Should you just move to an island?

Skook has a post over at VancouverPeak.com about an island dream gone sour.

A BC couple purchased land on Mayne island and started building their dream home only to run into a confluence of cost overruns and real estate market downturn.

Today, their house is only a wood frame shell that looks out over one of B.C.’s most dramatic views, with the Lower Mainland in the distance, and regular sightings of ferries, whales and seals. The tiered wooded lot is only a five-minute drive to the ferry.
It is the idyllic best that B.C. has to offer, and yet the Klingsats won’t even break even on the near $1-million they spent on the property and construction. They have relisted it for $539,000, after previous listings at $649,000 and $699,000 didn’t get any offers. “Everybody loves the place, but the people don’t want a house that’s not finished,” says Mr. Klingsat, who gave up on the project six months ago. “And I can’t do it. I haven’t got any more money to put into it. “The whole economy everywhere is lousy – nothing is gangbusters. There are places for rent all over here on Vancouver island.”

The original article in over at the Globe and Mail. Skook adds some extra thoughts and information.

RFM has also added some information summarizing other properties in that particular island market.  There are 113 properties for sale on an island with a population of 900.

Sort by:   newest | oldest | most voted
space889
Member
space889

Toronto is starting to make Vancouver look tame….
c’mon Vancouver, you can’t let Toronto take the bragging rights of being the city where everyone willing to be a debt slave and offer over-asking to live in.

http://projects.thestar.com/race-to-rhodes-ave/

space889
Member
space889

Live on the island and you are at mercy of BC Ferry with its constant fare increases and service reductions. You might even end up stuck on the island with no way to get off in emergency or heaven forbid BC Ferry decides to stop servicing you.

Even owning your own boat is limit use as where are you going to park it when you want to get on land at your destination?

King bob
Guest
King bob

I live in a west side townhouse complex and just recently looking on MLS there are nine units out of 32 that are on sale. All of these are investor owned from china looking to cash out. Unfortunately none are selling.

@King bob
Guest
@King bob

stop being racist!

mls watch
Guest
mls watch

In Toronto, the average commuter spends 79 minutes a day travelling to and from work. http://www.financialpost.com/story.html?id=0f49732a-b9d9-477d-828b-01a727147219

From downtown to Bowen Island, it is 40 min bus + 30 min ferry. Allow some time to transfer and to reach your home, this is just a bit more than the Toronto AVERAGE. Less flexibility than Toronto transit, but better quality of life. So all in all, I do not think it is crazy to buy on Boweb Island or Gibsons if your jobs allows some flexibility.

Communting times are increasing everywhere.
http://www.bbc.com/news/uk-england-london-20308384

VMD@work
Guest
VMD@work

Drove by the Wall Centre Central Park development site 2 days ago. Huge bill board advertising “10% down and pay nothing until 2016”

The pre-sale was launched in Feb 2013, guess it’s not “sold out” just yet. “Hurry this is a limited time offer” (or we’ll be priced out forever?)

@mls watch
Guest
@mls watch

you’re comparing the round trip toronto commute the the one way bowen island commute. which makes no sense.

tedeastside
Member
tedeastside

vancouverites are pretty greedy people….soon every house in Vancouver will have the same address 8888

RealityCheck
Guest
RealityCheck

I have relatives in Toronto …they wanted to move to Vancouver the last decade …but didn’t because of the extra cost of housing here.

Now with the boom in Toronto, they are thinking they can sell there and get something here for same value.

Just more people coming to the lower mainland. It is what it is.

Feel free to hate this comment but detached housing in Vancouver and Toronto is well out of reach of the working class and will stay this way for a decade or two.

squeako
Guest
squeako
“Unfortunately none are selling.” Or fortunately none are buying? Who wants to hold a hot potato? Greed-eling can suddenly turn and bite. “Klingsats won’t even break even on the near $1-million they spent on the property and construction.” That is a whole lot of money. Wonder how many BC’s can actually afford that ( that is those that work here and pay income tax here ) On a side note: working in health care,(taxpayer), busting my butt, working for free as in unpaid overtime, cutting breaks short, I received a present from the city: walked out late in evening from work, after most have left, into the dark desserted cold street.. A ticket stuck onto my 20 year old car. My crime: not enough parking, cannot afford to pay for parking (as a fiscally responsible person) helping a dying human… Read more »
T
Guest
T
mls watch
Guest
mls watch
@7 Good point. Sorry for the mistake. Nevertheless, the phenomenon is spreading around some cities, like Paris: People working in the city core and living in rural areas. They are called rurbains and there are 100 000 more of them every year, due to the growth of big cities and the high price of real estate. There are now people working in Paris and living as far as Lille (220 km, travelling time door to door around 1h45 min each way). The key is to find a way to do some work in public transportation, to be able to work from home some days, or to find a car pool. Check https://online.ride-share.com/en/my/mytext.php?section=vanpools and see the number of fleets coming daily to Vancouver. There are boat shuttles from Snug Cove to Coal Harbor and Granville Island. EBL is exploring a 55… Read more »
T
Guest
T

Living in the burbs and working downtown, we don’t get a say in civil politics that matter.

Does Joe Smith working in PoCo but spends the majority of his time in the downtown core have any say on what Civic policies are and the civic elections of CoV?

Son of Ponzi
Guest
Son of Ponzi

I know of people who are commuting from China to India and back everyday.
No passport required. But the Alex Fraser bridge is quite congested during rush hours.

come and breed we don't
Guest
come and breed we don't

http://www.cic.gc.ca/english/department/media/releases/2014/2014-03-24.asp

“Ottawa, March 24, 2014 — Canada’s Citizenship and Immigration Minister Chris Alexander has concluded a successful visit to China during which he highlighted the many opportunities that exist in Canada for Chinese skilled workers, travellers, businesspeople and students.”

paulb
Member

New Listings 251
Price Changes 84
Sold Listings 153
TI:15465

http://www.paulboenisch.com

mls watch
Guest
mls watch

@squeako
If you work at VGH, I might have a free parking option for you. Let me know.

patriotz
Member

@12:

You talking as though prices aren’t set by buyers.

If you don’t want to compete with excessive prices set by others, you don’t have to live way out in the boonies. Just rent.

patriotz
Member

@13: “Does Joe Smith working in PoCo but spends the majority of his time in the downtown core”

If someone works in PoCo but spends the majority of his time in the downtown core, he lives downtown, doesn’t he?

Johnny-boy
Guest
Johnny-boy

Only one HAM buy in West Van today and that was under $2 M! Trend or outlier?

Son of Ponzi
Guest
Son of Ponzi

Mandarin classes are filling up fast.
Be quick, want last long.
Most spots are taken by Caucasian Realtors.
Price of classes will go up.
Enroll now or be priced out forever.

mls watch
Guest
mls watch

@12 Where one lives is not just set by price. There other considerations, like community, amenities, schools, etc. Not everyone enjoys the vibes of a city core. Some people want a large garden, or animals, or a country feel. This is what the rurbans are after. If one top of this one can afford a home, then why not do it? The many commuters living on Bowen Island and in Gibsons surely know why they are doing it.

patriotz
Member

@22: “If one top of this one can afford a home, then why not do it?”

Because a house in Bowen or Gibsons is still bad value at 1/2 the price of Vancouver.

Just because you can afford something is not a reason to buy.

mls watch
Guest
mls watch

@23 People who want a hobby farm are often not willing to rent. It takes time to establish fruit trees or a garden. It is not easy to move with large animals. It is not all just about money. Not the mention that there are very few houses for rent on Bowen, especially houses with 3+ bedrooms and a piece of land.

As for Gibsons, it is a buyer’s market, prices fell by more than 20% from peak, SFH rent for $1800 and can be bought for 300k-360k. Most houses go for 10% below asking. It is a very cute and peaceful smaller community with amazing views. Just for fun: Gibsons is officially the BPOE: http://www.cbc.ca/news/canada/british-columbia/world-s-best-town-gibsons-b-c-1.817489

Why do you consider it ‘bad value’?

Bo Xilai
Member
Bo Xilai

The Mainland Chinese IIP Lawsuit Participants have named their Price to go away…

http://www.scmp.com/comment/blogs/article/1457626/let-us-canada-or-give-us-c5m-axed-investor-migrants-demand

Funny, I didn’t read anything about this in the Vancouver Sun…

wpDiscuz