Want a Vancouver Condo at 40% off ?
Jan 29th 2009, 3:25 am
#16
Thread Starter
Joined: Dec 2008
Posts: 3,054
Re: Want a Vancouver Condo at 40% off ?
Global BC TV just had a report about Vancouver being "severely unaffordable". Average house price = 8 x average median wage apparently. Buying in these prices would be crazy at the best of times; but heading into a recession - you really would have to be insane to take on that level of debt.
Jan 29th 2009, 8:58 am
#17
BE Forum Addict
Joined: Oct 2007
Location: UK
Posts: 1,830
Re: Want a Vancouver Condo at 40% off ?
Vancouver real estate is going down faster than a hooker at a sex trade convention. Anyone just arrived or thinking of buying. Piece of advice dont!
Real estate is down 19 percent in 7 months and things are just getting started:
http://www.greaterfool.ca/wp-content...an-on-sale.jpg
Real estate is down 19 percent in 7 months and things are just getting started:
http://www.greaterfool.ca/wp-content...an-on-sale.jpg
I love it!!!!!!
Feb 2nd 2009, 9:26 pm
#18
BE Enthusiast
Joined: Jun 2003
Location: 100 mile house BC (tiz a long way away from devon)
Posts: 888
Re: Want a Vancouver Condo at 40% off ?
Hi All,
On the radio today,
The amount of new condo's being started 'can be counted on no hands' ...zero new builds.. anticipation is it might pick up after 2010.
Apparently this is expected to effect 1:10 people in Vancouver,this being the amount employed in/around the condo construction market.
So there will be greater reductions ? in the future on condo's.
And the BC 'budget' is expected to go into deficit for about 2 years, expecting to pull out in 2011.
Mind you it seems the UK market is as bad or even worse, a comparable house we sold in the UK seems to have gone down by nearly 50%, that would have meant -ve equity for us had we stayed.
Jerry
On the radio today,
The amount of new condo's being started 'can be counted on no hands' ...zero new builds.. anticipation is it might pick up after 2010.
Apparently this is expected to effect 1:10 people in Vancouver,this being the amount employed in/around the condo construction market.
So there will be greater reductions ? in the future on condo's.
And the BC 'budget' is expected to go into deficit for about 2 years, expecting to pull out in 2011.
Mind you it seems the UK market is as bad or even worse, a comparable house we sold in the UK seems to have gone down by nearly 50%, that would have meant -ve equity for us had we stayed.
Jerry
Last edited by jerry brewer; Feb 2nd 2009 at 9:33 pm. Reason: extra info
