Real Estate

Vancouver housing bubble?

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  • Mar 26th, 2024 5:10 pm
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Looksmooth wrote: Speaking of flipping:

https://globalnews.ca/news/9161874/ndp- ... ouncement/

"In his first major policy announcement of the NDP leadership race, Eby said if he becomes premier he will impose a B.C. Flipping Tax to apply on the sale of a residential property.

The tax will be highest for those who hold properties for the shortest period of time, and phases out after two years and goes down to zero the longer the property is held."
Did he not say more taxes won't help?

https://vancouversun.com/opinion/column ... e-says-eby
R.I.P. Rick Rypien #37

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Another one of Eby's greatest hits.
Vancouver – Vancouver Police are investigating after a 19-year-old woman was assaulted while walking downtown yesterday morning, and police believe the incident may have been racially motivated.

At 9:50 Tuesday morning, a young Asian woman was walking near Dunsmuir and Cambie streets when a man she didn’t know hit her over the back of the head with a pole. The suspect used a racial slur, then fled the area as he continued making offensive comments.
https://vpd.ca/news/2022/09/28/vpd-inve ... -incident/
Attorney General David Eby expresses regret over his role in 2015 study on non-anglicized names of homebuyers

In that article, Ng paid particular attention to an October 2015 study by academic Andy Yan, who focused on non-anglicized Chinese names of homebuyers on the West Side.
I bet he's not sorry at all and he is laughing at us.


The study was based on data provided by David Eby, the current attorney general, as well as the NDP critic for housing back in 2015.
"The media immediately pounced on the study as confirming a widely held suspicion that the Chinese were buying out of the city’s housing supply," Ng wrote. "Having contributed significantly to Chinese-scapegoating in the Vancouver housing discourse, the Eby-Yan study remains influential to this day.
If you buy vgro for a thousand years Vancouver homes will still be out of reach.
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In Vancouver, the rental crisis worsens
Rhea Azarraga broke up with her boyfriend two months ago, but they are stuck living together because she has nowhere to go.

His parents own the two-bedroom condo, so she’s more of an unwanted house guest than roommate. But Ms. Azarraga, who is 29 and works in tech, is at the mercy of sky-high rents and intense competition for anything close to what she can afford. The rental situation in Vancouver is at its bleakest.
Ouch. I think I rather sleep in a tent.
“There were already people there, filling out applications, sucking up to the landlord.🤦🏾‍♀️
Lol
If you buy vgro for a thousand years Vancouver homes will still be out of reach.
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zakarydoks wrote: In Vancouver, the rental crisis worsens

Ouch. I think I rather sleep in a tent.
Sheesh. Works in tech but would rather stay in a toxic environment as opposed to getting the hell out of there and renting somewhere else like in the burbs? Plenty of places to rent out there but I guess she’s too good for that or maybe she’s trying to reconcile cause the in-laws are rich. When there’s a will there’s a way, and usually the will is what’s missing.
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Alpine84 wrote: Sheesh. Works in tech but would rather stay in a toxic environment as opposed to getting the hell out of there and renting somewhere else like in the burbs? Plenty of places to rent out there but I guess she’s too good for that or maybe she’s trying to reconcile cause the in-laws are rich. When there’s a will there’s a way, and usually the will is what’s missing.
Doesn't sound like she's trying at all,
She walks around neighbourhoods and looks for vacancy signs, going beyond her own Yaletown neighbourhood in downtown Vancouver into Burnaby

Before she moved in with her boyfriend, Ms. Azarraga was paying $1,300 for a studio apartment in 2020. When she left, the landlord told her the rent would be going up to $1,600.

“I can only imagine what it is going for now,” she says. “Everything that’s between 380 square feet and maybe 500 square feet, you’re looking at, on average, $1,750 to $1,900 if you want to stay within downtown, and I’m noticing that doesn’t include ensuite laundry, or allow pets. Storage is additional, parking is additional, and you have utilities on top of that. Between bills and groceries, it’s ridiculous.”

Ms. Azarraga said she’s become more aggressive in her apartment search. But she draws the line at paying several months’ rent in advance, as she’s heard others have done.
“I say in my inquiries, ‘I have the deposit and references ready and I can come by today with deposit in hand.’ I’m not messing around. I need a home.”
Unbelievable. She looked at Yaletown and Brentwood, then she draws the line that prevents her finding a home and declares a crisis lol. I know newcomers to Canada dream about living in Vancouver but Vancouver is not for everyone. Maybe she can try Alberta.
If you buy vgro for a thousand years Vancouver homes will still be out of reach.
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Marley Leacock lost her job during the pandemic and had to move in with her mother in another province, but she returned to Vancouver when she and her partner managed to find a three-bedroom house to share with three other people. They’ve moved again and are now living with roommates in a Vancouver townhouse, and the total rent is only $2,100, because the landlord is trying to sell. She knows their days are numbered, and she wonders where they’ll go, especially with a dog and a cat. In an e-mail, she said she is “constantly waiting for an eviction notice that will upend my life. Could I just move out now? No. The average one-bedroom rental cost is currently over $2,300. This is 100 per cent of my monthly gross income.

“I have never had a home in Vancouver. I’ve never been in one place long enough to place any roots or become part of a community. Even the one I have is going to be taken from me by a faceless company who doesn’t care what happens to me or anyone else.”
Please shoot me now...If you don't have deep, deep roots in Vancouver, don't come because it is very expensive.
If you buy vgro for a thousand years Vancouver homes will still be out of reach.
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She has a dog so that's like 50% of rentals lost right away. She is competing with a very high number of other renters too. Being in tech is a good thing though, they pay well. She will find something but I guess she is looking for cheaper.
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Piklishi wrote: She has a dog so that's like 50% of rentals lost right away. She is competing with a very high number of other renters too. Being in tech is a good thing though, they pay well. She will find something but I guess she is looking for cheaper.
Took me 30 secs to find something. Only $1,500 but she probably thinks the area is beneath her. Kinda insulting to the real locals who live there lol.
https://vancouver.craigslist.org/van/ap ... 46820.html
If you buy vgro for a thousand years Vancouver homes will still be out of reach.
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Piklishi wrote: She has a dog so that's like 50% of rentals lost right away. She is competing with a very high number of other renters too. Being in tech is a good thing though, they pay well. She will find something but I guess she is looking for cheaper.
She doesn't seem willing to use her presumably high salary to pay though. I can't imagine living with an ex for months rather than just spending more money on a place for yourself. It's embarrassing tbh. How does she still have lines she can draw?
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setsunafseiei wrote: She doesn't seem willing to use her presumably high salary to pay though. I can't imagine living with an ex for months rather than just spending more money on a place for yourself. It's embarrassing tbh. How does she still have lines she can draw?
lol it can be a bit rage inducing too. I almost hammer fisted my Linnmon table in half when I got to that part 🤪.

"This is where I draw the line" lol
If you buy vgro for a thousand years Vancouver homes will still be out of reach.
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I’m not familiar with her field, but according to LinkedIn, she’s a junior full-stack web developer. How much does someone like that typically make?

And she’s also from Edmonton, maybe she can go back if Vancouver doesn’t work out for her. Grinning Face With Smiling Eyes
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Angel Girl wrote: I’m not familiar with her field, but according to LinkedIn, she’s a junior full-stack web developer. How much does someone like that typically make?

And she’s also from Edmonton, maybe she can go back if Vancouver doesn’t work out for her. Grinning Face With Smiling Eyes
SIgh....
If you buy vgro for a thousand years Vancouver homes will still be out of reach.
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zakarydoks wrote: Took me 30 secs to find something. Only $1,500 but she probably thinks the area is beneath her. Kinda insulting to the real locals who live there lol.
https://vancouver.craigslist.org/van/ap ... 46820.html
Basement suite in a suburb of east Van? How dare you /s.
Man at some point I feel for her (and his) mental health living with your ex like that, even if it was an amicable breakup. Talk about creating your own problems…
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Angel Girl wrote: I’m not familiar with her field, but according to LinkedIn, she’s a junior full-stack web developer. How much does someone like that typically make?

And she’s also from Edmonton, maybe she can go back if Vancouver doesn’t work out for her. Grinning Face With Smiling Eyes
55 to 60k.

I mean it's tough in general when blowing 20k after tax a year for a 1 bed. Half of the income gone, like working for the landlord. It hurts especially when they work and try to make a living on their own. Barely any savings etc. If parents paid for it...no problem lol.

Millennial issues.
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Piklishi wrote: 55 to 60k.

I mean it's tough in general when blowing 20k after tax a year for a 1 bed. It hurts especially when they work and try to make a living on their own. If parents paid it...no problem lol.

Millennial issues.
$55K in Vancouver means a lot of sacrifices. She's going to need roommates and to get rid of her dog until she has a better income. Maybe try working another job?

Coming to Vancouver with a dog and a $55K job offer is just plain stupid. Millennial issues, indeed. I don't recommend anyone coming to Vancouver if they need to survive on $55K. It will just turn you bitter and resentful.

A lot of my cousins are millennials and technically I am one too but we used our brains instead going crazy YOLO.
If you buy vgro for a thousand years Vancouver homes will still be out of reach.
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At least she should have good job prospects and a high potential salary if she’s good at her job. Paying more than you want to get out of a toxic environment is well worth it in the big picture. It would only be a temporary blip.
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Piklishi wrote: 55 to 60k.

I mean it's tough in general when blowing 20k after tax a year for a 1 bed. Half of the income gone, like working for the landlord. It hurts especially when they work and try to make a living on their own. Barely any savings etc. If parents paid for it...no problem lol.

Millennial issues.
Seems a bit low for any tech job
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It's going to be tough for newcomers like her. Wage growth will slow with high interest rates. I hate to say it but I think she's more likely to get fired than to get a huge promotion and maybe that's why she's still mooching off her ex's parents. Vancouver is not for everyone because everything is expensive here.
If you buy vgro for a thousand years Vancouver homes will still be out of reach.

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