Re: Vancouver real estate now 9.3 times incomes
 

yep, although it is true that the drug industry here is worth billions and contributed to the local economy at some level, just not sure i'm convinced it's what caused prices to more than double in the past 7 years or so.

Re: Vancouver real estate now 9.3 times incomes
 

I wouldn't trust this report very much! If you actually look at the report it states that the average household income of London GLA is 37, 800 pounds or approximately $66,000 Cdn. It also assumes that 270,00 pounds is the average price of a house which is not that accurate.

Re: Vancouver real estate now 9.3 times incomes
 

Another flaw is what types of houses are compared, or is it all homes added together ? Given that houses are a lot smaller and mostly semi detached nor terraced in the UK, it's hardly a fair comparison when looking at a larger, detached home here. To be truly reflective it should be done a per square foot average. No matter how you spin it though, it's bloody pricey here for real estate.

Re: Vancouver real estate now 9.3 times incomes
 

For me comparisons to London are meaningless anyway - I don't live in London so the prices there don't affect me.

Re: Vancouver real estate now 9.3 times incomes
 

No, but the comments are about the validity of the study, rather than anything to do with London.

Re: Vancouver real estate now 9.3 times incomes
 

Yeah, we know the study isn't perfect; but an imperfect study doesn't mean that property is actually affordable here after all. It is, as you say, bloody expensive.

Re: Vancouver real estate now 9.3 times incomes
 

A couple of years ago waterfront Yaletown condos were selling at around $1,000 per square foot, and waterfront flats in Wapping UKP1,000 per square foot.

Given the exchange rate at the time I though this quite nice symmetry.

Re: Vancouver real estate now 9.3 times incomes
 

Actaully once we moved in and my big dog tried to eat their yappy thing they have been remarkably pleasant to us!! Lot of flash cars at all ours tho!

Re: Vancouver real estate now 9.3 times incomes
 

Yes quite. I certainly wasn't attempting to suggest that it was affordable, but apples should be compared to apples.

Re: Vancouver real estate now 9.3 times incomes
 

Ha! Thanks.

Don't live there anymore, but being a bored stay-at-home mum, I used to stand in the window sometimes and really obviously write down license plate numbers of the cars. And if I was feeling perky sometimes I'd even wave.

They moved out about 3 months later (they were renters). Dunno why.

Re: Vancouver real estate now 9.3 times incomes
 

Hi
Must admitt personally not suprised, despite a lot of talk here on the forum, the prices never really went down last year,
and I don't think they will after the olympics, they may just still rise more, when more people see how it is here,
i.e. no polar bears roaming the streets and it doesn't snow all the time.

i personally think the job market will have a severe dent in it after the olympics finish, but won't have any efect on house prices.

As many old guys have said to me ...
'buy land it will only get more expensive as the poulation grows...'
likewise ......
' gas is still cheap so the recession can't be over .


on the other note,:thumbdown:
still to expensive for us to move up to a bigger house :thumbdown:
cheers
Jerry

Re: Vancouver real estate now 9.3 times incomes
 

You do realize that's not your house getting more expensive, but your income getting less.

You are right of course, but your post indicates that you don't understand why. If you did, you wouldn't be so smug about the fact that you were.

Re: Vancouver real estate now 9.3 times incomes
 

The problem I have with that article is that in the first paragraph it states that "Canada has been judged to have the most unaffordable real estate in the world", then it states in the next paragraph "you know my conviction that Canadians are property fools"

To back up his claim he shows a list of real estate affordability ( or unaffordability) from a few English speaking countries with Vancouver the highest and a few other cities in BC scattered on the list along with the nations largest city and financial capital coming in at 57th. A total of 5 Canadian cities on a list including 22 Australian cities, 19 UK cities, 11 US cities and 5 New Zealand cities. This guy should get an award.

As far as housing prices are concerned, the market determines the price. Houses don't sell if people don't buy them. That is economics 101, supply, demand. Here is a wild hypothesis, those expensive areas in Canada are where most immigrants tend to flock to, that is where the money is coming from.

Re: Vancouver real estate now 9.3 times incomes
 

I expect better from you LV... We know the reason why they are where they are - dboy has listed them quite nicely in an earlier post.

The question is - what happens next? Where are the upwards and downwards pressures coming from? What effect are crazy real estate values having on the economy? What about the deficits affect on the value of the dollar? What is the end game? These are important questions and they worry me - as they should anyone unless they live a self sufficient lifestyle on a farm.

Re: Vancouver real estate now 9.3 times incomes
 

you don't see a correlation between what I said and what dboy said? Interest rates are the same everywhere in the country and will always be the same everywhere in the country. The GVA and GTA are hotspots for new immigrants, many of whom come with lost of cash from their home countries and intend to buy homes when they get here. Victoria and Kelowna have many retirees who have built up funds/equity to be able to purchase homes. Supply/Demand. What does the dollar have to do with real estate in GVA? The USD or the CAD? If the USD tanks, will people still come to live in the GVA from Asia and Europe? if the CAD tanks, would that not make it cheaper for people from Asia and Europe? If the USD was going to tank, wouldn't it already be well on it's way? All I am saying is that the market will react to the demand for housing. If their is less demand the housing prices will fall, increased demand and they will continue to rise. Welcome to suburbia Vancouver.