Cost of housing making people leave BC?

According to this piece in the Vancouver Sun, more Canadians are leaving BC than moving to it.

In fact according to BC Stats 2,234 people moved away from the province in the last three months of last year alone.

Why are people leaving BC?

That’s up for debate, but basic economics probably has some effect.

Large mortgages are a scourge, seriously limiting what folks can do on other fronts to enhance their lives.

Indeed, onerous mortgages probably are the reason British Columbians have so much non-mortgage debt.

It now takes 82.3 per cent of typical household income to purchase a detached bungalow in Vancouver, according to Royal Bank figures released last week.

Read the full article here.

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patriotz

“There are extended times for dependency, the family immigration class has been narrowed in many cases, replaced with long term visitor visa”

The long term visa is in addition to family class immigration, not a replacement for it. The government has not narrowed qualifications for family class immigration, although it has imposed a moratorium on new applications for parents and grandparents until 2014. The extended sponsorship requirements will not take effect until 2014 as well.

You post is an example of how government talk gets interpreted as walk.

southseacompany

Yes. True. Its us 30% against the 70%. Still, if you bought a home before 2003, and have no second home as an investment, your equity went up, but so what if it goes down. You were only a millionaire on paper, it wasn’t like you could spend it. You”d think that these folks would be concerned about the next generation of Canadians.

Anonymous

“I’m tired of these headlines about falling prices being bad and high prices good. This attitude is very depressing. When the media talks about gas prices, food prices, consumer gods, falling is portrayed as good, up is considered bad.”

If 70% of the population had already purchased their gas, food, etc for the next 30 years people would view that differently too.

The same goes for equities. If prices fall people can invest new money and get more dividends. Seems like a good thing to me but the media would never spin it that way and most people dont look at it that way.

southseacompany

“Don Cayo: Forget the gloom and doom — Vancouver’s house prices won’t tank” Van Sun

http://www.vancouversun.com/business/economy/Cayo+Forget+gloom+doom+Vancouver+house+prices+tank/8555863/story.html

I’m tired of these headlines about falling prices being bad and high prices good. This attitude is very depressing. When the media talks about gas prices, food prices, consumer gods, falling is portrayed as good, up is considered bad.

Worrying about losing equity from an inflated asset, gained without producing a good, or providing a service. Talk about boomer entitlement.

Anonymous

poster 117

This blog is anti-immigrant yet it somehow confounds me that most don’t think it contributes to high house prices.

thats the paradox here!

Anonymous

Doomers Doomers Doomers on this blog!

Breaking news: —> Tokyo stocks rising NOW!!

How that for you doomers?

Receding Gains

Canadians are obsessed with real estate, according to survey. Nothing new for our group.

http://business.financialpost.com/2013/06/20/are-canadians-too-obsessed-with-real-estate/?__lsa=d88b-b596

Anonymous

Aggregator, the best thing about that graph is how tight the mls and teranet are aligned, with a lag.

The average has more false positives than I can count. Like the arrows though!

mac

Aggregator,

That’s what makes Vancouver so special. Real estate prices can ski moguls during the day, sink in the hole in the afternoon and end up at the bottom of the ocean in the evening.

Aggregator

Teranet vs REBGV vs MLS HPI http://i.cubeupload.com/nMrTjq.png

Average price is skiing on moguls. It goes up, but it’s still heading down.

Best place on meth

Trump International Hotel & Tower (TIHT) describe the man perfectly.

Only the morons buying into his “brand” are actually worse than him.

bon jovi

carnage continues in Asia. is Tsur going o get his external factor? 🙂

Anonymous

“Which means they never worked in Canada” I think we are underestimating how much tighter entry requirements are becoming now. There are extended times for dependency, the family immigration class has been narrowed in many cases, replaced with long term visitor visa. Not to defend the practice but an immigrant from another country contributes significantly to the Canadian economy. Often they have been trained and educated at foreign countries’ expense or have paid full foreign student tuition in Canada. They are taxpayers but have the burden of having parents abroad that need care. They will move back to their homelands if they cannot care for their parents. The government knows this and allows for family reunification because it allows productive immigrants to better serve their families’ needs. That has a cost but the government is getting a decent ROI because… Read more »

Anonymous

George Soros:

I got 6 downvotes in less than 2 minutes early this morning. I was like WTF? Even though the comments above mine showed minimal movement with respects to votes.

Just sayn

Admin: care to comment??

Anonymous

Son of Ponzi:

Not only that but some also get Pensions from their Origin country as well because the countries don’t share data. Add to that basement suite income here and their lease income from lands back home and voila….the perfect life!!!

And they also can get the SAFER Rental subsidy by stating that they live in the basement of their own home…

tons of $$$ for free!!!

Son of Ponzi

# 106.
the elderly Chinese couple are getting OAS/GIS.
Which means they never worked in Canada.
I think they should sell and rent.
Then they can apply for Rental Subsidy, further milking the system.

paulb

New Listings 198
Price Changes 100
Sold Listings 124
TI:18443

http://www.paulboenisch.com

omfgitslikegrouponbutforcondosftw

Trump coming to Vancouver, celebrates with insane website

http://www.vancouverobserver.com/real-estate/trump-coming-vancouver-celebrates-insane-website

The idea of selling ultra-luxury real estate by depicting an evening-gown-clad woman making out with a grizzly bear is either insanely brilliant or ridiculously stupid. I just can’t tell the difference anymore.

Obviously this is a subliminal nod to the real estate bears of Vancouver. 🙂

N

Got my first ever RE cold call just now. This wasn’t asking me if I wanted to list. The guy said he has just listed a house in my neighborhood for $689,000 and he wondered if I knew anyone who was looking to buy.

Why not, I guess, but that’s a bit of a different tone.

VMD

(2/2)Key partner in Toronto’s Trump Hotel resigns
Jun 05 2013
The biggest booster of Toronto’s controversial Trump Hotel project, Val Levitan, has resigned as CEO and president of the project and a former Fairmont Hotels real estate acquisitions veteran is taking over.
The move was made after a reorganization two days ago and announced Wednesday afternoon by Levitan’s long-time friend and business partner, Russian billionaire and steel magnate Alex Shnaider, head of Talon International, developer of Canada’s first Trump Hotel.
“It’s an amicable separation,” said Levitan in a telephone interview Wednesday. “I’m burned out. It’s been 11 years” getting the downtown project up and running.

George Soros

How is it possible that comment 101 could get 40 down votes in a few hours? It can take days to get 40 down or up votes.

Is someone gaming the voting system?

VMD

The effect of Condo Depreciation Reports are now starting to be felt.

Below is a quote from a 80 year old couple on a Chinese forum:
“My wife and I receive ~$2000/m of OAS/GIS etc from government, which is usually just enough for living expenses. However, the condo depreciation report just came out, stating that the whole condo needs $5M of repairs. That comes to at least $50,000 per unit. We approached our son to borrow money, he said his own condo has a $20,000 per unit charge as well, due to the depreciation report. He does not have enough money left over to lend us. Should we move? Or just sell it and rent instead?”

Manna from heaven

Debt to income ratio falls, surprisingly. Still way to high mind you.

http://ca.reuters.com/article/businessNews/idCABRE95J0JT20130620