the thirties grind

So, Vancouver real estate is unaffordable. Who cares?

Lots of people don’t want to acknowledge that real estate is unaffordable in Vancouver.  They poo-poo the notion that the average person cannot afford to buy a home in this city.  They argue that we’re “world class”, comparable to cities like New York and London…we should stop feeling “entitled” and accept that this is just the way it is.

However, the connection between Vancouver housing costs and what, in fact, is actually driving them still lacks transparency…and I had not heard it articulated as well as I did in Kerry Gold’s recent article in the Globe and Mail.

Read more…

Absurd Vancouver Property (June 6th, 2013)

People keep complaining that I’m not comparing apples to apples.

Look, I honestly think that there are pros and cons to living anywhere – nowhere is perfect.  But, for whatever reason, lots of people believe that Vancouver is incomparable to other places in Canada…I disagree.  People live in lots of other cities in our country and for many different reasons.  Yes…Vancouver is beautiful.  Yes…we have a mild climate.  Yes…our quality of life here is amazing! However…we also have tons of rain, out of control cost of living and…absurd property prices.

Anyway…I digress.  I’m on the last leg of my cross-Canada tour.  Today we’ll have a look at what your Canuck bucks will fetch you in Alberta.

First up is this $2 million home in Calgary.

Read more…

Absurd Vancouver Property (May 23, 2013)

We’re back to our cross-Canada tour and, this week, we’re headed to Manitoba.  I’m told houses are pretty cheap there, so I thought I’d have a look to find what you could buy for a measly $650K in Winnipeg*.

Here’s a charming house:

This 2842 sq.ft. 4 bedroom family home features a huge eat-in kitchen, five bathrooms, double car garage and a landscaped backyard.   Read more…

Absurd Vancouver (Rental) Property

We interrupt our regularly scheduled programming this week to bring you what may or may not be a ridiculous rental property here in Vancouver.  This one was brought to my attention by one of my twitter compadres.

The Craigslist ad reads:

$899 ★★ Furnished Studio Penthouse Hotel Room in Heritage Hotel in Gastown

Hmmm…intriguing.  I haven’t rented in a while, but I’m guessing that $899 is reasonable – is it?

Here’s what it looks like:

Nice big windows, hardwood floors…and is that exposed brick I see?  Very funky, indeed. Read more…

“Jump on the bandwagon,” Vancouver mortgage broker tells first time buyers.

In possibly some of the worst “advice” I’ve seen someone give to first time buyers, mortgage broker James DuVuyst tells Abodable.com readers to get while the gettin’s good here in Vancouver.  Ugh.  Stuff like this really irritates me.  Not only is it bad advice, but it’s dangerous.  People are already buying and living beyond their means.  Having “experts” tell them to strike while the iron’s hot, because there are still bargains to be had, seems irresponsible.

Here’s DuVuyst’s rationale for why young Vancouverites should jump on the bandwagon (is there even a bandwagon to jump on anymore??):

Absurd Vancouver Property (April 18, 2013)

Last week we had a look at what around $800K could buy you in Vancouver vs. PEI.  This week we’re headed west again to Nova Scotia, with a budget of just under $2 million.

First up is this respectable home located on Halifax’s prestigious Younge Avenue.

With over 5000 square feet of living space, this home has 5 bedrooms, 3 bathrooms and sits on a 10,000 square foot lot.  I would be happy to live in the master suite with its “luxurious spa-like 6 pc en suite and walk in closet.” Read more…

Absurd Vancouver Property: April 11, 2013

Last week we compared what your money would buy you in Vancouver vs. Newfoundland.  This week, we move west and are looking on Prince Edward Island.

I’m going to shoot a little lower with the budget this week and see what we can find between $700-800K.

First up this cute Cape Cod style abode:

Situated on over half an acre of water-front land, this home has 3 bedrooms, and 2.5 bathrooms. The lower level has a large rec room with walk out to the well landscaped grounds and to the water.  All for $737K.  Sigh… Read more…

B.C. Homeowners don’t expect to be mortgage free until age 59

A recent poll released by CIBC revealed that the average Canadian doesn’t expect to be mortgage free until age 57…59 for B.C. homeowners. Read more…

Absurd Vancouver Property (March 27, 2013)

Keep coming here for funny, sarcastic, tongue in cheek Vancouver property comparisons…like this one.

A budget of $2.4 million can stretch pretty far…in most places.

In Beverly Hills, California, you could buy Canadian comedian, Mike Myers’, compound:

The two-story house has a formal dining room, family room, office and bonus room. The parklike grounds have a pool, spa and patios.  There is also a pool house that can accommodate guests.   Read more…

Vancouver real estate: do we have a foreign investment problem…or just an investment problem?

Last night, a sold out crowd congregated at SFU Woodward’s to listen to a panel talk about “foreign investment in Vancouver real estate.”  It’s a subject I’ve covered here over the last year.

What was revealed is that Vancouver appears to have about 7,500 more vacant housing units than what would be expected in most other Canadian cities. For Metro Vancouver, there are around 15,000 to 20,000 more.  To arrive at this conclusion, UBC planning professor Andrew Yan analyzed 2011 census numbers to try to add more information to infamous debate around Vancouver being an offshore investors’ holding tank.  Is this the case or are many of the unoccupied units simply “second homes” for local investors (e.g. snowbirds who live in Palm Springs half the year).

One thing is clear to me…developers are operating businesses and, as such, will continue to build for the highest bidder.  Often, this is an investor who can afford a holding or vacation property in one of the world’s most expensive cities.  Because of this, families will continue to be priced out of the Vancouver real estate market.  What does this mean for the notion of community and neighbourhood in these areas?

Here’s what it means…community and neighbourhood will cease to exist.

Will Vancouver move towards being a city that is for tourists and investors only?  Are we already headed in that direction?

What are your thoughts?