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FTA:In the last five years, the median selling price for residential properties in Vancouver has jumped 57 percent to C$1.1 million, according to data compiled by Reuters from the Real Estate Board of Greater Vancouver. The price of detached homes has soared 82 percent, to C$2.1 million. The median household income, meanwhile, has risen by an estimated 13 percent in the same period, according to Statistic Canada.
Prices are high in many US cities as well, but foreign purchases are not as significant, except maybe in places like Hawaii.
But wow, $2.1 million for a single family home. Very few people can afford that. If an average person wants to live in Vancouver, it is sort of like San Francisco, you better have inherited a home or else live in a very small apartment.
FTA:In the last five years, the median selling price for residential properties in Vancouver has jumped 57 percent to C$1.1 million, according to data compiled by Reuters from the Real Estate Board of Greater Vancouver. The price of detached homes has soared 82 percent, to C$2.1 million. The median household income, meanwhile, has risen by an estimated 13 percent in the same period, according to Statistic Canada.
Prices are high in many US cities as well, but foreign purchases are not as significant, except maybe in places like Hawaii.
But wow, $2.1 million for a single family home. Very few people can afford that. If an average person wants to live in Vancouver, it is sort of like San Francisco, you better have inherited a home or else live in a very small apartment.
Isn't Vancouver the Florida of Canada? Meaning having the mildest WINTERS in the Nation? Being not a land mass as big as a Florida. Demand for Canadians to live, even retire. But remain in Canada. Might also boost demand.
The Chinese like to Buy properties and wait for increased value to then sell for profits. Apparently when they sell? Their intent is profits off of Canadians. I here they have bought up properties and land around downtown Detroit. Awaiting its gentrification to reap profits.
Now NYC, SF, Chicago I here is discovered now too. The Chinese also buy prime properties to visit and sending their Children to Universities there. Buy a Condo for them going to the schools. Perhaps some of that in Vancouver too?
Seems Vancouver is fast becoming a Boutique city like San Francisco.
No, it is not. Nobody goes to Vancouver in Nov-March to escape the harsh Canadian winter. Hardly anyone even travels to Vancouver in those months to have a break from the winter.
So it is not the Miami of Canada. There is NO Miami of Canada. There is only Chicago, Seattle or Minneapolis of Canada.
No, it is not. Nobody goes to Vancouver in Nov-March to escape the harsh Canadian winter. Hardly anyone even travels to Vancouver in those months to have a break from the winter.
So it is not the Miami of Canada. There is NO Miami of Canada. There is only Chicago, Seattle or Minneapolis of Canada.
Botti I do not understand why you always attack the label ("California of Canada", "Miami of Canada", whatever), which, I agree, it may be formally inappropriate but you do not seem to get the underlying meaning of it.
Vancouver has indeed the milder and "best" weather in Canada as an average year round, period it is a fact.
Many people that do not have other choices other than living in Canada flock to Vancouver because of its mild winter, especially seniors (no, not everybody can afford to be a snowbird or want to be one always on the move)
The vast majority of the people that I know in Vancouver would not live anywhere else in Canada (some maybe in Victoria), if I was stuck in Canada I would not live anywhere else myself.
The lack of a harsh snowy winter does play a very important role in making Vancouver a desirable place to live for Canadians.
No, it is not. Nobody goes to Vancouver in Nov-March to escape the harsh Canadian winter. Hardly anyone even travels to Vancouver in those months to have a break from the winter.
So it is not the Miami of Canada. There is NO Miami of Canada. There is only Chicago, Seattle or Minneapolis of Canada.
Yep pretty accurate. I only go to Vancouver to visit my parents there for Christmas. Crappy winter, rain + clouds = depressing.
Summer in Vancouver is nice, but then again, summer is pretty nice throughout Canada and NE U.S. as well.
Also just a clarification about housing prices in Vancouver: it is only expensive if you want to buy single family homes within or around city limits. I visited Vancouver last December, and saw a large number of new condo construction, and just judging from their bill-board prices, it's actually quite affordable if you down-size and live in condos. And the newer condos actually look quite appealing, as they are mostly built right next to Skytrain stations with easy access to rapid transit.
I think you get the drift. I have no idea why people come down on Vancouver so hard when it comes to this topic, when every major city is basically in the game.
Yes skyrocketing housing prices are a problem for the middle class and maybe Vancouver doesn't share the same robust economic conditions with many of these other cities. But seriously what are they supposed to do if foreign buyers want to invest in their city?
No one was complaining back on the eve of Hong Kong ceding back to China.
I arrived on a flight from Toronto at the same time as THREE 747 loads of Chinese "escapees" all flying in with their suitcases full of cash. I had to lift my carry-on over my head to navigate through the throng, all pushing and shoving each other like they do in China.
During my stay at that time, the city was abuzz with the "bidding wars" over any and all kinds of properties going on the market from Canadians sensing an opportunity to cash in on their arrival and need for housing. It was spread across the whole spectrum of real-estate with people who had no intention of selling prior to their arrival suddenly seeing a golden opportunity to pull a huge profit out of their house/condo/business property.
When one couples a huge population demographic that desires to move away from their traditional location bringing cash by the truckloads with them and the available better lifestyle of a receptive country with far less population density, there are bound to be small collisions of the differing ideals.
Location: East Central Pennsylvania/ Chicago for 6yrs.
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Quote:
Originally Posted by botticelli
No, it is not. Nobody goes to Vancouver in Nov-March to escape the harsh Canadian winter. Hardly anyone even travels to Vancouver in those months to have a break from the winter.
So it is not the Miami of Canada. There is NO Miami of Canada. There is only Chicago, Seattle or Minneapolis of Canada.
ok botti... you know the nation you still can knock down at times and argue with Canada born citizens about or the US.... surely better then I.
But I did get a Chuckle out of the Vancouver being the Seattle, Minneapolis or Chicago of Canada comment . I guess Vancouver residents APPRECIATE that link? Just... let's say WITHOUT THE SNOW AND very VERY SUB 0°C of The second Two.
But you have Been complementary to my favorite city of Chicago and its downtown. So I give you a for that.
As for your comment against SINGLE FAMILY HOMES... BELOW POST.. IT IS A TRAIT OF NORTH AMERICAN'S DESIRES. ACCEPT IT. Might be more of a LUXURY to own a single home in BOOMING TORONTO OR VANCOUVER. But ACROSS the rest of Canada or US. Not yet....
It was the NORTH AMERICAN LIFESTLYE. Sorry Europe could not attain that level.
Also just a clarification about housing prices in Vancouver: it is only expensive if you want to buy single family homes within or around city limits. I visited Vancouver last December, and saw a large number of new condo construction, and just judging from their bill-board prices, it's actually quite affordable if you down-size and live in condos. And the newer condos actually look quite appealing, as they are mostly built right next to Skytrain stations with easy access to rapid transit.
That's exactly right.
Even townhomes are not that expensive. A friend of mine bought a good sized townhome within Vancouver boundary for about $600k a couple of years ago, for her family of 3. If another child is born that space is enough too. It is not huge but big enough for their needs, with great location.
The obsession over single family homes (sometimes as far as "detached home") is what makes it so unaffordable and the media keeps using that benchmark as if that's what everyone NEEDS. I'd say that's hardly a problem - try to buy a single family home in Europe or Asia and see how affordable it is.
I have said it several times, people in Vancouver and Toronto will just have to accept the fact that if you are not capable of making the top 5% income (or have a handsome inheritance), you just need to accept the fact that your family will have to live in a condo/townhouse. 90% of the world population does it, so can you.
Can't afford it? don't blame the city, or the Chinese, blame your parents for not being rich, or blame the fact that you are not good enough to make $200,000/year, OK? I heard Goldman Sachs is recruiting, why not give it a try?
Single home living in Vancouver/Toronto should not be consider as typical "middle class" lifestyle. It is rich people's life, forget about it.
Can't afford it? don't blame the city, or the Chinese, blame for parents for not being rich, or blame the fact that you are not good enough to make $200,000/year, OK?
Blame Canada?
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I guess Vancouver residents APPRECIATE that link? Just... let's say WITHOUT THE SNOW AND very VERY SUB 0°C of The second Two. 
for that. 
