What caused the Vancouver real estate boom?
Speculation: Prices are going up, therefore prices will go up. Get in before you’re priced out forever. Its the only way to get really rich without even trying. Prices are practically guaranteed to go up forever. This time its different here.
Pent-up demand: Hey, we’re laid back in BC. We didn’t think about buying until everyone else thought about buying.
Rich Foreigners: We love it, we’ll take two, we don’t care what it costs. Do you have any magic beans for sale? We’re investing in magic beans as well, thats how we got so rich.
Leaky Condos: Its like NEW now! And its cheaper than the others! Lets buy it!
Low interest rates: Heck, the bank’s practically paying us to get rich.
Population growth: Ok, so population growth isn’t so hot. Still, you have to admit SOME people are moving here, just less than before the 90’s correction.
Income growth: Lets see now.. I could take on a paper route, mow a few lawns on the weekend and apply for that night watch job at the construction site.. maybe sell my plasma on the side… Yes, honey, we can make that mortgage payment!
Illegal drugs: Dude! heheh. This condo is wiiiicked! It’s like totally 3D! Quit bogarting the joint, pass the dutchie man! whoa. I can feel the shrooms kicking in, where do I sign?
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March 20th, 2008 at 11:39 am
dosh is just an idiot who has never been to an art gallery or an opera, he thinks culture is something that comes from his ass when he sits on the toilet.
March 20th, 2008 at 10:41 am
Comment by Dosh: “We are a cultural center like New York or London as much as some of the bears here hate to hear that.”
ARE YOU OUT OF YOUR MIND? Building a bunch of garish, overpriced hi-rise condos does not make a city great. What’s your idea of culture? A night out in Yaletown? People move here for the weather/ocean/mountains, not the culture or nightlife. This is a sleepy seaside town for rich retirees and rich foreigners, neither of which rate culture very high on their list. Get your head out of your ass an take a trip to Montreal or New York, then you might understand what a cultural wasteland Vancouver really is.
February 28th, 2008 at 3:13 am
Hey, I am working as a Toronto real estate agent for 10 years but I never seen such an analise before. Where did you find that chard???:)
The Burrard Street Blog » An Interesting Solution To Unsustainable Housing Prices and Rental Rates Part 1 Says:
February 23rd, 2008 at 10:34 pm
[...] Speculation. As happens far too often in markets around the world speculation is running rampant in the Vancouver real estate market. Huge marketing teams push condo development presales and buyers hope to flip them for a quick buck. This means the market prices don’t reflect true resident demand for housing. Speculation drives market prices up beyond what resident’s incomes support. [...]
February 14th, 2008 at 4:32 pm
this is the best period to make up your mind and invest in that while the prices are not so high.
Is that really you Jay Banks? Or just someone linking to your site? Please tell why ‘prices are not so high’. Can you find a single property in vancouver that will cashflow on rental income, because I do believe that would be the standard measure of an ‘investment’ property. Otherwise you’re just speculating on future gains. That’s turned out badly for people buying in MANY other markets over the last year.
February 14th, 2008 at 5:35 am
The Vancouver real estate market is undoubtedly not in decline disregarding the fact you wanted to make a mockery out of it or not. In addition this is the best period to make up your mind and invest in that while the prices are not so high. I think that this place is more and more desirable considering the vast range of job opportunities.
February 13th, 2008 at 7:12 am
BTK
http://tinyurl.com/yrl3kj
(before the dot.com crash)
February 12th, 2008 at 11:07 pm
Thanks for all the response to the above post,I have put three institute character in the end those were andreas,evergreen and anon and the response are also very decent this is a scenario where people without any greed are posting their pure thoughts.
I love all of you and for the understanding ,all those model character are there to say their own thoughts none of them are there to cut each other for example anons post at no.3 actually does not respond to evergreen and andreas but all three of them are three different sounds, need to get through every single ears.
Ever green you might got some confusion but still your respond, I am agree with you there is nothing beyond happiness and family.Satisfaction is very important than renting or buying.
Because of people like andreas,evergreen,anonymous and rx,our city is proud to be called best place on earth.
Thanks
February 12th, 2008 at 5:49 pm
I wouldn’t mind buying a condo, but not at a ridiculous price. If I could rent a car for half the cost of buying one there’s no way I’d buy one, so why would I buy a condo right now?
February 12th, 2008 at 5:17 pm
I think most of the people on the blog wish to purchase a home, not a condo and have more than 50k.
February 12th, 2008 at 4:24 pm
My impression is that they get wowed by the import figures from China, as of 2006 it was Canada’s second largest source of imports at 34.5 billion (compared to the 217.6 billion from the US). And especially the growth figures, with a 116% clip from 2002 to 2006.
What they presumably don’t realize is that a lot of those containers in the port of Vancouver are going back empty to Shanghai, HK, etc.
I also see no reason why the media gets so excited about India, currently 0.5% of our imports come from there and 0.4% of our exports go there.
February 12th, 2008 at 1:51 pm
Damn,
We are always in need of industries to get jobs not to buy homes lots of people got jobs here since when ever they have start working,the question is are you able to buy home? being on bears side means no!you can not afford or you don’t like to buy or you don’t want to buy. jobs are growing every month did you buy anything since when ever.If market looks bub to you why did you miss the boat when prices were under control?????.
So if we double the export from now would you be able to buy?No!no!no.
What’s his point is no matter what you think of market but people from within provinces of canada,usa,and over seas are still buying.
Some cut out cinnamon rools
——————–
“How many of you are ready to buy a place granted the bank will give you a mortgage if prices drop like insanely fast?
I’m priced out right now. There is nothing I can do about it. Just gotta keep living life”.-Andreas
“Me, too. I’ve missed the boat and won’t be jumping excitedly onto any raft that comes by”.-evergreen
“you people should be buying instead of complaining – get into the houising market at what you can afford and stop worrying”.-anonymous
Woh, Guess me being 21, and having 50 grand in the bank makes a difference. I don’t have my career yet as I still have 3 years of school left before I’m done and have my career.
February 12th, 2008 at 1:00 pm
I’m not sure why the media is stating we have so much more trade with India and China. This decoupling theory and that India and China will pick up our export slack is a bunch of bunk. We are so dependent on the U.S. for exports and our financial well being in Canada. End of story.
February 12th, 2008 at 12:58 pm
The 75% – 76% was an estimate from stats can for 2007. Unable to locate link right now.
Hughz,
Thanks for posting B.C’s current export rate.
February 12th, 2008 at 9:49 am
Try this link out:
http://www40.statcan.ca/l01/cst01/gblec02a.htm
Seems like it was right in the middle in 2006 at 79.2%.
February 12th, 2008 at 9:37 am
No problem, that’s what excel is for.
Top regions:
1.) North America, 61.2% (of which Mexico contributes 0.6 percentage points)
2.) Pacific Rim, 27.1% (of which Japan contributes 12.9 percentage points)
3.) Western Europe, 7.4%
4.) South East Asia, 1.7%
5.) South America, 1.3%
6.) The Middle East, 0.9%
7.) Eastern Europe, 0.6%
8.) Central America & the Caribbean, 0.3%
9.) Africa, 0.2%
(BTW: there is a little round error here, so the sum is 100.7%)
February 12th, 2008 at 8:44 am
Approximately: US 60%, Japan 15%, rest of Asia 15%, rest of world about 10%. And, as has been mentioned already, most of the exports to Asia are subsequently value-added and cycled into the US (and EU) in short order.
February 12th, 2008 at 8:15 am
I already have someone to hug me, thank you. But sometimes I feel the need to take a great big primal scream at the endless parade of rationalizations for BC’s supposed economic primacy.
I just thought that it would be self-evident that BC does not produce anything that China or India wants, and can’t get from closer. Except Bryan Adams recordings, and they’re all pirated over there anyway.