Tag Archives: comparison

Vancouver, New York, London & Paris

Reader tedeastside either hates Vancouver or he wants other people to.

Regular visitors here know teds comments have a certain reliable tone to them, but yesterday’s got creative and inspired people to riff on it:

to those proud vancouverites who mention vancouver in the same breath as New York or London probably thinks the following

Shangri-la = Empire State building
Robson Square = Rockefeller center
Nat Bailey = Yankee Stadium
Steam Clock = Big Ben
Olympic Cauldron = Eiffel Tower
VAG = the Louvre
Robson street = Champs-Élysées
Gassy Jack = Statue of Liberty
North Van Sulfer piles = the Pyramids

This of course got some pointing out that Vancouver can have overpriced real estate and still be a decent city, but where’s the fun in that?

Continue reading Vancouver, New York, London & Paris

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.

Friday Free-for-all!

It’s the end of another work week and that means its time for another free-for-all post.  This is our regular end of the week news round-up and open topic discussion thread for the weekend.  Here are a few recent links to kick off the chat:

Why falling house prices aren’t bad
What impact from the new rules?
OSFI Credit Union loop-hole
Absurd property of the week
‘Just under a million’ price drops
Expert rips Mayors housing report
Fellow realtors complain to Keith Roy
What does Cameron Muir think?
Canada house prices not sustainable
Affordable housing needs replacement
Will we always have leaky condos?
We ain’t Paris

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

..And if you’re interested in signing up for an account at Vancouverpeak.com, here are 10 first-come first-served invite codes:

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Prices before and after a housing bubble.

The Vancouver real estate bubble is getting attention from outside Canada again.  This time Mish is in Business Insider comparing current prices in massively overpriced Vancouver to what the same price gets you in post-bubble Ireland.  The difference is rather large.

There are some pretty nice houses you can get in Vancouver for only $890k!  Two of them are even potentially liveable and one has even had some upgrades.

The post-celtic-tiger property is pretty decent as well, and a fair sized discount from the original asking price of $6 million.

Now clearly what happened in countries like Ireland was that people who should not have been were extended credit.  Lots of credit.  And since property prices were rising they were viewed as ‘can’t lose’, until they lost.

Have we made credit too easy in Canada, or are we more sensible than that?

UPDATE: reader Anonymouse pointed out that Mish comparing a hotel to a single family home is not a fair comparison. In response Many Franks posted this link about home prices in Donegal from last September:

The average price of a new home in Donegal is estimated at €179,000, representing a drop of 43pc from peak values. New three- and four-bedroom semi-detached houses are cheaper than in most other parts of the country, with averages estimated at €128,800 and €155,000 respectively.

Second-hand homes are estimated to average €165,800, down 3pc from last April and a drop of 41pc from peak values. The cheapest second-hand apartments in the country can be found in Donegal, with the average price of a one-bedroom apartment estimated at €50,000, and €57,500 for a two-bedroom apartment.