misery at Vancouver housing cost?
#151
Re: misery at Vancouver housing cost?
BC Population typically increases by approx. 50,000 per year, so it is not unreasonable to build approx. 28,000 new properties every year, given the number that are also torn down and replaced, the number of kids eventually leaving home and the number of homes that have 2 or fewer occupants, is it?
Also there are quite a lot of people with holiday homes. They are also in the stats.
There may be quite a lot of allegedly empty 'investment' apartments in Vancouver, but in a lot of areas the developers can't build homes fast enough for people who want to live in them.
When demand slows, so does development. Even in Vancouver the speculative developments are done in phases, the next phase not being built out until the last one is sold out.
As for there being 'no land shortage', that may be the case in some areas. It isn't here. Something to do with the Pacific, the coastal mountains, the USA border and a lot of blueberries, corn, cranberries etc...
We are not in the position Spain is - they could stop building homes today and not run out of empty inventory for 100 years....
Also there are quite a lot of people with holiday homes. They are also in the stats.
There may be quite a lot of allegedly empty 'investment' apartments in Vancouver, but in a lot of areas the developers can't build homes fast enough for people who want to live in them.
When demand slows, so does development. Even in Vancouver the speculative developments are done in phases, the next phase not being built out until the last one is sold out.
As for there being 'no land shortage', that may be the case in some areas. It isn't here. Something to do with the Pacific, the coastal mountains, the USA border and a lot of blueberries, corn, cranberries etc...
We are not in the position Spain is - they could stop building homes today and not run out of empty inventory for 100 years....
That is that for every new person of working age in Canada (Cradle, Home Grown or Immigrant) two new homes are being built.
Simply pulling out an immigration figure (without stating with what it comprises) (I've also just read that it's only about 35,000 immigrants who arrive in BC each year) and dismissing a proven new starts figure saying that homes are knocked down (again with no numbers) does not challenge the fact above in any way.
People seem to forget that net migration statistics involve a number of children and non-workers. Now most retirees immigrating may well have some cash to buy properties but the reality is the housing start situation is ahead of the curve inevitably leading to an over supply country wide. The other alternatives are all these extra houses are "social" or purchased by foreign investment?
Interest rates have been cut again. Once it hits zero the government and BOC have run out of the most effective tool to rig the market.
Mark Carney timed his escape well.
Last edited by JamesM; Jul 17th 2015 at 2:29 am.
#152
BE Enthusiast
Joined: Jun 2003
Location: 100 mile house BC (tiz a long way away from devon)
Posts: 888
Re: misery at Vancouver housing cost?
Hi
Things that i think that effect the market here in vancouver is that there are shedloads of apartments/ townhouses, but not so many detached houses,( which mostly sell very fast)
And a shortage of buildable land, this with other factors seem to keep pushing prices up.
Good for me but bad for my kids
Cheers
Jerry
Things that i think that effect the market here in vancouver is that there are shedloads of apartments/ townhouses, but not so many detached houses,( which mostly sell very fast)
And a shortage of buildable land, this with other factors seem to keep pushing prices up.
Good for me but bad for my kids
Cheers
Jerry
#153
Re: misery at Vancouver housing cost?
Hi
Things that i think that effect the market here in vancouver is that there are shedloads of apartments/ townhouses, but not so many detached houses,( which mostly sell very fast)
And a shortage of buildable land, this with other factors seem to keep pushing prices up.
Good for me but bad for my kids
Cheers
Jerry
Things that i think that effect the market here in vancouver is that there are shedloads of apartments/ townhouses, but not so many detached houses,( which mostly sell very fast)
And a shortage of buildable land, this with other factors seem to keep pushing prices up.
Good for me but bad for my kids
Cheers
Jerry
I don't think it's bad for your kids as prices will revert as they always do. Although if they buy now or have done so in the past couple years then yes it could impact them for many years to come.
Many home owners have won the lottery and they won't know it until it's too late.
#155
BE Forum Addict
Joined: Oct 2011
Posts: 1,217
Re: misery at Vancouver housing cost?
If been looking at houses on remax recently and thought prices quite reasonable Surrey and outward.. $350k to $450 for 4 beds...
#156
Account Closed
Joined: Jan 2006
Posts: 0
Re: misery at Vancouver housing cost?
More reasonable housing then Vancouver, but still out of reach for those without a pretty good paying job, still not within the realm for a large amount of people, and lack of jobs in those area's means nasty commutes.
#158
Account Closed
Joined: Jan 2006
Posts: 0
Re: misery at Vancouver housing cost?
Average rent is now apparently 2,500 per month in Vancouver and Vacancy rate is 0.5%.
Certainly no easier to rent in Vancouver, really nowhere is affordable anymore unless way out in Chilliwack...lol
Vancouver faces growing rental crisis - BC | Globalnews.ca
Certainly no easier to rent in Vancouver, really nowhere is affordable anymore unless way out in Chilliwack...lol
Vancouver faces growing rental crisis - BC | Globalnews.ca
#159
Re: misery at Vancouver housing cost?
Average rent is now apparently 2,500 per month in Vancouver and Vacancy rate is 0.5%.
Certainly no easier to rent in Vancouver, really nowhere is affordable anymore unless way out in Chilliwack...lol
Vancouver faces growing rental crisis - BC | Globalnews.ca
Certainly no easier to rent in Vancouver, really nowhere is affordable anymore unless way out in Chilliwack...lol
Vancouver faces growing rental crisis - BC | Globalnews.ca
#160
Lost in BE Cyberspace
Joined: Feb 2013
Posts: 6,148
Re: misery at Vancouver housing cost?
Average rent is now apparently 2,500 per month in Vancouver and Vacancy rate is 0.5%.
Certainly no easier to rent in Vancouver, really nowhere is affordable anymore unless way out in Chilliwack...lol
Vancouver faces growing rental crisis - BC | Globalnews.ca
Certainly no easier to rent in Vancouver, really nowhere is affordable anymore unless way out in Chilliwack...lol
Vancouver faces growing rental crisis - BC | Globalnews.ca
#161
Account Closed
Joined: Jan 2006
Posts: 0
Re: misery at Vancouver housing cost?
The whole lower ML can lead to depression and a thought of no future, I am at a point where unless our income like doubles, we are not going to have a good life at the current rent levels vs income levels and we are not in Vancouver but still in a high cost area, average 1 bedroom runs 1,100 to 1,500 per month right now.
But try not to spend too much time on it, its not feasible to double income and more or less impossible for us to do, so we try and do what we can with what we have.
Depending on how much the province allows landlords to raise rent in 2016, we may or may not be able to keep our current place, it's 850 but already above what we can actually afford, but cheaper then the other options, but not affordable for us and a major hardship.
Rents in Vancouver and other surrounding area's are insane and do not match income levels at all.
If I did the math right our rent is 54% of our total income and we can't go any cheaper as this is the least costly apartment place in town, its certainly a huge hardship and creates major stress and depression for me.
#162
Lost in BE Cyberspace
Joined: Feb 2013
Posts: 6,148
Re: misery at Vancouver housing cost?
Wages don't tend to go up a whole lot at the moment in Vancouver, too many people, too few jobs.
The whole lower ML can lead to depression and a thought of no future, I am at a point where unless our income like doubles, we are not going to have a good life at the current rent levels vs income levels and we are not in Vancouver but still in a high cost area, average 1 bedroom runs 1,100 to 1,500 per month right now.
But try not to spend too much time on it, its not feasible to double income and more or less impossible for us to do, so we try and do what we can with what we have.
Depending on how much the province allows landlords to raise rent in 2016, we may or may not be able to keep our current place, it's 850 but already above what we can actually afford, but cheaper then the other options, but not affordable for us and a major hardship.
Rents in Vancouver and other surrounding area's are insane and do not match income levels at all.
If I did the math right our rent is 54% of our total income and we can't go any cheaper as this is the least costly apartment place in town, its certainly a huge hardship and creates major stress and depression for me.
The whole lower ML can lead to depression and a thought of no future, I am at a point where unless our income like doubles, we are not going to have a good life at the current rent levels vs income levels and we are not in Vancouver but still in a high cost area, average 1 bedroom runs 1,100 to 1,500 per month right now.
But try not to spend too much time on it, its not feasible to double income and more or less impossible for us to do, so we try and do what we can with what we have.
Depending on how much the province allows landlords to raise rent in 2016, we may or may not be able to keep our current place, it's 850 but already above what we can actually afford, but cheaper then the other options, but not affordable for us and a major hardship.
Rents in Vancouver and other surrounding area's are insane and do not match income levels at all.
If I did the math right our rent is 54% of our total income and we can't go any cheaper as this is the least costly apartment place in town, its certainly a huge hardship and creates major stress and depression for me.
#163
Account Closed
Joined: Jan 2006
Posts: 0
Re: misery at Vancouver housing cost?
The problem with many cities is that rents are increasing, but that certainly sounds insane and something has to be done. Even where we are rents have increased, however at least you have the option to stay outside of the city with an easy commute. Just had a look and average rental cost in Galway is now €870.
For us the only LM city that seems to have places we can afford is Chilliwack, but it's so far away from Vancouver area, and well hard to get a job out there as well, unless things have changed substantially since I lived there last.
#164
Account Closed
Joined: Jan 2006
Posts: 0
Re: misery at Vancouver housing cost?
We have been looking into Vancouver, only problem is there is nearly nothing in our price range except bedrooms, which isn't suitable for a married couple with a dog and stuff.
Found one basement suite, a 1 bedroom ad said it was 550 sq ft. but the person when they emailed back said that it's too small for 2 people, but she would allow 1 person and a dog.
Haven't found anything else in our price range yet.
Trying to find a way to live in Vancouver as I need some mental health service not offered locally, but offered in Vancouver however you have to reside in the City of Vancouver to access it, can't live anywhere else in the area.
Only other option is going to a private place but total cost per month is 800 so that isn't doable.
Hard to live in this region these days as a renter.
Found one basement suite, a 1 bedroom ad said it was 550 sq ft. but the person when they emailed back said that it's too small for 2 people, but she would allow 1 person and a dog.
Haven't found anything else in our price range yet.
Trying to find a way to live in Vancouver as I need some mental health service not offered locally, but offered in Vancouver however you have to reside in the City of Vancouver to access it, can't live anywhere else in the area.
Only other option is going to a private place but total cost per month is 800 so that isn't doable.
Hard to live in this region these days as a renter.
#165
Re: misery at Vancouver housing cost?
Have you ever thought of moving to a cheaper part of the country ?