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misery at Vancouver housing cost?

misery at Vancouver housing cost?

Old Jul 17th 2015, 2:05 am
  #151  
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Default Re: misery at Vancouver housing cost?

Originally Posted by withabix
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....
You skip the main point.

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.
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Old Jul 17th 2015, 7:38 pm
  #152  
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Default 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
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Old Jul 17th 2015, 8:01 pm
  #153  
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Default Re: misery at Vancouver housing cost?

Originally Posted by jerry brewer
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
The major reasons for Vancouver prices are cheap money, CMHC removing lender risk, home owner indoctrination, and the bubble buyers mentality.

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.
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Old Jul 19th 2015, 7:12 pm
  #154  
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Default Re: misery at Vancouver housing cost?

Originally Posted by dishwashing
I can drive downtown in 40-45 minutes and commute an hour. It is depressing.
Blimey, I'd love an hours commute, I drive 1 hour 30/45 mins each way!
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Old Jul 19th 2015, 7:14 pm
  #155  
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Default 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...
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Old Jul 19th 2015, 10:27 pm
  #156  
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Default Re: misery at Vancouver housing cost?

Originally Posted by Tramps_mate
If been looking at houses on remax recently and thought prices quite reasonable Surrey and outward.. $350k to $450 for 4 beds...
If you work in Vancouver though, the commute from those area's sucks. Transit is overcrowded and not comfortable and time consuming, and driving in rush hour sucks because of heavy congestion in parts, and of course you have to pay the toll to cross the bridge now, so adds a good amount of money per month on top of gas.


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.
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Old Jul 20th 2015, 3:07 pm
  #157  
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Default Re: misery at Vancouver housing cost?

Originally Posted by Tramps_mate
If been looking at houses on remax recently and thought prices quite reasonable Surrey and outward.. $350k to $450 for 4 beds...
You're better off moving to Hull if that's where you'd have to live in Canada.
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Old Jul 29th 2015, 3:36 am
  #158  
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Default 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
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Old Jul 29th 2015, 9:31 am
  #159  
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Default Re: misery at Vancouver housing cost?

Originally Posted by Jsmth321
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
That's expensive. I wouldn't want that much of my salary going on rent.
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Old Jul 29th 2015, 10:13 am
  #160  
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Default Re: misery at Vancouver housing cost?

Originally Posted by Jsmth321
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
Sounds like a depressing place if people are paying that much. Salaries will have to go up and up, but that won't be happening if Canada wants to be competitive, so all the ingredients for the next crash.
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Old Jul 29th 2015, 10:26 am
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Default Re: misery at Vancouver housing cost?

Originally Posted by Moses2013
Sounds like a depressing place if people are paying that much. Salaries will have to go up and up, but that won't be happening if Canada wants to be competitive, so all the ingredients for the next crash.
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.

Originally Posted by Howefamily
That's expensive. I wouldn't want that much of my salary going on rent.
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.
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Old Jul 29th 2015, 10:38 am
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Default Re: misery at Vancouver housing cost?

Originally Posted by Jsmth321
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 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.
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Old Jul 29th 2015, 10:57 am
  #163  
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Default Re: misery at Vancouver housing cost?

Originally Posted by Moses2013
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.
Depending on your budget, you can find places a lot lower in Surrey, Maple Ridge, Po Co but those commutes are not what I define as nice...lol


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.
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Old Aug 14th 2015, 6:16 am
  #164  
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Default 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.
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Old Aug 14th 2015, 12:45 pm
  #165  
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Default Re: misery at Vancouver housing cost?

Have you ever thought of moving to a cheaper part of the country ?
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