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Vancouver Real Estate Goes Full-Retard

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Smallcock

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All that Chinese money
 
S

SkyRider

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Aardvark154 said:
Silicon Valley prices - - -Absolutely nuts!
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Actually, Vancouver is Silicon Valley North.

Here in Toronto the average house price is north of $600,000. Back in the days, when the average Toronto house price was $30,000 my gross salary was $30,000. Now that Toronto house price is $600,000 I guess my salary should be $600,000.
 
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K Douglas

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Smallcock said:
All that Chinese money
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Specifically Hong Kong investors. That average price for a home is unattainable for the vast majority of the native population. Makes me wonder when the process of de-urbanization is going to get underway.
 
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mmouse

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foolery

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K Douglas said:
Specifically Hong Kong investors. That average price for a home is unattainable for the vast majority of the native population. Makes me wonder when the process of de-urbanization is going to get underway.
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Yeah, I think it's mainlanders.. not sure if you saw that article talking about forged Canadian passports being bought by rich mainlanders...

Because of the 50k limit of exporting $$$, a lot of the wealthy have been funnelling cash out via HK.. literally in suitcases.
 
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lomotil

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Foreign investors found loopholes to avoid paying tax by buying property in Vancouver. Many mainland Chinese are doing this, chasing few properties and causing massive housing price inflation and possible bubbles.
 
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Promo

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SkyRider said:
Actually, Vancouver is Silicon Valley North.
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Several giant high-tech companies indeed have offices in Vancouver (i.e. Facebook, Microsoft, Electronic Arts), but Waterloo and Toronto both have more high tech companies and jobs than Vancouver. Vancouver is pretty much limited to software development, the GTA offers true R&D, hardware development, start-ups, large engineering firms and high-tech manufacturing as well as software development.

Side comment; I've spent allot of time in Silicon Valley during my career including many stays for months at a time. It's a nice place to visit, but I wouldn't want to live there. Insane traffic, hot, dry, not particularly pretty (everything turns brown in the summer), long lines at restaurants, crazy competitive for everything, huge egos and not much to do. Other than clubs and restaurants (there are 1000s), many leave the valley for their entertainment or for weekends. I love San Francisco (other than the fog and cold), but it's too far to commute to SV.

SkyRider said:
Here in Toronto the average house price is north of $600,000. Back in the days, when the average Toronto house price was $30,000 my gross salary was $30,000. Now that Toronto house price is $600,000 I guess my salary should be $600,000.
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The average "home" (anything sold via MLS including condos, townhomes, semis, etc) price is indeed ~$620K, but the average detached house price is now >$1M. Still a far cry from Vancouver.

Having fun: last time the average price of a home was $30K in Toronto was 1970. You claim to have an MBA .... assume you graduated grade 13 at 18, 4 years degree, 2 years MBA, 2 years to establish yourself ..... in 1970 you were 26. Today that makes you 46 + 26 = 72 years old. Which is indeed the average porch person age ... so Rocky, what does Walmart pay their greeters these days?

 
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nottyboi

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with the low CAD real estate is on 30% sale compared to last year. As long as you have foreign currency. ie for chinese, euros and americans, the 3 largest and richest investor groups.
 
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TeeJay

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Promo said:
The average "home" (anything sold via MLS including condos, townhomes, semis, etc) price is indeed ~$620K, but the average detached house price is now >$1M. Still a far cry from Vancouver.
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Not really
Vancouver average detached home = $1,248,000
Toronto average detached home = $1,019,000

Plus the fact Toronto had way more volume (even at high end, more 2 million + homes sold here than out west last year)
 
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K Douglas

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mmouse said:
Actually it's mostly mainland Chinese.
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Seems you are correct, my error. I guess all that growth in the Chinese economy over the past 20 years has created some very deep pockets. They don't seem to be practicing communism very well in China these days.

I read some articles that said it wasn't Chinese money driving up the cost, it was simply a supply vs. demand scenario. With historically low interest rates to blame. I'm not sure if I buy that argument. What's so special about Vancouver? What makes it the 2nd most expensive place in the world, after Hong Kong, to own a property? Why isn't a metropolis like Seattle, which is only 3 hours away by car, close to as expensive?
 
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Ceiling Cat

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The housing crisis is coming, oil is at a historic 10-12 year low. The economy around the world is crap. Interest is low. People are still buying. When the world economy gets just a little better, and governments are confident to increase bank interest and the Arabs cut production of oil because they have killed of a lot of frackers. Then people will stop buying houses at exorbitant prices, and those that have bought at high prices will see their house values diminish. Some will sell at lower prices and that might start Canada's housing crisis. probably will not be as bad as the US sub-prime housing crisis. But from the inside of a bad mortgage it will look like the end of the world.
 
eznutz

eznutz

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This $6.2M Vancouver mansion was sold in 2010: It’s been vacant and rotting for six years



The $6.2-million Point Grey home boasts unobstructed vistas of the North Shore mountains, English Bay and Vancouver’s skyline.

A park sits across a quiet street. The home represents everything a family could aspire to.

But it’s vacant and rotting. Windows are left open and debris sits in the yard. Like a symbol of futility, a June 2015 City of Vancouver “untidy-premises” order remains pinned to the door.

The 1926-built home’s issues seem to encapsulate a rising tide of angst revealed on websites documenting vacant homes and “bulldozer-bait” teardowns in Vancouver.

http://news.nationalpost.com/news/c...was-sold-in-2010-today-its-vacant-and-rotting
 
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Smallcock

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Assignments are helping to push prices up in Vancouver:

EDIT: jimmy already posted link above
 
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