Vancouver Housing Myths

Crabman pointed out this article in BIV: Conference torpedoes Vancouver housing myths

Metro Vancouver housing is affordable. The market is stable. There is no glut of new condominiums looming. And foreign investors are not driving sales and prices higher.

I believe those are not the myths being exploded, but meant to be statements of fact at the beginning of the article. As for the ‘affordability’ issue, the cities top condo salesman says simply omit SFH and disregard the top 20% of the market and things don’t look so bad.

Rennie said media and pundits concentrate on the average price of single-family detached houses in the City of Vancouver, which consistently average in the million- dollar range, with condominiums north of $440,000. But, he said, such higher-end sales represent only 20% of the overall market.

For the remaining 80% of buyers, the average detached house is around $670,000 and the average condominium is $316,000, Rennie said.

But there seems to be some question about how that math works out. Crabman claims to have done the math and come up with a different result:

There are also 383 houses listed over $670k in East Van. When I removed the most expensive 20% of listings, the median price of the bottom 80% was $1,088,000.

And on the west side, the median price for the “cheaper” 80% of listings was $2,888,888.

But even if Crabman is mistaken and Rennie has the math correct, there’s this:

Of course, once you also exclude the top 20% of incomes, $670,000 is anything but affordable.

 

 

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Zero Down Forty
Zero Down Forty
5 years ago

@#32 “Teranet’s site claims they include all home types.”

No, their site states they only track single family homes.

http://www.housepriceindex.ca/Default.aspx

“The Teranet – National Bank House Price Index™ is an independent representation of the rate of change of Canadian single-family home prices. “

@39
@39
5 years ago

“Why do you down vote him?”

Most people can spot a troll with fake broken English. I guess you can’t. ChinaOne aka Oracle, Reality Check among others. Him is a she. She is an East Indian house wife from Surrey actually.

ChinaOne
ChinaOne
5 years ago

Why no vote for me? I just tell truth. I sorry house price they not go down in Richmond. My cousin and friends more coming. Also we not work local regular job so recession no means prices go down. We all pay house for cash. We not need to sell. Just live. Sorry but more people coming.

Son of Ponzi
Son of Ponzi
5 years ago

All my cousin now here under 30. I am under 30. We all buy house in Richmond to live while we foreign student here. We buy new Mercedes here and pay sales tax and create job. After study, we get citizenship. Parent come and live here after. I will run family business from here and there. Only 11 hour airplane flight.

My cousin friend also coming here to study in January.
——–
He’s right .
Why do you down vote him?

midnite toker
midnite toker
5 years ago

http://pricetags.wordpress.com/2014/11/13/to-all-parties-will-your-policies-affect-existing-property-values/#comments

Who, in fact, is willing to run for office on a platform of lowering property values or increasing taxes enough to protect homes almost a century old? Or to put in place regulations so onerous it effectively prohibits demolition? Or do anything that would negatively affect the current owners before they can cash out?

rocknrolla
rocknrolla
5 years ago

wow did i ever get on a little rant bender there

Oy! Have mmmmmmeeeeerrrrcy

rocknrolla
rocknrolla
5 years ago

ChinaOne Nothing legally wrong with you exploiting the system. You’re bringing your capital dollars over here and enriching anyone that owns an asset like a house, RBC shares, etc. Capital is free (for the most part) to flow around the world to where it sees it’s best deployment will be. Nice to hear that Canada is the place. Your exploitation hurts people that save and that are not in the housing market thought. Those that cry “Houses in vancouver are not affordable to own” is who i’m talking about. To those people i say: Beat em, join em, or complain to politicians to “do something” about them. There’s only 3 things to do. I’d love to live in downtown London in a nice flat but i can’t own there, now can i? But i can sure find a decent place… Read more »

Girlbear
Girlbear
5 years ago
ChinaOne
ChinaOne
5 years ago

All my cousin now here under 30. I am under 30. We all buy house in Richmond to live while we foreign student here. We buy new Mercedes here and pay sales tax and create job. After study, we get citizenship. Parent come and live here after. I will run family business from here and there. Only 11 hour airplane flight.

My cousin friend also coming here to study in January.

paulb
5 years ago

New Listings 178
Price Changes 74
Sold Listings 140
TI:14251

http://www.paulboenisch.com

WTF!
WTF!
5 years ago

@#10 “Teranet only tracks resales of detached units”

Teranet’s site claims they include all home types.

‘The indices are estimated on a monthly basis by tracking the sale prices of condominiums, row/town houses and single family homes within these six metropolitan areas.’

So again, WTF! it doesn’t make F’in sense that Van is leading country again!

Slagathor
Slagathor
5 years ago

….Who’s buying in Vancouver? People under 30!….

Curiously enough, the same gullible demographic who, for the first time in their lives, have surplus cash to waste. It’s no coincidence.

After one has been around the barn a few times, spotting bogus ‘investments’ is much more intuitive.

space889
space889
5 years ago

@Who’s on First – Found this link below the comments section of your link:

Who’s buying in Vancouver? People under 30! Local working young people! Start small and work your way up the property ladder while becoming a propert mongul at the same time.

Who would have thought?!

http://www.francesbula.com/uncategorized/whos-buying-property-in-the-lower-mainland-amazingly-people-under-30/

Sad But True
Sad But True
5 years ago

#27 – that really describes what Vancouver has turned into. A bunch of douchebags dressed as lipstick dancing around and causing a delay for the very few who actually want to work.

Tiger
Tiger
5 years ago
Who's On First?
Who's On First?
5 years ago

@#22 “Former city planner talks for first time about how Grandview-Woodlands towers got shoved into plan” Frances Bula’s blog

http://www.francesbula.com/uncategorized/former-city-planner-talks-for-first-time-about-how-grandview-woodlands-towers-got-shoved-into-plan/

“We were instructed to put this plan (in our view based on thoughtful urban design best practice) in the drawer never to see the light of day. We were then “told” by senior management to prepare a maximum tower scheme which we produced under protest as we declared we did not support such an uninformed approach for the GW neighbourhood.” Scot Hein, former Senior Urban Designer at CoV.

Harry Wang
Harry Wang
5 years ago

http://www.biv.com/article/2014/11/vancouver-hedge-city-park-foreign-cash-study/

Vancouver a “hedge city” to park foreign cash: study

Who's On First?
Who's On First?
5 years ago

@#22 Yep.Telus Garden wants to hang a building over public street property, blocking sun and views. No prob.

CrashComing
CrashComing
5 years ago

Dog, no doubt.

Signs of the slowdown are everywhere and evident.

Westside Realtor
Westside Realtor
5 years ago

Bidding pressure for upper end sfh market on westside is sheet.

It’s going from tepid to WORSE.

Interesting….

@Who's On First
@Who's On First
5 years ago

“Two senior planners resign from the City of Vancouver”

All the good city planners have been fired or resigned. Gregor is in the developers pockets and does as they say when they say. If city planners disagree with what the developers want then they are told to change the plan, resign or be fired. More planners have resigned or been fired under Vision in the past 6 years than the previous 40 years combined. Only yes men need apply.

Who's On First?
Who's On First?
5 years ago

Two senior planners resign from the City of Vancouver: Analysis and questions
http://cityhallwatch.wordpress.com/2014/04/30/senior-planners-resign/

Who's On First?
Who's On First?
5 years ago
Who's On First?
Who's On First?
5 years ago

Fallen soldiers at Vancouver City Hall remembered for their efforts
http://archive.citycaucus.com/2010/03/fallen-soldiers-at-vancouver-city-hall-remembered-for-their-efforts

Two senior planners resign from the City of Vancouver: Analysis and questions
http://cityhallwatch.wordpress.com/2014/04/30/senior-planners-resign/

Two (or three?) more senior staff gone in Vancouver
http://www.francesbula.com/uncategorized/two-or-three-more-senior-staff-gone-in-vancouver/

Who's On First?
Who's On First?
5 years ago

Isn’t Gregor really Penny Ballem’s lap dog? Doesn’t she really run the place? All reports go through her now, and won’t be passed on to Council without her approval/edits. Isn’t that why a lot of City staff have bailed?

http://www.straight.com/blogra/city-manager-penny-ballem-offers-spotlight-mayor-gregor-robertson-change