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August 15th, 2008 at 4:05 pm
“There is no reason why BC and Vancouver cannot have the highest standard of living of any jurisdiction in the world.”
Dave, I agree with you here. We should all aim to have a higher standard of living. From Wikipedia:
In the past 30 years income inequality has increased, the poverty rate has increased, and real income is flat to falling. I share your desire to make things better but the track record is not so good. It’s worth thinking about how to turn it around and what is really required to pull it off. That’s the best way of increasing and sustaining long term property values. Repeating platitudes and improving one’s state of mind only improve perceived quality of life, not standard of living.
August 15th, 2008 at 3:45 pm
matt, if you want neighborhood-by-neighborhood data, look at this report. It’s dated, from ’96, but it shows you roughly who does what. I would hazard a guess that there are a few more construction and real estate jobs around now than before but overall I expect the breakdown of employment is pretty accurate. Happy reading!
August 15th, 2008 at 3:41 pm
Check out the latest from CMHC:
Home prices to outpace inflation, CMHC says
Don’t be drinking anything while you read it, ‘cuz it’ll likely spray out of your nose.
August 15th, 2008 at 3:18 pm
“The real pros can combine all 5 at once!”
Well that does explain a lot about our friend Jay Banks!
August 15th, 2008 at 3:11 pm
Thank You VHB, I was a big fan of your site and it’s possible we’ve talked in person ,on the elevator, before and not known.
August 15th, 2008 at 3:03 pm
I knew weed was a major part of the economy but I’m not so sure the revenue generated really trickles down into the Vancouver economy. I know the average family income is around 60k. I believe the 90th percentile is around the 80k mark. What would also be interesting is to find out what occupation is the mode. I would pick either retail or construction if I had to guess.
August 15th, 2008 at 3:03 pm
B.C Housing Sales at lowest level since start of the decade
http://www.canada.com/vancouve.....5582a375a1
August 15th, 2008 at 3:00 pm
Statcan Median and average wealth by immigration status
The more recent immigrants aren’t significantly wealthier than anybody else and it could be argued are less wealthy overall. Maybe they aren’t declaring their wealth. That must be it.
August 15th, 2008 at 2:58 pm
@41:
a) Grow dope
b) Smoke dope
c) Build condos
d) flip condos
e) talk about condos
The real pros can combine all 5 at once!
August 15th, 2008 at 2:54 pm
Exactly what do Vancouverites do for a living? Are there any stats on this?
August 15th, 2008 at 2:40 pm
Statcan immigrant data Table 3E. Immigrants, on average, are not earning as much as Canadian born residents. Maybe they don’t have to because they’re already wealthy.
August 15th, 2008 at 2:25 pm
bdk: “Does this make me a bitter renter?”
Yes
August 15th, 2008 at 2:09 pm
Nicely said, BDK.
August 15th, 2008 at 2:03 pm
Dave
“Incase [sic] you haven’t noticed, about one half of the people who live in the GVRD are immigrants. Of those, a large percent are from Asia. If you assume 2/3rds home ownership, that adds up to a pretty large number.”
Are you trying to say that our Asian immigrants are less savvy about real estate matters and more likely to overpay than immigrants of European descent or people who were born here? That’s a pretty racist mind you’ve got there bud.
However, if you look at the immigration figures, ‘rich’ Asians do not figure prominently. To hazard a guess it’s under 5% of immigrants are worth several million or more and hail from Asian countries. At best that bumps the “Rich Asian” quotient up to about 2% of purchases (including residents and non residents).
August 15th, 2008 at 1:58 pm
“I have been to every major Canadian city, including Toronto.”
If you had half a brain you would realize that Toronto is the only major Canadian city. LOL!
Population of Vancouver – 587,891 (2006 Est.)
Poulation of Baltimore – 637,455 (2007)
Polulation of Toronto – 5,113,149
Population of Missisauga -668,549
August 15th, 2008 at 1:50 pm
……… I strongly do NOT recommend you to allow comments as there are a few people here including myself who would definitely comment in your blog.
good points arit:
i would be willing to comment also
as Ms. Gibson so willingly enabled me
to do….
August 15th, 2008 at 1:26 pm
Jesse, I have had many business dealing with “rich” Korean people. They told me last year that their circle aren’t interested in Vancouver now because they can go to L.A. for cheaper, the climate is better and they have a large community whereas 4-6 years ago YVR was the closest airport for them and it was half the price of L.A.
It’s already been established the Hong Kong Chinese stopped moving here a decade ago and stopped investing about four years ago.
So that leaves Vancouver with a few buyers from the Middle Eastern Countries who are looking to park their money somewhere “safe”
They will absorb at least a few dozen of the upcoming 10,000 units that will hit the market so there is nothing to worry about.
No bubble here, move along, Vancouver has de coupled from the Global Economy because it’s so great it’s off the Map!
Buy now or be a bitter renter for life.
So if I have this right it’d be better to own a studio in Chilliwack than live in a new water view unit with concierge, pool, gym and be a five minute walk from work and still save $2,000 per month?
Does this make me a bitter renter?
I have co workers taking 1.5 hours to get to work and 1.5 hours to get back, is pride of ownership when the house they live in costs twice as much and will drop thousands per month , on paper, for years really that worthwhile?
How is calling a landlord and having them pay for repairs a bad thing?
Hmmm, I want to paint so if I do the painting the paint is free. Again how is this a bad thing?
If the new neighbours suck I can move to the newer building across the street for the same price.
Are any of us early 30′s quasi professional people really going to still live in the same unit in 40 years?
Are any of these people going to be keen to pay the assesments when they leak?
What about paying mutliple assesments on top of subsidizing the renter by $2,000/month and being underwater on the mortgage and therfore unable to sell without taking a loss of several hundred thousand per unit.
Don’t worry guys, the realtor says it’s different here. Buy now or pay half the price later!!!!
August 15th, 2008 at 1:22 pm
Jay Remax real estate person,
A few things for you, if you do not mind:
1. It is smart of you to dis-allow comments in your blog. The costly mistake Jean Gibson made caused her to shut down the blog. I strongly do NOT recommend you to allow comments as there are a few people here including myself who would definitely comment in your blog.
2. You have been a realtor for 16 years. Your wife, family, friends, parents and relatives are all realtors. I really, really hope you saved some of those 6% for a rainy day and did not spend all the money on kayaks and golf. When “the day comes” (it came already), who is going to support your family? Who has a REAL income in your circles?
3. In addition, I highly suspect that you have been drinking your own cool aid. If you own presales or flips, better start brushing your “clothes salesman” skills, you are going to need them, or you could always try to convert your experience to sell used cars.
4. The SQL query in your blog is broken, broken, broken. Try finding an unsold house for less than 400,000 in Richmond and you get sold houses over 4 million. The “select all” command for the checkboxes does nothing.
If you need a professional software engineer to fix those small issues, we can arrange something for 6%.
5. Exposing your family (including your daughter’s wife) to the net in a real estate blog is a sin. You have to keep them separated! Work is work, family is family. Would you want your daughter to be verbally hurt by some insensitive bear like those we see here???
Best regards,
arit
August 15th, 2008 at 12:58 pm
actually, I want to go back and answer that anonymous question seriously. This blog represents a market segment which/whom:
a. is interested (even obsessed in WoW’s case) in real estate
b. is interested in saving/financial planning/investing (ie building up cash reserves)
c. have not yet bough a home in a very saturated market.
so, yes, I would think this is a group to keep in your back pocket for a rainy day. however, I cannot question Jay, if you check his bio you will find that real estate is “his destiny”.
I really did enjoy the laugh, though. But now my sandwich is finished and I have to go back to work!
August 15th, 2008 at 12:38 pm
“Is it just me”?
Well, maybe. I like to entice potential clientele by ruffling up their hair and giving them tips on weight loss. It works for me! Also, if I was selling houses, I would be sure to put a picture of my head floating above some…boats. I like my floating head to be smiling and friendly. It keeps people confused, because at first the think I am interested in building a friendly relationship, and then I say something to alienate them. They are so off balance, that they will pay ANY price. Also, I can tell you that markets never operate in cycles. They are completely random and sometimes go in the same direction for infinity. Yay! Jay!
August 15th, 2008 at 12:21 pm
Is it just me or would a lot of the Remax Crest Westside Office realtors be pissed off that Jay Banks has gone and made statements on behalf of Remax and upset dozens of potential buyers in the process?
They can thank him when they lose future business.
August 15th, 2008 at 12:14 pm
” If you assume 2/3rds home ownership, that adds up to a pretty large number.”
Distinguish “rich immigants” from “rich foreigners”. I agree there are some of the latter but Drachen is right that there are very few of the latter. I would look at the recent trends of immigration to Vancouver. Fewer come from the more affluent countries compared to last decade. I am not certain the money is there like it used to be. My friend coined rich immigants as the “deus ex machina” agument.
August 15th, 2008 at 11:49 am
Yeah, it’s all good; if it makes money and it’s legal it’s all good.
Screw the single parent who has been priced out of a secure place to raise children.
(Speculator’s greed is more important)
Screw the young family who is trying to put roots down, and has to move before the school year is over.
(Speculator’s greed is more important)
Screw the senior citizen who fought the war, and now has to make way for the wrecking ball.
(Speculator’s greed is more important)
But, Realtor X isn’t a speculator, it’s just a coincidence his business plan works on the basis that price appreciation must be perpetual.
August 15th, 2008 at 11:20 am
Rob, why have you censored my post? What is so offensive?
Too much truth?,hit a raw nerve?
22Real Estate Bull Says:
August 15th, 2008 at 10:11 am
Real Estate Bull { 08.15.08 at 9:08 am } Rob, thanks for the new fresh thread-quick shift this time, some of the bitter renters would attribute the quick change over to some sinister and alternative motive on your part.
You ask some interesting questions. I’m not a RE expert/professional, so it would be kind of you to share your thoughts, as to when and how to identify the absolute trough.
Your comment is awaiting moderation.
August 15th, 2008 at 11:07 am
Dave:
Hanging out in the airport doesn’t count. I’m no fan of Toronto but that’s where the action is (as another poster likes to say). All of the banks’ head offices are there. They have the TSE. They have most of the country’s head offices.
And I hate to school you but they ALSO have most of the immigrants. People coming to Canada don’t land and drop a zillion bucks on a house for themselves and their families. Generally they go where they can earn MORE money and spend HALF what they would here on a house. One of Toronto’s major problems is massive sprawl, but the fact it it’s easier and cheaper to live there.
I’ve lived in every major Canadian city. Even *halifax* has more to do then Vancouver does! Kitchen parties, anyone? Van’s really pretty an all but it’s amazing how few people have spent any amount of time in the other Canadian cities.
And your assumption that 2/3 of “Asian immigrant” is a number pulled 100% out of your ass.
Nice try though.
Oh and Jay Banks: If you think the fall season’s going to be great then for God’s sake, go out there and SELL SELL SELL!
That’s my polite way of saying fuck off.
Bitter renters? Are you *kidding*? You can live in the same property for about 1/3 to 1/2 the cost, which frees up money for saving or investing…. or hell, these days just paying the grocery bill.
I’m an expert cook (I’m starting a business giving cooking lessons to cash strapped condo owners…. my marketing tagline is “so many granite countertops, so few chefs”). Every time I hit the grocery store I am a bit stunned by the costs of groceries. I keep thinking “Wow, thank God I’m not maxed out on expenses!”
August 15th, 2008 at 11:07 am
Dave,
Hmm…let’s see as for sports Toronto has
basketball- Raptors
baseball – Blue jays
football- Argonauts
Soccer-toronto FC
Hockey – maple leafs
cool stuff
Toronto Carnival- Caribana 2008
much music
Business
TSE
American express -Canada
Apple Canada
Hewlett Paackard- Canada
major business HQ are all back here in the East
Bc has only 3 major sport venues. What major HQ is in BC. whaat happened to VSE- stock market…
Toronto has alot of employment to support the economy
August 15th, 2008 at 11:06 am
yeehaa!
dave the troll is spanking john the troll!!
whilst koolaid jay should be updating his “ass”book profile…
gonna be an interesting friday all in all
August 15th, 2008 at 10:15 am
Visit toronto. They have more, do more, spend more, earn more, travel more, invest more, save more, are better able to pay for cars, education, housing. They have a much higher standard of living on average than vancouverites.
More to do? Please…
I have been to every major Canadian city, including Toronto.
August 15th, 2008 at 10:11 am
Real Estate Bull { 08.15.08 at 9:08 am } Rob, thanks for the new fresh thread-quick shift this time, some of the bitter renters would attribute the quick change over to some sinister and alternative motive on your part.
You ask some interesting questions. I’m not a RE expert/professional, so it would be kind of you to share your thoughts, as to when and how to identify the absolute trough.
Your comment is awaiting moderation.
August 15th, 2008 at 10:07 am
They may like it but they don’t buy property here. Less than 1% of sales in the last few years in BC have been to people who are Asian residents. That argument is even weaker than the Olympics one you sneer at.
Incase you haven’t noticed, about one half of the people who live in the GVRD are immigrants. Of those, a large percent are from Asia. If you assume 2/3rds home ownership, that adds up to a pretty large number.
August 15th, 2008 at 9:49 am
Dave
“Rich Asians do like BC.”
They may like it but they don’t buy property here. Less than 1% of sales in the last few years in BC have been to people who are Asian residents. That argument is even weaker than the Olympics one you sneer at.
August 15th, 2008 at 9:44 am
Jay Banks
“I think this autumn’s gonna be a great one!”
Wow, I’m glad you agree, but it will be even better once property prices have fallen 60% or so! As an ex premier used to say, Faaaaantastic!
August 15th, 2008 at 9:43 am
Surprise, surprise, more garbage from Dave.
Vancouver has the highest cost of living in Canada with incomes at the bottom of major Canadian cities. We are a long way from having the highest standard of living in Canada let alone the world.
Visit toronto. They have more, do more, spend more, earn more, travel more, invest more, save more, are better able to pay for cars, education, housing. They have a much higher standard of living on average than vancouverites.
August 15th, 2008 at 9:38 am
The G&M article claims $400-500/night which for the ‘Olympics’ seems reasonable. But I don’t understand how they stretch it to $35k/house.
They even talk about renting it out for the full 21days of events – but doesn’t that include Paralympics? It’s a bit of stretch to think thousands are going to flock here for three full weeks – after six days I’m starting to get bored by the Summer ones and there is a lot more going on in them.
Finally – “A relative of a friend answered the door to their place in Whistler, and someone offered them $35,000 on the spot,” Mr. Dyck said.
A relative of a cousin who works with this guy…BULLS**T! People are so naive…
August 15th, 2008 at 9:33 am
I love the end line on the cash bonus story:
“The greatest incentive of all, of course, is a home listed at a fair price.”
No… really?
August 15th, 2008 at 9:31 am
There is no reason why BC and Vancouver cannot have the highest standard of living of any jurisdiction in the world.
uh…because our economy can’t achieve that, let alone sustain it?
Oops, sorry for the momentary intrusion of reality. Carry on.
August 15th, 2008 at 9:26 am
I can hardly wait until Jay is back at Starbucks, he used to make the best lattes!
August 15th, 2008 at 9:26 am
From his head shot on his site it looks like Jay spilled KoolAid(TM) all over his face whilst chugging it down.
August 15th, 2008 at 9:16 am
I think this autumn’s gonna be a great one!
Based on what, other than wishful thinking, after peak spring sales were so dismal. While during the boom years, fall sales typically pick up after the summer slowdown, 2008 is clearly not a boom year. Even if sales do pick up slightly (debatable), they’d still be far down from previous years.
Reminds me of US realtor Gary Watts’ claim last year that seasonal sales would be “inverted”, with the peak in the fall rather than the spring. Why? Merely because he hoped it would after spring sales obviously tanked.
Jay’s all hyped up on Koolaid and his latest re-reading of “The Secret”, and he mistakenly thinks mindless bluster will carry the day. Keep whistling past the graveyard, Jay.
August 15th, 2008 at 9:14 am
Dave you are the one trolling, not me. I truly believe in this spectacular place loved by all. It’s the mountains stupid.
August 15th, 2008 at 9:07 am
John, the sarcastic commentary was funny the first dozen times. But, at this point, I don’t see it adding anything to the forum. At some point, you are crossing into troll territory, as per the link provided by Ellery.
BC is blessed with many great things. This province is filled with unbelievable beauty and plentiful resources. There is no reason why BC and Vancouver cannot have the highest standard of living of any jurisdiction in the world. We have only just scratched the surface of our potential here and we are just getting started.
Rich Asians do like BC. They are even building a Vancouver resort in Shanghai!
You might not believe it, but I do. Time will prove me right. You’ll see. Give it 25 to 30 years.
August 15th, 2008 at 8:51 am
The olympics will lead to the greatest economic boom in BC history, probably world history in fact. BC is an economic paradise blessed with the best coast on the planet, the most interesting coastal mountain range the world over, the most pine beetle forest reserves. It’s truly a miraculous and wonderous place and the olympics will bring attention to it all. I just bought a condo in Whistler. The developer made everything out of jade because rich asians love jade.
August 15th, 2008 at 8:50 am
Hi Dave!
So nice to see you here again.
Here is an example of when you suggested the Olympics would boost real estate:
http://tinyurl.com/6fb3q9
Don’t you remember?
August 15th, 2008 at 8:46 am
I don’t understand why so many bears on these sites continuously bring up the Olympics. I haven’t heard many bulls claim that it will give a boost to real estate.
August 15th, 2008 at 8:18 am
$36k to rent a “flat” for the winter games… OMG.
I have a friend in Salt Lake City who’s been laughing at the same sort of people when they were hoping for the same thing a few years ago. Most of the houses (some of which were incredibly built just before the big spectacle on the premise of recovering some of the cost thru “olympic” rentals) remained empty. That’s right, nobody actually bothered renting them out.
And of course, as everyone knows those “olympics” did absolutely nothing to Utah’s economy apart from overinflated egos of some business/real estate owners and the following realization that it was just a dream that never came true.
I guess, once again, history will teach us nothing…
August 15th, 2008 at 7:37 am
Jay is obviously on a bit of a sugar high from all the kool aid he’s drinking.
August 15th, 2008 at 7:37 am
It is a clever realtor who taunts a group of people clearly obsessed with real estate ( a large segment of whom have been saving, waiting for a dip in the market, which as I understand it is exaclty when realtors need to shore up their clientele). Way to cover your bases, Jay! Good use of your time, there.
August 15th, 2008 at 7:32 am
Vancouver ReMax real estate agent I’m not sure why you’re laughing. I would hope that you take heart in the linked CTV news article and advise your sellers that “The greatest incentive of all, of course, is a home listed at a fair price.”
August 15th, 2008 at 5:41 am
Ha-ha-ha…
You had me at the 4th link (buy our BC home, we’ll give you cash), and the last one really cracked me up (buy one new home, get one free)! How do you see the future of the Canadian RE market?
I think this autumn’s gonna be a great one!
Cheers from ReMax Vancouver,
Jay
August 15th, 2008 at 12:41 am
Read em and weep about the Beijing Olympics (from the Forbes article):
“But analysts expecting an Olympic rally were perplexed, scrambling for explanations and settling on the likelihood that sentiment was sobered by the realization that a two-week festival for the world does not change economic fundamentals.”