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misery at Vancouver housing cost?

misery at Vancouver housing cost?

Old Jun 24th 2015, 11:55 pm
  #76  
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Default Re: misery at Vancouver housing cost?

Originally Posted by Aviator View Post
Not necessarily. Owning you build equity and for many it could be paid off in 25 years if they don't keep moving up. After the mortgage is free and clear, just basic living costs and the value of the home is your own.

Renting is paying someone else's mortgage. In 25 years, they own the property and the renter keeps on paying. Over 25 years owners can be 10's of thousands ahead. My kid pays 30% less on mortgage than an equivalent for rent and has already seen a 20% increase in equity value.
The biggest advantage for us would not have to pay rent or mortgage when we no longer work which would take the strain off of living, with renting we will be paying rent forever and never have any chance of a decent old age, probably have to work until death or physically or mentally can't as rent will only keep going up, and at least in some area's renting is more costly then owning per month.
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Old Jun 24th 2015, 11:58 pm
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Default Re: misery at Vancouver housing cost?

Originally Posted by Shard View Post
This is about "minimum standards". It's true that at a certain point a house or an income level can't make you happy, but up to that point, not having the "minimum" will detract from happiness.

And this of course changes over time. It's why we're happy roughing it in crap hotels when we're students, but want some luxury when we're older. Ditto homes.
This. It's especially hard when everyone your age you know is so far a head in life, have a house, good job etc.

We don't want anything fancy, something small with a yard so we can do things we cannot do in a rental, namely a decent kitchen so cooking is so frustrating, and a yard so I can have my pond, and little garden to pass time.

I don't want some 2,000 sq foot thing, I'd be happy with 800 sq feet as long as it had a yard.
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Old Jun 25th 2015, 12:45 am
  #78  
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Default Re: misery at Vancouver housing cost?

Originally Posted by MarylandNed View Post
The problem is that a lack of affordability can create a lack of livability. Every home owner wants their house value to go up after they've bought. None ever think about the impact on their surroundings when certain groups of people can't afford to get onto the same property ladder.

Serious problems can arise when people (especially those providing essential services e.g. teachers, healthcare workers, law enforcement, firefighters etc) can't afford to live within a reasonable commute of their jobs. Businesses can also have trouble attracting workers.

Many will make the argument that this is self-correcting and that the free market will determine prices. For example, no-one will want to live somewhere if adequate essential services are not being provided and so housing costs will fall. But it's not always as simple as that. Local government also needs to do its part by making sure that development is smart, transportation is in place and different housing options are available.
Well said. I can't see who this is all benefitting apart from....real estate agents, developers, old time owners , and banks/mortgage companies.

It's important (IMO) to maintain a healthy middle class, and to not create a society which values materialism above community/healthy populace.

The norm nowadays seems to be a lifetime of debt, but yes, agree with dbd33 - if (one) doesn't like it, one can certainly leave to go elsewhere.

Salaries in Vancouver are the lowest I have seen.
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Old Jun 25th 2015, 1:18 am
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Default Re: misery at Vancouver housing cost?

Originally Posted by Aviator View Post
Yes, as well as some other costs and benefits.
With current interest rates, what is the "opportunity cost" besides shares or mutual funds, in your opinion?
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Old Jun 25th 2015, 1:20 am
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Default Re: misery at Vancouver housing cost?

Originally Posted by Jsmth321 View Post
This. It's especially hard when everyone your age you know is so far a head in life, have a house, good job etc.

We don't want anything fancy, something small with a yard so we can do things we cannot do in a rental, namely a decent kitchen so cooking is so frustrating, and a yard so I can have my pond, and little garden to pass time.

I don't want some 2,000 sq foot thing, I'd be happy with 800 sq feet as long as it had a yard.
Jsmth321, have you considered visiting other areas and seeing what options are available outside of Squamish? Surely places like Maple Ridge, Abbotsford etc. would have lower rents, although they may be too out of town in your mind?

I sympathize. For home owners, you know the stresses/potential pitfalls, but if you don't have one, I understand the imperative to own one.

Incidentally, as said above, in Germany it is the absolute norm to rent.
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Old Jun 25th 2015, 1:23 am
  #81  
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Default Re: misery at Vancouver housing cost?

Originally Posted by vanity View Post
Well said. I can't see who this is all benefitting apart from....real estate agents, developers, old time owners , and banks/mortgage companies.

It's important (IMO) to maintain a healthy middle class, and to not create a society which values materialism above community/healthy populace.

The norm nowadays seems to be a lifetime of debt, but yes, agree with dbd33 - if (one) doesn't like it, one can certainly leave to go elsewhere.

Salaries in Vancouver are the lowest I have seen.
Mm let's not have a riff raff shall we... It has to be the right sort of people
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Old Jun 26th 2015, 7:13 am
  #82  
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Default Re: misery at Vancouver housing cost?

I went down cambie today for the first time in eon's, and man is there ever a lot of bought by developers but sitting empty houses along that corridor, some were fenced off, but appears nobody is really caring for the properties based on what they looked like outside, seems they are waiting to build condos there from the signs.
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Old Jun 26th 2015, 9:50 am
  #83  
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Default Re: misery at Vancouver housing cost?

Originally Posted by vanity View Post

Salaries in Vancouver are the lowest I have seen.
You can't mean all salaries in all professions surely? That wouldn't make sense
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Old Jun 26th 2015, 10:45 am
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Default Re: misery at Vancouver housing cost?

Originally Posted by Howefamily View Post
You can't mean all salaries in all professions surely? That wouldn't make sense
There will always be professions that pay more in Vancouver, but if using median income levels, Vancouver isn't as high as some lower cost of living but less desirable places to live.

Just comes down to in a lot of professions more people wanting a job then jobs, so companies can offer less and still attract people.

In 2012, stats Canada has Vancouver median at 71,000 (family income, not individual income) Halifax was 80,000, St. Johns, NL 87,000, Oshawa, ON 86,000, Calgary 98,000, Saskatoon 87,000, Regina 81,000, Winnipeg 75,000.

Toronto median is more or less the same as Vancouver.

Median total income, by family type, by census metropolitan area (All census families)
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Old Jun 26th 2015, 12:44 pm
  #85  
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Default Re: misery at Vancouver housing cost?

Originally Posted by Jsmth321 View Post
...if using median income levels, Vancouver isn't as high as some..
I believe it's changed a bit now but I remember a few years ago looking over the minimum wage rates for the Provinces and seeing BC was among the lowest. Even NB's was higher.
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Old Jun 26th 2015, 3:19 pm
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Default Re: misery at Vancouver housing cost?

Originally Posted by Jsmth321 View Post
There will always be professions that pay more in Vancouver, but if using median income levels, Vancouver isn't as high as some lower cost of living but less desirable places to live.

Just comes down to in a lot of professions more people wanting a job then jobs, so companies can offer less and still attract people.

In 2012, stats Canada has Vancouver median at 71,000 (family income, not individual income) Halifax was 80,000, St. Johns, NL 87,000, Oshawa, ON 86,000, Calgary 98,000, Saskatoon 87,000, Regina 81,000, Winnipeg 75,000.

Toronto median is more or less the same as Vancouver.

Median total income, by family type, by census metropolitan area (All census families)
A mode average would be more representative of incomes as it is the most frequently occurring value in a data set rather than just the middle value.
The joy of stats, one can pretty much get the result you want with the right methodology and dataset.
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Old Jun 26th 2015, 4:36 pm
  #87  
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Default Re: misery at Vancouver housing cost?

Originally Posted by Aviator View Post
A mode average would be more representative of incomes as it is the most frequently occurring value in a data set rather than just the middle value.
The joy of stats, one can pretty much get the result you want with the right methodology and dataset.
This shows BC's average weekly earnings are below the national average. Sitting 8th out of 13th on the list. Very poor showing.

Earnings, average weekly, by province and territory
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Old Jun 26th 2015, 4:40 pm
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Default Re: misery at Vancouver housing cost?

Originally Posted by el_richo View Post
This shows BC's average weekly earnings are below the national average. Sitting 8th out of 13th on the list. Very poor showing.

Earnings, average weekly, by province and territory
Im betting those figures don't include grow ops and the sale of weed
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Old Jun 26th 2015, 4:49 pm
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Default Re: misery at Vancouver housing cost?

Originally Posted by Former Lancastrian View Post
Im betting those figures don't include grow ops and the sale of weed
Most likely. I read the average British Columbian spends an average of 38% of their disposable income on weed and another 134% on house payments.

Crazy f*^kers
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Old Jun 26th 2015, 4:51 pm
  #90  
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Default Re: misery at Vancouver housing cost?

Originally Posted by Aviator View Post
A mode average would be more representative of incomes as it is the most frequently occurring value in a data set rather than just the middle value.
The joy of stats, one can pretty much get the result you want with the right methodology and dataset.
Don't think so...that would probably be minimum wage. Whenever I've seen salary stats it's always been median.
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