land. Self imposed of course. The foreign money is largely Chinese money, and as there is an ample supply of that, prices remain high.
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.
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Old Apr 18th 2015, 9:10 pm
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Default Re: Housing 'bubble' in Vancouver

Originally Posted by Jsmth321
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.
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!
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Old Apr 18th 2015, 9:13 pm
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Default Re: Housing 'bubble' in Vancouver

Originally Posted by Shelley Bean
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!
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Old Apr 18th 2015, 9:37 pm
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Default Re: Housing 'bubble' in Vancouver

Originally Posted by Shard
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Yeah, I'm easily seduced when it comes to transportation options. It takes me just as long to travel a few miles up the road in a crowded bus! Literally anything else sounds brilliant!
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Old Apr 18th 2015, 9:40 pm
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Default 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....
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Old Apr 18th 2015, 9:44 pm
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Default Re: Housing 'bubble' in Vancouver

Originally Posted by ExKiwilass
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....
...and then there's the drivers.
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Old Apr 18th 2015, 9:50 pm
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Default 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!

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