Toronto and Vancouver real estate
Not trying to engage in "city vs. city" but comparing apples to apples what is the difference in real estate prices between the 2 cities?
One thing I've noticed is TREB covers a wider area while Vancouver's real estate board doesn't even include Surrey. |
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There are two big real estate boards covering Metro Vancouver: the Real Estate Board of Greater Vancouver (REBGV), which includes the Cities of Vancouver, Burnaby, Richmond, New WEstminster, the entire North Shore, the entire Northeast Sector out to Maple Ridge, and part of Delta. The Fraser Valley Real Estate Board (FVREB) is everything else out to and including Abbotsford. Chilliwack east to Hope has its own Board.
Another big difference between Van & Tor is the presence of the Agricultural Land Reserve. Without it, huge swaths of farmland in the 'inner belt' of suburbs would have been developed (Richmond, Delta), and most of the next ring (Pitt Meadows, Maple Ridge, Surrey, Langley) as well. This, coupled with the development constraints imposed by the Coast Mountains and the U.S. border, represent, I think, the primary geographic differences between Van & Tor. There are many others, of course -- historic settlement patterns imposed by transportation barriers and bottlenecks; influence of a regional planning entity and the tension caused by it vis-a-vis the 25-or-so local government authorities, historic preference against freeway infrastructure in Van, retention of streetcar network in Tor. Just to get the conversation started... |
Are assessed values in Vancouver an accurate representation of potential sales values? Current Value Assessment in Ontario is intended to represent what the property will sell for on the open market but because of the way the assessment cycle works they are generally somewhat lower than market price. And particularly so in Toronto.
The entire province is assessed every 4 years with the last assessment in 2016 for the 2016 assessment year, and appearing on 2017 municipal property tax bills. The increase in assessment between 2016 and the previous assessment in 2012 gets phased in over 4 years. So by the time the next cycle rolls around in 2020 the property is generally "behind" in assessed value. This isn't an issue because of the way property tax works within muncipalities, but means that the assessed value isn't necessarily a useful tool to figure out home value - particularly if you are in a municipality with large increases (Toronto). https://www.mpac.ca/PropertyOwners/F...PhaseinProgram |
Ainvan: Not sure what your point is other than "Vancouver is expensive."
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Although Vancouver is still sizeably more expensive than Vancouver {although that gap is certainly narrowing} the real difference is between Ontario and BC.
There are huge swaths of Southern Ontario that are very affordable bordering on cheap and within commuting distance of Toronto suburbs. In BC the entire province is grossly over valued. What is considered "affordable" in areas outside the Lower Mainland would be jaw dropping almost anywhere else in the country. In short, you can't get away from high prices in BC even in fairly remote areas unless you want to live in the middle of absolutely no where and even then the prices are still inflated. Toronto is overpriced but it's a province wide problem in BC. |
Ontario has the Greenbelt which mimics the Agriculture Land Reserve in BC does it not?
All one has to do is look at Income geared to prices, Vancouver is out of wack and has been for a long time, nothing about the market makes sense and land scarcity isn't the excuse. It is all re-cycled continuous speculation and tepid supply growth that is caused mostly homes to be worth far more than they need to. Toronto is messed up as well, but housing still has many areas that can be hitched to income levels in the general sense. |
Don't buy. Rent. Unbelievably, Vancouver continues to be more affordable than Toronto.
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In the overall sense - Metro vs Metro? I can't wrap my head around this being true. You can find some deals out in Milton and Orangeville! :runaway: |
http://www.huffingtonpost.ca/2017/07...da_a_23017645/
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Quebec (17.5%) has the 3rd highest growth rate after Alberta and Saskaschewan. the 2016 census will probably show the trend. Ontario at 5% , BC at 8.8% . high priced real estate is not good for families. |
That doesn't really explain it, IMO. Toronto's real estate was moderately high to high but manageable during most of that period.
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http://www.statcan.gc.ca/tables-tabl...il107a-eng.htm |
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By a longshot Quebec added more kids in sheer numbers than any other jurisdiction. |
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Very little has been done to correct this problem. Governments have made it worse for the most part, following the wishes of older generations. We're sort of told that immigration will help with the demographic shortfall but this is just more talk from the perspective of people who want high asset prices, lots of labour, and/or a big tax base to mooch off of. Immigration isn't helping the younger Canadian-born population much, and having a stranger move in to your city in 20 years from another country to shore up the tax base is not the same thing as being able to afford to have kids... |
/\ two of your main problems (cost of housing and cost of education) are not that relevant in Quebec, where housing is cheap (compare to the ROC) and higher education also. Affordable daycare also help.
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I've had several people in Ontario tell me that that province sees children as a burden, whereas Quebec sees them as a precious resource. |
As the sad joke goes in Vancouver..............What do you call an ultrasound in Vancouver?
Answer.........an eviction notice. |
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http://www.alternet.org/environment/...carbon-villain |
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