The article I mentioned on Tuesday is now up at the National Post – Brian Hutchinson takes a look at the total imbalance between local incomes and local housing prices and tries to figure out how it all works. Its nothing most of you haven’t already been over numerous times, but its interesting to see it examined a bit closer in the mainstream media.
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Since when is a 2500 to 3000 square foot house a "modest" one? There are too many people out there who figure you have to own a home when you reach the magic age of 30 (because all your friends do?) and that it has to be big. And the developers are just encouraging this by building large homes.We need a mix of housing (large, small, townhouses, condos, subsidized) in all neighbourhoods so people can afford to live close to work. What's stopping this from happening are the historically ridiculous zoning by-laws, greedy developers and people who have to impress their friends with big (and in my opinion, ugly) new houses.
Calgary is falling because of all the people and all the money leaving Alberta for BC. Duh!
Comparing real estate prices in other cities (i.e. Calgary) to Vancouver is futile. To Vancouverites, prices dropping elsewhere is entirely understandable and even expected as its NOT VANCOUVER! This just re-affirms the Vancouverites world view that Vancouver is special and that fundamentals don't matter. The fact that there are newspaper articles confirming this view, only makes Vancouverites more bullish on real estate.
Ulsterman,There is simply no reward for the original thought, effort and time that investigative journalism requires. As a society, we do not value it.
I have to laugh. I don't even care at this point about ownership.Neither do I. I can always take my nut to Mexico, or better, Brazil, and live in heaven for the rest of my days. I drive by places that I might be interested in, but have zero interest. Unless of course, I am offered a 25 year mortgage at zero percent, and a 50% reduction…Bah!
That investigative-lite article just highlights the lightweight nature of journalism in Canada. A major issue in a major Canadian city and it's "researched" via a couple of phone calls and some internet-derived statistics. Do some leg work, get in people's faces, knock on doors, talk to people who will only speak anonymously. Come on!How can any self-respecting journo be happy leaving so many major issues unresolved and uninvestigated?Sloppy and light.
"So how is it that Calgary is dropping first"Well, unlike BC, they only have oil, not the 2010 olympics and our fabulous weather.
So how is it that Calgary is dropping first, with lower prices, higher incomes, and a better economy? I don't get it.
you guys may not have seen this yetcanadas credit troubles could be bigger then then in the u.s.a.tinyurl.com/2p686z
have to agree… all the article did was outline there is a problem, but did not account for the ways that people seem to still be buying and there is plenty of opportunity there.There are line ups for Pantina – can someone (press or not) actually ask these people what they are thinking?
The article on Vancouver affordability still leaves some big questions. "Someone" can afford the houses. How about interviewing some of those "someones" or an agent who is sell to those people?Ask an agent they should be more than willing to talk they seem to like the recognition. Why else do they all have their head-shot plastered every where?Anyway I'm about to pay my sub 1k rent for a nice tidy little apartment and when I look at the prices of unreal-estate I have to laugh. I don't even care at this point about ownership.
some reporters are like that, they never seem to ask the real tough questions…. if it smells like BS and it looks like BS then it must be: "cognitive dissonance"
no mention at all of buying a place, then renting out the (il/legal) suites? Working two full time jobs? One full time, two part time jobs? Taking a paper route? Giving up sleep? Working to the bone?i don't get it. not complete in that respect, if you ask me.
Too many attempted explanations in the Vancouver article. Wealthy foreigners, organized crime, boomers, yada yada. At what point will we admit that we just lost our minds.The Calgary article is much more to the point. Prices are dropping because of poor affordability (ie because prices had risen beyond what incomes could support).
excellent series of articles!gotta love the mindset of some of these sellers, insulted by an over asking price offer…..