Vancouver 5 year population growth
You know how everyone wants to live in Vancouver right? Well apparently not so many of them are achieving that dream. Crabman posted these numbers in a comment last week putting our population growth in perspective when compared to a few other North American cities. That’s us over on the right in the graph above, with a measly 6.5% population growth over five years. The numbers come from Statistics Canada and the US Census Bureau.
Now what you’d expect with rapid population growth is higher prices for real estate, while anemic growth should result in slower appreciation. A couple of the quickest growing cities in this list are notable for their rapid rise in home prices: Las Vegas & Phoenix Arizona. Both cities saw a big run-up in prices until just a couple of years ago. As most of you know, prices in those cities have since corrected by as much as 50% despite their real population growth.
So what’s happening in Vancouver? We clearly haven’t had a tremendous increase in population compared to other North American cities, so what keeps the cost of our homes so high? Is the rain dissolving our buildings faster than we can construct them, thus keeping supply low? Are we just a whole lot richer than other cities or are we drunk on rampant speculation and easy credit?
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November 26th, 2009 at 2:23 pm
I’ve been hearing that Vancouver is due for a correction since the last “BIG” correction.
Enjoy paying rent…
October 8th, 2009 at 10:20 am
@Realist says:@shikko: (snip) …What is it? What is it that will keep us safe from a 22% drop in home prices?
They are in the United States, the differences are obvious.
If they’re obvious, state them! Otherwise you’re doing what’s called “argument by hand-waving”, which is not so much an argument as it is admitting you don’t know what you’re talking about.
Try a search for subprime.
Please define what you mean by subprime in this instance. Is it the low down-payment loans, or the Alt-As, the option ARMs or something else? While we’re on the topic, ARMs can be considered subprime; can you tell me the difference between a 3 year VRM in Canada and a 5/1 ARM in the States that makes the VRM “better” than the ARM? Do you really think Canada (and BC specifically) doesn’t have a subprime mortage problem?
Do you think that non-recourse mortgages are what caused the bubble? If so, Calgary should be worse than Vancouver in terms of price/wage or price/rent ratios, and it isn’t.
See, when you go with “it’s obvious” people can come to all sorts of odd conclusions about what you think is obvious. I am not a mind-reader; please state what you see as obvious so I don’t have to guess at what you’re thinking.
I’ve given you several points of comparison on which both Seattle and Portland are equal or better than Vancouver, and yet the markets there are way down, with few signs of stopping. So, have at it; make your argument. Failing that, be an adult and admit you’re just making stuff up and believe things with absolutely no basis in reality (like much of the rest of this city).
I have just about as much evidence as the people who count dark windows.
You mean you have data that could be independently generated and corroborated? Do tell!
How many people do you know are actively moving to Calgary or Toronto?
None. Why is the Toronto market bubbling up again?
And how many have moved here?
Only one family I know that is currently in Vancouver is not originally from the lower mainland, and all of my friends in Vancouver are originally from BC, if not the lower mainland specifically.
October 7th, 2009 at 3:32 pm
“are hoping posting on these boards will influence price declines so they can jump back in and join the speculators.”
Lol. You admit the market is based on speculation. And we all know what happens when the speculators dry up or turn tail. They are the first ones in and first ones out, so the rest get holding the bag.
And if you think this is little blog can influence prices, and compete against the marketing effects of the RE industry, central banks, media, and the government, you live in your own little world.
October 7th, 2009 at 2:33 pm
@shikko: You’re right; Calgary is a bad comparison. How about Seattle or Portland? Portland is of 15% from peak; Seatle is off 22%. What does Vancouver have that Seattle or Portland don’t? Industry? Popular sports teams? Access to outdoors? Culture? What is it? What is it that will keep us safe from a 22% drop in home prices?
They are in the United States, the differences are obvious. Try a search for subprime.
Please support this statement or admit you’re blowing smoke. How many people do you know that don’t live in Vancouver? How many of them are actively pursuing relocation here?
I have just about as much evidence as the people who count dark windows. How many people do you know are actively moving to Calgary or Toronto? And how many have moved here? The common thing you hear in Alberta is “Why are you moving this way? People usually go West”
@Digi: incredibly, you seem to have missed the entire point of the thread you commented on. According to the stats population growth is low, so how can you say everyone wants to live here?
Many of you are missing the point that people want to live in DOWNTOWN Vancouver. Check the population growth for that area. Now I’ll wait for the next poster to predictably comment on how downtown Portland, Seattle and Calgary are just as good… right.
Another problem with Calgary comparisons is the supply of rental units is inferior to Vancouver’s. Let’s just say they have more Hollyburn style rentals than new condos on the market. Quick, someone find me stats to dispute this.
All the bears here are just angry they missed the boat, and are hoping posting on these boards will influence price declines so they can jump back in and join the speculators.
October 6th, 2009 at 10:45 pm
RP
Right on cue for your delusional rants. Lol.
Yes, lets put the RCMP officers on trial in the Hague because they are clearly on par with Serbian and Rwanda genocide participants.
You remind me of the lone crazy citizen at a council meeting who ever councillor knows because of his incessant and predictable rants.
That citizen is the venerable expert on all matters, and he always has something to complain about. And yet he enjoys the very amenities provided by the government, and the broader freedoms supported by those that maintain law and order. That is his right of course, but he is still an irritant, much like your rants.
Judging by the “scores,” looks like others recognize you for what and who you are
October 6th, 2009 at 9:19 pm
@Hot Air Bloweth…:
What a crok of shite. The RCMP are not kittens any more than Willie Picton was a boy scout. The fact is that our venerable police force HAS killed more citizens in the past 30 days than Canadian soldiers killed in Afghanistan in the same time frame. Thats just a fact douchebag, live with it.
The Judge at the Braidwood Inquiry has stated that Robert Djikanski was killed outside the law and outside any procedural doctrine resented IN COURT by the RCMP, live with the facts douchebag.
The RCMP is beating newspaper delivery men and then denying it ever took place. Shooting people in the back of the head while in custody and denying it ever took place even against the testimopny of active police professionals that the case as presented by the RCMP lawyers and administration simply could not have happened in the manner they testified to. This list of aggregious RCMP behaviour would fill hundreds of pages of this blog and not even begin to detail what has already been reported in the public media.
The RCMP have been caught continually lying in court and continue to shows no respect for the Canadian justice system. read the newspapers douchebag. This is not secret stuff here. The RCMP is out of control and people reputable persons and organizations from coast to coast to coast are calling for an immediate overhaul and restriction of the power of the police to restrict them from any more cover ups.
The Government of Poland is well within its rights when it demands that the murder of Robert Djikanski result in criminal proceedings. Robert Djikanski and all canadians desrve justice, as do the people of Poland. Millington and Robinson should be sent off in chains to face justice at an international court in Europe in the same way that any criminals would when the justice system in their own country breaks down. There is ample precedent for this and I am sure that the Polish government will press their rights under the treaty agreements and international legal standards to see that justice isn’t swept under the rug by a bunch of RCMP thugs who think they are above the law. Canada hasn’t a leg to stand on as we have supported the extradition of killers from this countery and other extrajurisdiction many times in the past.
These are just facts douchebag if you don’t like the truth well too bad…….douchebag.
October 6th, 2009 at 5:43 pm
108
Have to agree with you BB on all fronts. It just goes to show you how a little knowledge, and literacy in this case, can be a dangerous thing.
This guy could produce a venomous attack on little kittens. You just have to give your head a shake, and feel sorry for the guy. But being a “sociopath” apparently prevents me from doing that
lol
October 6th, 2009 at 5:41 pm
@Boombust:
#103 funny enough I did learn to weave a basket when I was in Bali not too long ago, so there.
October 6th, 2009 at 5:36 pm
“Canada has become more statistically dangerous than Afghanistan with more citizens shot by the RCMP in CDN cities and towns last month than CDN soldiers in Afghanistan.” -realpaul
Yep. Not only an A-hole, but a delusional sicko.
Bye now.
October 6th, 2009 at 5:35 pm
@Hot Air Bloweth…:
All this madness coming from a petulant jerk off who belittles the murder of Robert Djikanski? Even the judge said the death was caused by ‘ a premeditated attack’. You and your buddies in serge should be ashamed of yourselves. Of course as we all know psychos and and sociopaths feel nothing for their victims.
#102 BB are you still so mad at me that your down to attacking my keyboard skills. do you think I’m trying to impress YOU with typing? Bwahahahahahahahahahahahahahaha. Thats toooo funny.
October 6th, 2009 at 5:30 pm
@Hot Air Bloweth…:
100 , actually , they came to Canada when the Ayatollahs guys started muredering citizens in the streets like the RCMP are doing now. Are you suggesting we vet the refugees to your way of thinking before we allow them sanctuary in Canada Adolf?
Canada has become more statistically dangerous than Afghanistan with more citizens shot by the RCMP in CDN cities and towns last month than CDN soldiers in Afghanistan.
October 6th, 2009 at 5:29 pm
“these tactics by the RCMP don’t frighten these people, they piss them off. theres the differance pally.”
And what are all your big, bad neighbours going to do when they do get “pissed off?” Bribe them like they did in China? Or flee their country when the ruling regime gets a little too intrusive like they did in Iran? Or are they going to revert to the “bad ass” Canadian tactic of “suing the police force or maybe starting a petition? Lol.
You cannot have it either way. Your bad ass neighbours either revert to tried and true methods from their home countries that are illegal in Canada; emigrate somewhere else; or do the panzy Canadian thing and threaten a lawsuit? Those are their choices when they get “pissed” from the “fascist, thug, pig” Olympic shakedown. lol
October 6th, 2009 at 5:28 pm
realpaul,
Face it, chum(p)…you have been exposed for the phoney that you are.
So sad.
October 6th, 2009 at 5:26 pm
“I’ve been self employed for over two decades…” rp
Basket weaving would barely cover the rent for that basement suite of yours, wouldn’t it?
October 6th, 2009 at 5:23 pm
realpaul,
“…teh Shaws secret police”
I think you mean “the Shah’s…”
(That would have been the Savak, by the way)
Well educated too, I see! Bravo for you!
October 6th, 2009 at 5:22 pm
@Boombust:
I’ve been self employed for over two decades my little flower. My work self is engaged only when I’m offered something interesting. If you get any more anxious regarding my ability to spend my free time blogging ( some days like today its weather related)your head will explode.
BTW I posted an edited version when the first one didn’t take. Solly all.