Average price of Metro Vancouver home now almost $663,000, above pre-recession levels

[Yume-sama]

Yeah? And, the US real unemployment rate is figured to be over 22% (officially 9.8), with "official" unemployment of 23% in Nevada / Michigan.

The whole notion of this was only brought up because somebody tried comparing Vancouver's economy to Las Vegas.

It is incomparable. The unemployment rate in BC is officially 6.9%.

[Yume-sama]

It's not hard to believe. We've seen over 300 banks collapse, millions of homes foreclosed, thousands of businesses shutdown, and millions lose their jobs.

None of which has happened (in big numbers) here.

Anyways, it's not *me* saying it, there are plenty of economists who *are* saying it.

The US is bigger than the big metropolitan cities, who are suffering in their own way, and in small town America unemployment is rampant.

Anywho, you'll all be quite happy to hear I sold my condo today, to a local (white ) buyer, for just below asking.

I almost thought of asking the realtor if he was a real creature when I got the papers to sign.

[Zassk]

Originally Posted by SpikePhanta

I can't wait to see the big one hit and richmond go byebye.
Why someone would buy realestate there for high prices, I do not know

As Yume said, if the risk were so great, then one would not be able to buy insurance there. The truth is that insurance doesn't cost more there. Ask yourself why. Maybe that is because you have misconceptions about the risk.

The only difference in Richmond is in how flood insurance works, and there is a good reason for that. But the earthquake risk is not assessed any differently. "Liquefaction" is a fancy word, but it does not mean "one place will sink while everywhere else will be ok".

Someone mentioned YVR being on such risky land. Remember that all of the other airports in the region are on the same floodplain, too...

[SpongeG]

i don't think the sea will affect abbotsford airport the same way it will YVR

i'll continue living higher up

if where i live is not a pile of rubble at least it won't flood

[trofirhen]

Originally Posted by Yume-sama

But then YVR would sink and trof would be really upset about our European connections...

Hey, don't drag me into this, please ......

[trofirhen]

Originally Posted by Yume-sama

>>>>>>>>>>>>>>>>>>>>>>
Anywho, you'll all be quite happy to hear I sold my condo today, to a local (white ) buyer, for just below asking.

I almost thought of asking the realtor if he was a real creature when I got the papers to sign.

What's eating you, Yume? You never used to be like this before.

[Zassk]

Well, Richmond/YVR are nothing like New Orleans. They are not below sea level, and they have not sunk over time. The fields are around the high tide mark, and almost all of the developed land/roads has been raised above that. The parts that were historically flooded are mainly still fields today.

Despite that, Richmond has triple the pumping capacity that New Orleans had in Katrina, and the pumps are designed to work through a disaster unlike those in New Orleans. But people lived in Richmond for hundreds of years before dykes and pumps existed. Living there was not a recent concept.

[Yume-sama]

Originally Posted by trofirhen

Hey, don't drag me into this, please ......

I think you misunderstood my intentions with that It was nothing more than remarking how we'd have a real problem if YVR sank, not just no flights to Paris As for the other, with all of the talk about foreign Asians driving up the price of homes and making it so good Canadian families can't afford a home, just thought I'd let you all know I somehow found one. I'd let you all know if I saw a unicorn or a leprechaun, too...

[Spork]

I'd like to see some real demographic analysis of home ownership versus renting in BC. No judgement, but there could be very real reasons where ownership may be more attractive or affordable to some groups rather than others. Alternatively, a sense of entitlement for caucasians (of which I belong, and see EVERY day) may be driving down ability to pay, or increasing demand for unnecessary accommodations. Heck, it could all be down to the red tape to getting a building constructed.

Finally, one more theory. Could higher buildings be driving prices higher? Think about it:
-More red tape (more admin costs)
-More financing required (more difficult to get)
-More spent on marketing (per unit?)
-Developers waiting out to build unless they can get the top dollar out of their land (unpredictable land use policies)

[SpikePhanta]

Originally Posted by SpongeG

i don't think the sea will affect abbotsford airport the same way it will YVR

i'll continue living higher up

if where i live is not a pile of rubble at least it won't flood

Apparently abbotsford lies on a fault line, newly discovered.
Hmm maybe I'll build a shack in the safest part of Metrovancouver, Queen elizabeth park.

Originally Posted by Zassk

Well, Richmond/YVR are nothing like New Orleans. They are not below sea level, and they have not sunk over time. The fields are around the high tide mark, and almost all of the developed land/roads has been raised above that. The parts that were historically flooded are mainly still fields today.

Despite that, Richmond has triple the pumping capacity that New Orleans had in Katrina, and the pumps are designed to work through a disaster unlike those in New Orleans. But people lived in Richmond for hundreds of years before dykes and pumps existed. Living there was not a recent concept.

Only time will tell what will happen to Richmond, and unfortunately I'll be there to see it.

[whatnext]

Originally Posted by Yume-sama

It's not hard to believe. We've seen over 300 banks collapse, millions of homes foreclosed, thousands of businesses shutdown, and millions lose their jobs.

None of which has happened (in big numbers) here.

Anyways, it's not *me* saying it, there are plenty of economists who *are* saying it.

The US is bigger than the big metropolitan cities, who are suffering in their own way, and in small town America unemployment is rampant.

Anywho, you'll all be quite happy to hear I sold my condo today, to a local (white ) buyer, for just below asking.

I almost thought of asking the realtor if he was a real creature when I got the papers to sign.

Ah, c'mon Yume don't get like that. As I pointed out, there are plenty of immigrants coming from China, Korea, the Phillipines etc who are leaving their old life behind to build a permanent, better life in Canada. They aren't driving prices up so dramatically - they couldn't afford to.

Ironically, growing up in Steveston it was my Nikkei friends who were most disparaging about the "Asian invasion" of the '80's & '90's!

[Yume-sama]

lol well the dirty secret is that most Asian people can not stand other Asian people You should hear some of the comments the Japanese tourists make about other Japanese tourists when they see them. Like, ugh, what the hell are *they* doing here! I find this is true regardless of Japanese, Chinese, or Korean.

[twoNeurons]

Originally Posted by Yume-sama

lol well the dirty secret is that most Asian people can not stand other Asian people You should hear some of the comments the Japanese tourists make about other Japanese tourists when they see them. Like, ugh, what the hell are *they* doing here! I find this is true regardless of Japanese, Chinese, or Korean.

If you go to Shanghai, the foreigners who have been there for a while look down at the new foreigners as well.

In Japan, some long-time residents will avoid the newbs... because they see all the cultural faux pas that they do and want to distance themselves from it.

I'm sure it's the same when you see a Chinese guy who's been here for years see another Chinese guy do something like spit a phlegm wad into a sink and look at him in disgust.

However, there is one difference, especially when it comes to the Chinese population is that integration is happening much more slowly because of the size of the community. After all, we all didn't adopt the native's culture. The European wave ( invasion ) was so strong that they supplanted their culture. Of course, something like that likely wouldn't happen here as we live in different times.

It's not until the next generation that you'll see big differences.

[Yume-sama]

Heh. Yeah, my Korean friend is always talking about those damn FOB Koreans giving them a bad name.

One time we were in line for something and he says "Man, look at that guys big fricken Korean head."

They looked like they could be twins...

And to complete the stereotype, his family does run a drycleaning business.

[SpongeG]

Originally Posted by Yume-sama

lol well the dirty secret is that most Asian people can not stand other Asian people You should hear some of the comments the Japanese tourists make about other Japanese tourists when they see them. Like, ugh, what the hell are *they* doing here! I find this is true regardless of Japanese, Chinese, or Korean.

yah thats true - my korean friend hates it when he is mistaken for chinese or japanese, and both he and my japanese friend are sure to point out when a Japanese restaurant isn't really japanese - like they will say thats chinese or thats korean its not real japanese - my japanese friend says its korean cause they have kim chi

and if i ask my korean friend what that group is or say they look Korean and he gets all like omg they are chinese NOT korean but i am getting better at making the distinction

anyway there was a report on the global noon news today about the real estate in vancouver they expect prices to rise 5% in the new year and remain strong and one realtor in richmond they interviewed said 50% of his clients are from mainland china and they see vancouver as a great place for them to invest

will see if they have the video up yet

[SpongeG]

Sales across canada will be flat except BC where they will rise

http://www.globaltvbc.com/video/inde...yS6oQOdPce9qeV

[SpikePhanta]

wikes average is going to go above 700K soon enough!

[EastVanMark]

from an article in "Business In Vancouver" :

Vancouver housing still “unaffordable”
Tuesday, 25 January 2011
It’s not the least affordable housing market in the English-speaking world, but Vancouver is no Atlanta.
According to a new housing survey released Tuesday, Vancouver is a “severely unaffordable market”, ranking 80th out of 82 major metropolitan areas.

The survey, published by the Frontier Centre for Public Policy, compared housing affordability across 325 housing markets in seven English speaking countries, including 82 metropolitan markets with populations in excess of one million.

In addition to Canada, other countries included Australia, Ireland, New Zealand, the U.K., the U.S. and Hong Kong.

The survey used a “median multiple” to measure affordability, which divided median house prices by gross annual household income.

Atlanta was rated the most affordable housing market, according to the survey, with a median house price of $129,400 and median multiple of 2.3.

That’s compared to Vancouver, which had a median price of $602,000 and a median multiple of 9.5.

David Seymour, a senior policy analyst with the Frontier Centre, told Business in Vancouver that the city’s high real estate prices are the result of municipal efforts to curb growth.

“For the last 20 years Vancouver as a municipality, or the various municipalities that make up the Vancouver housing market, have tried their damndest to basically prevent the city from growing any further,” Seymour said. “… It’s been very difficult and costly to build new houses in the [Greater Vancouver Regional District].

“One of the axiom’s of economics is if you reduce or constrain supply the price will go up, and that’s basically what’s happened in Vancouver.”

http://www.bivinteractive.com/index....3682&Itemid=46

[whatnext]

I see the median price of a house in Richmond has passed $1 million. Sad the article refers to people building their "dream houses"..most of the hideous monster houses being stuffed onto 66ft lots look more like nightmares to me. Seemingly Rmd doesn't have any bylaws about how much square footage you can build out, or its extremely lax...
http://www.bclocalnews.com/richmond_...115210919.html

[SpikePhanta]

I saw a shack sell for 2 million :O!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!111