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Hello. My husband and I have two small children and we currently live in the U.S. in the state of Michigan. Back in 2001 when we lived in Los Angeles, we visited Vancouver and immediately fell in love with the city. We were determined to move there someday, but that was put on hold once we learned of the insanely high real estate prices. My husband and children are Canadian citizens (through family relation), so getting to Canada shouldn't be much of a problem. However, I have done a lot of research on Vancouver and Victoria and a recent report said that an average house in either city is just over $500,000. My question is this: there are thousands of middle-class families in both cities, so how do they afford real estate - or does everyone rent?? My husband is a high school teacher so we are not wealthy, but do OK. I don't work right now, but have worked in non-profit in the past and would probably return to that field if we moved to Vancouver or Victoria.
One more question - we never did make it over to Victoria while we were there - even though we wanted to. Is Victoria a great city for families? From what I read it sounds like it's full of retired old people.
Vancouver is expensive because wealthy people (retirees, rich Asians with $$$) move there, not because wealth was created there.
Honestly I don't know why middle class families want to live there.
Vancouver is expensive because wealthy people (retirees, rich Asians with $$$) move there, not because wealth was created there.
Honestly I don't know why middle class families want to live there.
There are many reasons why so many people, middle class included, want to live in Vancouver. I think the true reason why Vancouver is so expensive is because of all those middle class people who want to live there. Wealthy people are not the majority of the population of Vancouver. As expensive as it is, Vancouver is a wonderful place to live.
seems like lots of out-of-towners own many of the condos downtown- hence you will see lots of buildings with units w/o lights on at night ...from my research it seems like families don't live downtown so much (which is more common in other US cities) with the exception of the false creek area - but there its is quite pricey ..most immediately move (after marriage, kids) to one of the many surrounding areas - either within city limits or out to the suburbs, some of which are more reasonably priced.
it is a great city and we too have dreams of being there one day...but i also found the prices high compared to local earning power, especially when taxes are thrown in...groceries, etc aren't cheap either..not sure how they do it
I dont' know... I live downtown, a lot of people live downtown, families live downtown, but a lot more couples do rather than families, but families certainly live downtown. Contrary to the post above, most buildings are *not* vacant, but are full. Vacancy rates are extraordinarily low downtown - demand is high.
It's expensive because a lot of people have purchased the condos as investment properties and then sell them to other people who hold on to them as investment properties, and so on. Globally, Vancouver is a very desirable place to live. Those with money move to Vancouver. Ever since the 80's, prices have skyrocketed.
A lot of families that live in Vancouver have lived there before the real estate soared, which is how they can afford to live there.
The average house in Vancouver proper is closer to $850,000. Out in the suburbs, like Burnaby and Richmond, $600,000 is at the lower end of the spectrum. Out further in Surrey and Langley, $500,000.
People afford to buy homes by downsizing to condos and townhouses, or to moving to previously-unappealing places, like sprawling suburbia in Langley or Abbotsford.
what I meant was that they may not be vacant, but that doesn't mean the owner actively lives in them...as you said, lots of "investment" type owners, 2nd home owners, etc
wonder what will happen after the olympics... to me these prices just dont seem sustainable, especially with the credit crunch..local salaries just don't seem to be able to support it long term, and not sure if there are enough foreign buyers to prop it up....as a comparison, nyc is very expensive, but you can earn a lot of money in a lot of different industries to (sort of) justify the prices
I used to live in Vancouver, and I've visited Victoria many times. Both are great cities to live in if you're in a good neighbourhood.
People who have bought homes there in the past 10-20 years generally need to save a lot for them, have a 2-income family, and be prepared to spend a lot on that monthly mortgage. Salaries tend to be higher in Vancouver than in some other areas because of the cost of living. And yes, a lot of people rent.
In Vancouver, I'd suggest finding a nice neighbourhood on the east side or in a suburb (e.g., Coquitlam, New Westminster, or North Vancouver), where housing prices are a little lower. The west side of Vancouver and West Vancouver tend to be the most expensive.
I dont' know... I live downtown, a lot of people live downtown, families live downtown, but a lot more couples do rather than families, but families certainly live downtown. Contrary to the post above, most buildings are *not* vacant, but are full. Vacancy rates are extraordinarily low downtown - demand is high.
It's expensive because a lot of people have purchased the condos as investment properties and then sell them to other people who hold on to them as investment properties, and so on. Globally, Vancouver is a very desirable place to live. Those with money move to Vancouver. Ever since the 80's, prices have skyrocketed.
A lot of families that live in Vancouver have lived there before the real estate soared, which is how they can afford to live there.
The average house in Vancouver proper is closer to $850,000. Out in the suburbs, like Burnaby and Richmond, $600,000 is at the lower end of the spectrum. Out further in Surrey and Langley, $500,000.
People afford to buy homes by downsizing to condos and townhouses, or to moving to previously-unappealing places, like sprawling suburbia in Langley or Abbotsford.
Thanks for the info! Say... Does anyone know what we might expect to pay monthly if we rented? Say somewhere like North Van or outskirt of Van, maybe nicer part of Burnaby...? A nicer apartment or townhouse, 2-3 bedroom...
My advice would be to scan vancouver, BC apts/housing for rent classifieds - craigslist - plug in some key words and locations. I only know Downtown Vancouver (Yaletown, Coal Harbour, West End) costs, which is usually $1200-$1900 for one bedrooms, $1900-$3000+ for 2 bedroom, and I wouldn't even fathom a 3 bedroom. (Edit - yeeesh, just looked... you don't want to know.) Burnaby and North Van would be cheaper, depending on the location.
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