We suspect Vancouver isn’t actually ‘hell on earth’…

Occasionally we have some commenters here who seem to be pretty sure (or at least proclaim to be pretty sure) that Vancouver is hell on earth.

We suspect this isn’t entirely true, because most anyone you meet here has the ability to move away to a number of other options yet they hang around.

But  one recent comment references the fear that Vancouver will become ‘hell on earth’ by slowly crushing the economy into two strata:

Soon there will be two classes of Vancouverites.

The service class will live in 200 square foot mini-apartments, twenty such units per building, working for 50,000 dollars a year, paying 2,500 a month in rent, and paying a big chunk of their paychecks on taxes at the provincial and federal levels to pay for schools, hospitals, universities, and the coast guard. They will service the rich class and take the bus to get there.

The rich class will live in 7,000 square foot rectangular box houses, worth three million each, ridiculously crammed on 45 foot lots, their BMWs and Bugattis parked out front. Each household will claim poverty status, claiming to be earning just ten thousand dollars a year. That way the wives and kids and grandparents in those houses will not have to pay anything for their healthcare and education. It is all paid for by the income taxes of the suckers in the service class.

Meanwhile, unknown to Ottawa or Victoria, the businessman head of those rich homes is earning a million dollars a year in China, in activities that are often associated with phrases like “rule breaking” and “money laundering”.

That allows them to own another three houses and condominiums in Vancouver, places that are empty, places the government thinks his kids and nephews own because he put their names on the deeds.

Vancouver is turning into hell on earth.

Original comment from a Globe and Mail article referenced by Yunak.

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Bradley
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Bradley

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Helen
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Helen

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ostritch
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ostritch

I like the way Paul’s numbers end the debate on Madonna. They are very sobering indeed.

I hate the think what Space’s ancestors were doing during the renaissance? Not much, I think.

space889
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space889

@Slagathor – Didn’t your ancestors pretty much slaughtered 99% of native first nation people via biological warefare and culture genocide into the late 70s? And we celebrate Thanksgiving Day every year in thanks for the help these slaughtered First Nations people gave the first settlers.

And gives it a rest with the propaganda claims and do some actual research. Bad policy means a lot of people die that would be saved. However, I guess 3 years of worse famine and weather play no roles in that humanitarian disaster either right? Frankly, I would take the views of people who lived through bad decades over you people who knows squat aside from headline propaganda claims.

space889
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space889

@Yunak – I bet a lot of locals in retirement destination countries would say the same thing about Canadian snowbirds.

space889
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space889

@patriotz – and what’s the net worth of middle class in Canada? Given that so many households would be in trouble if the paycheque is 1 week late, or even worse missing, I doubt the average middle class households would have more than $200K in assets – long time GRVD homeowners excluded off courses given the bull market.

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[…] –Sales fall because not enough inventory? –Hey, Politicians! –BOC not responsible for record debt –Shaky economy for next PM? –It’s all relative –You can’t afford the burbs – […]

Oracle
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Oracle

And GT will never acknowledge HAM or even allude to it because it is indirectly his primary source of new money that he could potentially manage. How? Scare people into selling houses..

Oracle
Guest
Oracle

Vangrl:

It is really that simple.

Only allow Canadian Citizens to own residential real estate in Canada.

Everything else drawing attention to interest rates, CMHC policies, etc is just a sham to deflect attention from the primary driver of house price gains. Sure these have an affect but houses don’t cost $2 million because of these.

Again:

—> restrict Canadian residential real estate and farmland to Canadian citizens.

Foreign money inflows would stop because they would have to put it in a bank. Haha, not likely.

Best place on meth
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Best place on meth

@75

“Liberal campaign co-chair steps down after advising TransCanada on lobbying next government…”

Nobody knows who he or remembers his name, voters won’t care.

On the other hand, the whole world knows who Rob Ford is.

Even people in remote Amazon tribes laugh their asses off when they hear his name.

realist
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realist

@85 bullwhip29 Says:

“Globe and Mail: It’s time to stop coddling Canada’s housing sector”

Too little, too late…much too late…every Canadian will eat it…

bullwhip29
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bullwhip29
Best place on meth
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Best place on meth

Casinos are the only place the mainland dogs should be allowed to go in Canada.

Fleece them and send them home.

vangrl
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vangrl

#82

They should just go to River Rock, they recently upped their hand limit to $100,000 to accommodate Chinese gamblers. Chisty stands at the North entrance to welcome them with a lei.

would-be buyer
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would-be buyer
vangrl
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vangrl

If they stopped Foreign money from investing in our residential Real Estate tomorrow, I guarantee that we would see a decline in prices within 1 month. Guaranteed.

vangrl
Member
vangrl

Whistler’s post is Dead on. There was a mortgage broker on BNN talking about the exact same thing. She said she’s already starting to get more calls from people that went in over their heads & that many will be in trouble when rates rise.

http://www.theglobeandmail.com/report-on-business/video/video-canadas-housing-affordability-the-math-that-doesnt-add-up/article26824393/

vangrl
Member
vangrl
Shares in Potential developments. The new Van Rage Julia Lau – AKA Dead guy in trunk, money vault in house Realtor “The new project we just bought is 1065 Nelson St., Vancouver. Located at Burrard Corridor Area “E”. lot size is 17,292sf ( 130 x132 ), two appointments building with 50 units. Net income is $470,000/year. The SFR is 2.75 now but potentially could be up to 24.3. It could built up to 58 floors new apartment building potentially. Whoever want to invest has to prepare the deposit with bank draft tomorrow. The shares will be sold out on Monday. The previous project we bought with $103 million at 14140 Triangle Road, 14300 Entertainment Blvd, and 14111 Entertainment Blvd Richmond on May 22, 2015, the shares were sold out in one week. The $30 million projects at 5826 & 5860… Read more »
Vanco
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Vanco
@70 There are lies, damned lies and statistics. Just as the bears can look at the range of 28k-280k and automatically focus on the low end, I can probably give # of reasons why your numbers are not correct. But I am not going to. Why? because who the f cares? People don’t change their mind due to debates/arguments, etc. Instead, they stubbornly hold on to their belief. Housing market is a complicated system, yet people think they can explain it all by a simple explanation (it’s the Chinese, it’s the low rates, it’s my dog’s tail.) Nobody really knows. Don’t take yourself too seriously. If you are married, have kids, missed the opportunity to buy 5-10 years ago. Yes, you are f*ed!. If you are married, have kids, can afford it now, then go buy it. Why? because over… Read more »
vangrl
Member
vangrl

#76

So interesting that in a low rate environment, the houses in all our nicest areas are appreciating the most, and the condos the least.

Could it be that we’ve had far greater demand in the last 5 years for detached? and limited supply because of all this extra demand that started about 5 years ago?

Zero Down Forty
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Zero Down Forty

How do people not get that when cheap money makes everyone able to borrow twice as much as they did 15 years ago, and all real estate prices subsequently rises in the inevitable asset bubble, only wealthy people (of whatever origin) can afford to buy the top 5% of sales.

Slagathor
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Slagathor

…Liberal campaign co-chair steps down after advising TransCanada on lobbying next government…

Liberal douchebagery: who would have made that call?

Slagathor
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Slagathor

….the impact higher interest rates will have and why Toronto’s condo market is most at risk.”…

In typical Canadian fashion, nobody gives a fuck until it happens to Toronto.

Slagathor
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Slagathor

…Christy Clark and Gregor Robertson celebrate the founding of the People’s Republic of China…

Can anyone celebrate a regime that’s murdered millions of people or are politicians the only ones allowed to do that?

hoy-poloz
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hoy-poloz