Why are people in Vancouver complaining about rents and real estate prices?

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JoeSmith6

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I've been slowly moving my stuff to Vancouver for my new position and been renting until I settle on a place to buy. Everywhere I go people are complaining about the rent and real estate prices and I don't get it. I been renting a 600 ft 1 bed place downtown for 2100 Canadian which is a bargain. A comparable place in the Bay area would be going for at least 2500 American which converts to 3250 Canadian. In Canada here I can very easily afford to rent and have enough for a monthly payment on a Prius or a Smart car. My first car!!!!

And the condos are a great deal too! I was thinking about buying a 1 bed and in the Stanley area or the Kitssaleeno near the beach but I think I can afford one with a den. Any recommendations Kitssaleeno or Stanley area for night life and recreational?

California Joe
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badbadboy

badbadboy

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It's worth a look at the HBO Documentary San Francisco 2.0

Theme is how the dot com people moved in paying over value for housing which in turn made it unaffordable for the rest of the people who live there. It's not too much of a stretch that Vancouver will follow suit.

Not really social justice IMO.

 
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87112

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What I don't understand is people in Seattle who own houses here and moved due to rising property taxes. The value of the house rises so much each year that it easily outpaces the rise in the taxes. In that scenario you would be greatly better off taking a loan to cover the bill since your house is going up 75k to 100k every year or half a year. Its makes no sense to dump such hot property over a few grand.
 
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JimDandy

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strand said:
Hey Joe, the median family income in Vancouver is about $80k, so take off the taxes and divide by 12 and you’ll see how our real estate prices are pushing the limits of young families — which you must agree is a social justice issue!

http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/famil107a-eng.htm
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Either op is really out of the loop in regards to how much the average wage earner makes in Vancouver or he is trying to show off to the ladies that he makes big bucks as a high priced import to Vancouver, likely working for a company like Amazon, and has money to burn on escorts.

JD
 
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SkinnyJohn

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Tend to notice high earners without kids love Vancouver much more than those who are average raising a family.
 
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thodisipagal

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JoeSmith6 said:
I've been slowly moving my stuff to Vancouver for my new position and been renting until I settle on a place to buy. Everywhere I go people are complaining about the rent and real estate prices and I don't get it. I been renting a 600 ft 1 bed place downtown for 2100 Canadian which is a bargain. A comparable place in the Bay area would be going for at least 2500 American which converts to 3250 Canadian. In Canada here I can very easily afford to rent and have enough for a monthly payment on a Prius or a Smart car. My first car!!!!

And the condos are a great deal too! I was thinking about buying a 1 bed and in the Stanley area or the Kitssaleeno near the beach but I think I can afford one with a den. Any recommendations Kitssaleeno or Stanley area for night life and recreational?

California Joe
Social Justice Warrior
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I don't see any Canadians complaining about real estate and rent. But we do complain about arrogant Muricans.
 
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CanineCowboy

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Amerix said:
They did. In the 1990s. And no one has built an apartment building since. Coincidence? I think not.
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Simply untrue. The City of Vancouver has relaxed zoning restrictions on purpose built rentals. Instead of being restricted to four story construction, they are allowed to build six stories which are guaranteed rental for 60 years. There is already a few in my neighbourhood and three more proposed within a few blocks.
 
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storm rider

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johnnydepth said:
People are going to hate it but the government really needs to step in and lay down affordable rent control in BC.
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At the same time the "Government" should also step in and dictate real estate prices......nice theory but that is called Socialism.....and Socialism just does not work.The former country known as the USSR is a great example and more recently Greece is a better example and Venezuella is such an awesome ideal to copy.Funny how the ones that call for this type of thing are the ones at the bottom of the food chain in Canada as well as other countries.

SR
 
badbadboy

badbadboy

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honda761 said:
https://www.seattletimes.com/seattl...crazy-housing-market-but-theres-no-more-room/

You thought Van was a hot place. Now people are resorting to living on boats to survive.
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That's an interesting article. Lots of people living on the water all around Vancouver now. Floating homes are popular but I found the costs were pretty high. That is if you can get a slip that allows people to live full time.

I lived on a boat up in Pender Harbour years ago during a Summer. A very cool wet summer and it was frikin cold at night. I hate to imagine what winter nights were like.

It was a very social environment for sure.
 
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Mrmotorscooter

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I heard Ozzie Jurock talking to Micheal Campbell on "Money Talks" and he said the average Government induced developers fees and costs add about $87,000 to the price of a condo. They are talking out of both sides of their mouths, oh we need affordable housing........yet they are responsible for jacking home prices thru the roof with fees and taxes. It's all bullshit seems they could really care less if people can afford to live here or not.
 
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FreeG

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^ Maybe... but I thought if one builds housing that can be officially classified as "affordable", you don't have to pay the same fees & taxes?
 
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chopchopbc

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The government should just ban foreign buyers and foreign capital and be done with it. If its good enough for Mainland China to do it, why dont we?

Local incomes are so detached from property prices its a bad joke.
 
badbadboy

badbadboy

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chopchopbc said:
The government should just ban foreign buyers and foreign capital and be done with it. If its good enough for Mainland China to do it, why dont we?

Local incomes are so detached from property prices its a bad joke.
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Same with Australia and it is quite restricted in New Zealand too. It's not just Chinese but all foreign ownership.

They haven't suffered from foreign governments pulling out investment either. That would be the first pushback you would hear from our Federal and Provincial Governments. It's time the brakes are put on selling to non-Canadian citizens IMO. Putting a foreign ownership sales tax is a joke too. It's just the extra cost of doing business to foreign buyers. It effected Vancouver's market for what 30 days?
 
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Mrmotorscooter

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FreeG said:
^ Maybe... but I thought if one builds housing that can be officially classified as "affordable", you don't have to pay the same fees & taxes?
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Without those fees things would be more affordable for average people not just lo income marginalized groups, it also takes at least 6 years to jump thru all the hoops just to get the developers permits, it's quite an encumbrance but looks like the profits are worth it.
 
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