CBC discovers the fun of ‘Compare and Despair’

We’ve played this game before.

When you compare what you get in Vancouver for your housing dollar vs. some other locations you get some interesting comparisons.

The CBC has an article looking at the cheapest houses in Vancouver and how they compare to some US locations.

A new CMHC report says Canadian home prices are moderately overvalued in some cities, but Vancouver is labelled as low risk by the Crown corporation in its latest housing market assessment.

One measure used by economists is the amount of income earned by the average family compared to house prices. By those standards, prices in Vancouver are some of the most expensive in the world.

See their gallery here.

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Loon
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Loon

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NameVariableValue
Total Pop (P)35,000,000
15-64 Working Age Group(W)0.68
Age 55-64 (z)4,393,305
Age 15-24 (y)4,365,585
Mortgage Age(F)15,041,110
Household Members (M)2.00
Average Households (H)7,520,555
Renters to Ow(e)ners (R)0.5
Number of Mortgages (N)3,760,278
Mortgage Debt (D)950,000,000,000
Mortgage Debt per household (H)$252,641
Canada Avg House Price (C)$419,699
Greater Van Avg Home Price (V)$628,600
Difference (I)$208,901
Mortgage Debt household in Van ($)$461,542

Devore
Member
Devore

“Ah, the Joys of condo ownership….”

Well, at least she still has her pride. And equity. Right?

The surprising part of that article was that 50% of condo owners don’t have insurance. Isn’t that required by the mortgage? These people are in violation of their mortgage contract.

Little Rhodesias
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Little Rhodesias
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Little Rhodesias
Guest
Little Rhodesias

Yep. Kits is 80-90% white.

http://vancouvercondo.info/2014/11/cbc-discovers-the-fun-of-compare-and-despair.html#comments

Other white ghettos;

Queens Park in New West, Tsawassen, South Surrey/White Rock, west side of West Van, Deep Cove, Langley, and Maple Ridge.

Oh, and of course, that little square of white hipsters around Commercial Drive.

Pizzarella
Guest
Pizzarella

…Many condo owners are also under-insured. More than half of B.C.’s condo holders do not have homeowners’ insurance, according to McIntyre.

Hahahah! Are you kidding me?!? More than half of BC condo owners are uninsured? WTF?

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

You guys are just now realizing that there are white enclaves in the LM?

@67
Guest
@67

What a bogus article. The freaking contractor is responsible for the flood! You have all these so called experts quoted and nobody mentions that? Of course if the contractor has no insurance and no means to pay (which he won’t if he does not have insurance) then the person who hired the contractor is responsible to pay. That is the way it should be. A person tries to save money by hiring an incompetent contractor with no insurance they have to pay if something goes wrong.

kabloona
Member
kabloona
B.C. condo flood leaves owner in insurance nightmare https://ca.finance.yahoo.com/news/b-c-condo-flood-leaves-020358561.html “Carmen Cheung thought her condo renovations were almost done – then a contractor punctured a pipe, sending an hour-long cascade of water through the walls of her Burnaby home. “I saw … like rain coming down from outside, it was pouring like a waterfall,” Cheung told CBC News. The damage was so extensive that Cheung — and the occupants of three other condos in the building – had to relocate during the repairs. A disaster turned into a nightmare, as Cheung found herself in a snarl of seven insurance companies. “I feel so frustrated, and at the same time I feel very sorry for the other units, because they have to pay the expenses too,” she said. Cheung says that the strata’s insurance corporation insists that her mother — as the… Read more »
valleyrenter
Member
valleyrenter

@65

Couldn’t agree with you more. It’s been a quiet edge running in the background (ever lowering mortgage rates). Will be interesting moving forward.

@62
Guest
@62

You forgot the fourth stage which was lower mortgage rates upon renewal for the past 30 years.

Wow
Guest
Wow

Empty SFD homes in Van West and Gold have one thing in common. They don’t earn anyone anything but are great STORES of WEALTH…. Which will go up in value long term.

Locals have and are being screwed over by hw people they elect. Haha.

van_coffee
Guest
van_coffee

@ hory 60 –

1. because it’s been in the shitter since 2007. Not in itself a reason but valuations have now caught up with a market that was down 65% from its all time highs

2. because the FAII restrictions were eased and new MSCI index leading investors are putting capital in the markets

3. because the HK / Shanghai interconnect just opened and investors like me are able to buy Shanghai traded securities directly.

4. valuations are not out of control and 5% – 6% growth is way better than lower growth in most of the world

Don’t get me wrong. Investors need to be very aware of the corruption in China and invest in the right entities. My direct mainland chinese holdings are a very small part of my portfolio.

valleyrenter
Member
valleyrenter
Seems through recent history, households have been finding an edge. First you had Dad going to work to keep a roof over the family’s head. Mom slowly entered the workforce part time which brought in extra money. Edge-families with Mom working part time. More money in the home meant more spending power. Second stage was Mom working full time. Edge-two full time income earners in the household. Yet even more spending power, especially for real estate. Third stage was two full time incomes, and a basement suite which brought yet more spending power as more money came into the home. Edge-those with basement suites. Now here we sit, with two income households, and what seems like every bloody new build equipped with suite(s). Have we reached the plateu where no more money can be squeezed out of a household? Will… Read more »
Shut It Down Already
Guest
Shut It Down Already

Just imagine, those fools who bought just before the post-Olympic crash are now renewing their 5 year fixed mortgages into lower rates!! Hahaha!! Oh, wait….

hory mackero
Guest
hory mackero

Anyone know why has China’s stock market has gained 35% since May? In the past month it’s up 15%! Whassup wit dat?

paulb
Member

New Listings 107
Price Changes 37
Sold Listings 92
TI:13697

http://www.paulboenisch.com

cra123
Guest
cra123

@hamwhat

Most likely the white people you encountered were renters. Most houses on the west side are owned by overseas (mostly Asian) investors.

Good for them though, they’re the smart ones for owning while everyone else rents and misses out on the boom.

Westside Realtor
Guest
Westside Realtor

I suspect that over leveraged homeowners are getting st least a tad bit nervous about the possible impact of deciding oil prices on the local economy and home prices.

This could crush their boom and bust housing market.

JMHO

WSR

hamwhat
Guest
hamwhat

it is true for Kitsilano, i worked on Gordon Campbell’s 2009 campaign in Vancouver-Point Grey and knocked on every door in Kitsilano, non-white people were very rare, i’d say about 1 out of every 50 houses

Slagathor
Guest
Slagathor

…“It struck me last weekend when I was shopping in Kitsilano what an aberration that neighborhood is—….”

The notion is bogus. A casual stroll through ‘downtown’ Dunbar wouldn’t reveal an overabundance of Asians either but there would be a much different assessment if one knocked on doors in the neighborhood.

The Man
Guest
The Man

@#51 Kits all ghost neighbourhood with foreign owners? I thought that Kits was packed full of white folk. Almost too white says UBC Prof. Henry Yu in the Van Sun;

Vancouver’s Own Not-So-Quiet Revolution
http://www.history.ubc.ca/documents/faculty/Quiet_Revolution_Yu.pdf

“It struck me last weekend when I was shopping in Kitsilano what an aberration that neighborhood is—one of the few areas in Vancouver that has not been transformed in the last three decades by new migration from Asia—Kits for instance does not have a significant ethnic Chinese Canadian presence in a city where almost every other neighborhood has percentages of ethnic Chinese that range from 20% to 55%. What is wrong with Kits?”

Son of Ponzi
Guest
Son of Ponzi

#52
50 feet.
Big enough to rent out to a TFW.

vangrl
Member
vangrl
Roy
Guest
Roy

Rental home supply dries up in Vancouver creating ‘zombie neighbourhoods’ (with video)
http://www.theprovince.com/business/Vancouver+rental+home+supply+dries+with+video/10417103/story.html

“Shelly Moffat doesn’t recognize her Kitsilano neighbourhood any more. The homes are empty. The streets are like investment portfolios. And Moffat believes that in this part of Vancouver families like hers are becoming historical artifacts.”