Vancouver Real Estate - Would you Buy?
- Thread starter Sikhinvestor
- Start date
But who wants to live there? Saskatchewan has 6 - 7 months of winter. Yes, the job situation is stable and they're awash with natural resources, but, ultimately, people still value quality of life. Not a lot going on in Saskatchewan.
Vancouver doesn't even get any snow (usually), it's on the Pacific Ocean, it's universally thought-of as one of the most beautiful cities on earth, and there's a scarcity of land, especially in the downtown core.
I would think that a few of the bedroom communities are due for a correction, notably places like Ladner, Tsawwassen, Port Moody, etc., but I think there'll still be a good portion of demand for real estate in ACTUAL Vancouver.
For real estate opportunities in Canada, check out Alberta. Youngest population, lowest taxes, highest incomes, most stable job-base, consistent in-migration, and still a very fear-based real estate market.
I agree with much of what you're saying, but 7 months of winter? Come on. I'm from Ontario, you can't fool me like some of you buddies south of the border
(unless you're way up north, in which case GET THE FUCK OUT LOL)I especially agree with your idea of real estate investment in Alberta given the price of oil and the fact that many of the projects there are starting back up. Alberta will be the primary driver of our economy going forward, no doubt.
Quote from Kassz007:
I agree with much of what you're saying, but 7 months of winter? Come on. I'm from Ontario, you can't fool me like some of you buddies south of the border
October, November, December, January, February, March. That's 6.
They'll also almost surely have one more big dump of snow in either April or May, or both. Won't last for longer than a few days, but it comes.
They're already the primary driver of our economy. Alberta is basically Canada's hedge against economic disaster. Food, fuel, and fertilizer.
That's no joke, so much that when April 15th rolls around and it's 7C outside at 12pm, people are outside in shorts, t-shirts...ridonkulous...
Saskatchewan is resource rich, it's no secret. We've had a socialist provincial government for the better part of 50 years, it's held us back to say the least. Not sure where Alberta has fertilizer? That's us, and we also have more farmland and truth be told more fuel. That being said I still believe a wartime home in the hood going for $200,000 will not last. Especially when it was $85,000 in 2006.
Vancouver - Hollywood North - film/tv production; sun, swim, beach, ski location - Grouse
and Whistler; more than 50% of the population of the Lower Mainland - Vancouver and
suburbs - speak Chinese; apples and oranges comparison of US v Canada, Canada does
not have the same atrocious lending practices as the US, no sub prime and no no-money
down mortgages; the total number of houses built in Canada is less than the total of
houses for sale in the US; Olympics have no relevance to house prices, only rentals
"A total of 917 new housing units broke ground in Metro Vancouver in January, about
50% more than the 609 units in the same month in 2009, according to a survey released
Monday by Canada Mortgage and Housing Corp."
expected to be 13% nationally this year
http://www.vancouversun.com/business/Home+construction+sharply+January+CMHC/2538623/story.html
to OP's original:"wondering what your take was would you buy a home here or investment
property knowing what the prices are." if you Have to live here - RCMP cop - you Have to
buy, you don't have a choice. there's no more land. housing is Long Term investment -
think decades and rental income, so the answer is Yes
and Whistler; more than 50% of the population of the Lower Mainland - Vancouver and
suburbs - speak Chinese; apples and oranges comparison of US v Canada, Canada does
not have the same atrocious lending practices as the US, no sub prime and no no-money
down mortgages; the total number of houses built in Canada is less than the total of
houses for sale in the US; Olympics have no relevance to house prices, only rentals
"A total of 917 new housing units broke ground in Metro Vancouver in January, about
50% more than the 609 units in the same month in 2009, according to a survey released
Monday by Canada Mortgage and Housing Corp."
expected to be 13% nationally this year
http://www.vancouversun.com/business/Home+construction+sharply+January+CMHC/2538623/story.html
to OP's original:"wondering what your take was would you buy a home here or investment
property knowing what the prices are." if you Have to live here - RCMP cop - you Have to
buy, you don't have a choice. there's no more land. housing is Long Term investment -
think decades and rental income, so the answer is Yes
Vancouver's real estate market is supported by the billion dollar drug trade. On a smaller scale, it is like Miami in the cocaine days when people would buy up properties with cash just to park their money somewhere.
We should see a pullback but I don't think there will be a collapse like in Saskatoon or even Toronto.
We should see a pullback but I don't think there will be a collapse like in Saskatoon or even Toronto.