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Review of Vancouver after 18 months

Review of Vancouver after 18 months

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Old Dec 18th 2017, 6:49 pm
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Default Re: Review of Vancouver after 18 months

Originally Posted by dominiqueincanada View Post
Regardless of housing prices, I don't think it would make financial sense for you to buy. Assuming a mortgage of $358k ($408k with $50k down) at 3%, your monthly payments would be $1,694.22 (https://www.cmhc-schl.gc.ca/en/co/buho/buho_021.cfm). Once you add in property taxes, strata maintenance fees and general upkeep it is much better to rent.
So long as one does not factor in asset appreciation. Someone who bought in Vancouver 25 years ago could be mortgage free now together with a significant asset. Someone who has rented for the last 25 years, still has to pay rent.
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Old Dec 18th 2017, 6:53 pm
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Default Re: Review of Vancouver after 18 months

Originally Posted by dominiqueincanada View Post
Regardless of housing prices, I don't think it would make financial sense for you to buy. Assuming a mortgage of $358k ($408k with $50k down) at 3%, your monthly payments would be $1,694.22 (https://www.cmhc-schl.gc.ca/en/co/buho/buho_021.cfm). Once you add in property taxes, strata maintenance fees and general upkeep it is much better to rent.
Well we are priced out of the market so not buying anyway, it's not even an option to buy.

Our rent is $1,750 so not exactly low, affordable or easy to meet, but it is lower then market rent in the building, we are in what they call a non-subsidized affordable unit.

And as we pay such high rent, we can't save anything, so can't save a down payment and buy elsewhere that is cheaper, its a nasty cycle.

I mostly want to own a house for a couple reasons.

1. I don't want to be old age and renting and having to decide between food or rent or medications and rent.

2. I would like to have a yard and some outdoor space, I don't enjoy having to load up the car to get somewhere outdoors which is the case in condo living. I would like to just be able to stay home and sit outdoors relaxing.


3. I want a big fish tank...lol


We have no desire to own in Vancouver.

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Old Dec 18th 2017, 7:02 pm
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Default Re: Review of Vancouver after 18 months

Originally Posted by Aviator View Post
So long as one does not factor in asset appreciation. Someone who bought in Vancouver 25 years ago could be mortgage free now together with a significant asset. Someone who has rented for the last 25 years, still has to pay rent.
Yep, good point, it does depend on your motivation for buying. If it's a "forever" home, the appreciation is somewhat a moot point and a lot of people have been stung by extortionate property taxes due to the rapid rise in real estate value.

We bought as it made sense for us and all in we pay less than if we rented, but it's not for everyone. For example, a friend rents a 2 bed new build in Olympic Village and he would not be able to afford the mortgage payments and strata maintenance if he had bought.

I'll be interested to see what the NDP's budget looks like in February and am hopeful they can at least put an end to massive double digit real estate yearly increases.
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Old Dec 18th 2017, 7:33 pm
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Default Re: Review of Vancouver after 18 months

Originally Posted by dominiqueincanada View Post
I'll be interested to see what the NDP's budget looks like in February and am hopeful they can at least put an end to massive double digit real estate yearly increases.
I was rather hoping they would be gone by then!
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Old Dec 18th 2017, 7:35 pm
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Default Re: Review of Vancouver after 18 months

The strata payments and property tax make buying a condo a less attractive proposition than renting. As to the 25 year appreciation, it's hard to imagine that can go on endlessly. There are limits unless you start physically subdividing property (to some extent already underway with multi-generational living).
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Old Dec 18th 2017, 7:42 pm
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Default Re: Review of Vancouver after 18 months

Originally Posted by Shard View Post
The strata payments and property tax make buying a condo a less attractive proposition than renting. As to the 25 year appreciation, it's hard to imagine that can go on endlessly. There are limits unless you start physically subdividing property (to some extent already underway with multi-generational living).
Most of the East Indian's I work with live multi-generational and seems to work well.

I would certainly do it if it were an option, seems to make sense to me, pool resources together and live more comfortably.
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Old Dec 18th 2017, 7:46 pm
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Default Re: Review of Vancouver after 18 months

Originally Posted by Jsmth321 View Post
Most of the East Indian's I work with live multi-generational and seems to work well.

I would certainly do it if it were an option, seems to make sense to me, pool resources together and live more comfortably.
Yes, I wonder sometimes if they haven't got things right, and that slowly us white folk will adapt. In Britain there's constant public concern about the lack of care homes or social housing for young adults, but ironically, many of the immigrants (which are often slated in the gutter press) avoid such issues by their culture acceptance of multi-generational living.
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Old Dec 18th 2017, 8:14 pm
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Default Re: Review of Vancouver after 18 months

Originally Posted by Shard View Post
Yes, I wonder sometimes if they haven't got things right, and that slowly us white folk will adapt. In Britain there's constant public concern about the lack of care homes or social housing for young adults, but ironically, many of the immigrants (which are often slated in the gutter press) avoid such issues by their culture acceptance of multi-generational living.
Similar here. Lots of concern right now about seniors who cannot afford rent, and seniors who are living on the streets and in cars, and of course youth as well.

Another issue is white folks get up in arms over the large homes immigrants tend to build for several generations to live in, I don't have an issue with it as there are several generations in 1 large house, vs several in smaller houses but taking up more space and land overall and makes sense to me, why US/Canada/UK and others tend to kick family out to live alone makes no real sense to me, pooling resources makes sense though.

Everyone we know that owns only were able to because they have wealthy parents who could assist, even my wife's brother had family help to buy otherwise he would not have been able to.
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Old Dec 18th 2017, 8:37 pm
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Default Re: Review of Vancouver after 18 months

I feel that comparing Vancouver to NYC or London (or even LA) is just a tough unfair. Seriously what were you expecting? It's like comparing Manchester Utd and Real Madrid to Sheffield Wednesday and then moaning when they don't have Pogba and Ronaldo playing for them.

I think Van is a great place if you're in your 30's and / or have a family (aside from the financial costs) - it's a decent city with close proximity to amazing scenery and everything that goes with it. That said if you're in your 20's and prefer drink, drugs and sex to skiing, hiking and mountain biking then you'll probably hate it.
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Old Dec 18th 2017, 9:01 pm
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Default Re: Review of Vancouver after 18 months

Lived in Vancouver for two years and definitely didn't find it boring. It's an awesome city and I genuinely think that there is something for everyone. I love the outdoors and I am (or was then!) a bit of party animal, and I definitely had the best of both. Some of the best nights out I ever had were in Vancouver (although far away from the 'highlights' of Granville Street). That plus easy access to snowboarding in winter, and awesome hikes and beach days in summer - what's not to love?

The only criticism I had, and it was a big one, was the 'reservedness' of Vancouverites. Even people I had met from Vancouver whilst travelling in other parts of the world, seemed to close off when I tried to reignite contact once I had arrived in the city. Despite my best efforts, most of my friends in Vancouver were expats or from other areas of Canada. I actually wrote a blog post on the phenomenon known as the 'Vancouver Effect' back then - https://flookr.wordpress.com/2014/02...sociable-city/


Despite this drawback, I would move back to Vancouver again in a heartbeat.
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Old Dec 18th 2017, 10:27 pm
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Default Re: Review of Vancouver after 18 months

Originally Posted by mazmataz View Post
The only criticism I had, and it was a big one, was the 'reservedness' of Vancouverites.
The longest time I spent there continuously was about 3 months back in '83 and some of the people I met then are still my main friends there now. We went to gallery openings and parties and bars and touring around like we don't do now because old. Most of my friends there are originally from Moose Jaw and Regina. I didn't think the Vancouverites I met were particularly reserved, (and some are remarkable!), but it seemed like some of them were putting a lot of effort into being trendy; we called it being "Very West Coast". Too hip, I guess.
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Old Dec 19th 2017, 7:25 am
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Default Re: Review of Vancouver after 18 months

Originally Posted by biggayowl View Post
I feel that comparing Vancouver to NYC or London (or even LA) is just a tough unfair. Seriously what were you expecting? It's like comparing Manchester Utd and Real Madrid to Sheffield Wednesday and then moaning when they don't have Pogba and Ronaldo playing for them.

I think Van is a great place if you're in your 30's and / or have a family (aside from the financial costs) - it's a decent city with close proximity to amazing scenery and everything that goes with it. That said if you're in your 20's and prefer drink, drugs and sex to skiing, hiking and mountain biking then you'll probably hate it.
I agree that comparing it to NYC or London is unfair. Although I did make a point in comparing it to Dublin, where I lived for 6 years, and is a very similar size to Vancouver. Dublin is a significantly better city when it comes to culture, nightlife and atmosphere in my personal opinion. That said Vancouver kicks Dublin's (and London's and NYC's) behind when it comes to access to outdoor activities and natural beauty.

Again, I agree with you that it depends what you are looking for. I don't think anyone loves Vancouver because it is a party city, or a global cultural hub with amazing theatre and museums, they love it because it is a pleasant city with awesome surroundings and access to the outdoors.

Last edited by Enigma368; Dec 19th 2017 at 8:10 am.
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Old Dec 19th 2017, 8:37 am
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Default Re: Review of Vancouver after 18 months

Originally Posted by Enigma368 View Post
I agree that comparing it to NYC or London is unfair. Although I did make a point in comparing it to Dublin, where I lived for 6 years, and is a very similar size to Vancouver. Dublin is a significantly better city when it comes to culture, nightlife and atmosphere in my personal opinion. That said Vancouver kicks Dublin's (and London's and NYC's) behind when it comes to access to outdoor activities and natural beauty.

Again, I agree with you that it depends what you are looking for. I don't think anyone loves Vancouver because it is a party city, or a global cultural hub with amazing theatre and museums, they love it because it is a pleasant city with awesome surroundings and access to the outdoors.
But then again you have easy access to outdoor activities and natural beauty from Dublin too but the only difference is that people don't leave Dublin. Vancouver has nice forests and lakes around the city but it still takes you a while to actually really get to the most amazing parts away from crowds. From Dublin you can easily drive to Kerry, Connemara, so it's all close on a smaller scale.
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Old Dec 19th 2017, 8:57 am
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Default Re: Review of Vancouver after 18 months

According to Google Dublin is 289km (4hr drive) from Connemara. There is genuine wilderness within 4hrs of Vancouver.

The comparison I usually make is against Manchester - similar populations, both city and metro areas. Manchester wins hands down in terms of nightlife and culture. But then again both Dublin and Manchester have centuries head start on Van.

Vancouver has its faults like anywhere else, but I genuinely think (if you can afford it) the lifestyle on offer is hard to beat.

Last edited by biggayowl; Dec 19th 2017 at 9:04 am.
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Old Dec 19th 2017, 9:42 am
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Default Re: Review of Vancouver after 18 months

Originally Posted by biggayowl View Post
According to Google Dublin is 289km (4hr drive) from Connemara. There is genuine wilderness within 4hrs of Vancouver.

The comparison I usually make is against Manchester - similar populations, both city and metro areas. Manchester wins hands down in terms of nightlife and culture. But then again both Dublin and Manchester have centuries head start on Van.

Vancouver has its faults like anywhere else, but I genuinely think (if you can afford it) the lifestyle on offer is hard to beat.

Well you still have the Wicklow National Park around the corner and don't forget that Connemara is not that small. The point is that the majority of people who boast that they have scenery and outdoor stuff on their doorstep don't make use of it anyway (even if it's an hour away). Unless you are living on the outskirts with a car, most city people can't be bothered and probably just go to a local park. After all they are city people


The price you pay to live in a city like Vancouver, Dublin etc. also wouldn't be worth it for me personally. First of all housing would be so expensive that I couldn't really enjoy the benefits of the city (shopping, restaurants) and if I want scenery I'm surely better off in the actual countryside.
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