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Young professionals trying to create careers/long term lives here are completely priced out of the market. I'll be leaving soon. San Fransisco like property pri

Young professionals trying to create careers/long term lives here are completely priced out of the market. I'll be leaving soon. San Fransisco like property prices, with far, far less compensation. You simply can't own a house unless you're a millionaire, and a small condo will be upwards of $200k for a mortgage when you don't own the property. It's just insane. http://www.payscale.com/research/CA/Location=Vancouver-British-Columbia/Salary http://www.payscale.com/research/CA/Location=Vancouver-Briti... Even if I'm pulling in a quality $80k (high-ish by here standards), I'm nowhere near affording a $2mil property. I'll be lucky to have a small condo with 2 bedrooms. What's the incentive to stay?

mistermann 11y ago
> and a small condo will be upwards of $200k for a mortgage when you don't own the property Ha! https://www.reddit.com/r/vancouver/comments/4bo9wz/were_buying_a_2_bedroom_in_west_end_with_this/ https://www.reddit.com/r/vancouver/comments/4bo9wz/were_buyi... "We have 540k as a down payment and we are going to take a 160k mortgage. Adding strata fees for the place we want its going to be 1200$ a month for the next 30 years, and we end up with a 950sq 2 bedroom in a decent condo off Davie." $1200 / month (this is mortgage + condo fees) for 950 sq ft, and this is after putting down $540k - and it's not even a brand new building. And compared to SFH, condos are actually realatively reasonable priced, by Canadian standards at least. Beyond insane.
- vkou 11y ago
  To be fair, Davie is about as downtown as you can get. It's like an apartment overlooking New York's Central Park, except in a provincial backwater, instead of a world-class city. Otherwise, condos within easy reach of downtown are somewhat affordable. Single-family homes in Vancouver are very much a 1% luxury item at this point.
  - mistermann 11y ago
    Davie is a good neighborhood, but far from "an apartment overlooking New York's Central Park". Regardless, the question to me is, does the local economy (wages) justify these prices or is society continuously putting a larger and larger portion of their net worth into real estate, well beyond historical norms? You can look at a very long term chart of real estate vs GDP growth and see something has recently gone askew, do low interest rates completely explain that? And if so, what would happen if interest rates normalized in a relatively short period of time?

mistermann 11y ago

> and a small condo will be upwards of $200k for a mortgage when you don't own the property Ha! https://www.reddit.com/r/vancouver/comments/4bo9wz/were_buying_a_2_bedroom_in_west_end_with_this/ https://www.reddit.com/r/vancouver/comments/4bo9wz/were_buyi... "We have 540k as a down payment and we are going to take a 160k mortgage. Adding strata fees for the place we want its going to be 1200$ a month for the next 30 years, and we end up with a 950sq 2 bedroom in a decent condo off Davie." $1200 / month (this is mortgage + condo fees) for 950 sq ft, and this is after putting down $540k - and it's not even a brand new building. And compared to SFH, condos are actually realatively reasonable priced, by Canadian standards at least. Beyond insane.

vkou 11y ago
To be fair, Davie is about as downtown as you can get. It's like an apartment overlooking New York's Central Park, except in a provincial backwater, instead of a world-class city. Otherwise, condos within easy reach of downtown are somewhat affordable. Single-family homes in Vancouver are very much a 1% luxury item at this point.
- mistermann 11y ago
  Davie is a good neighborhood, but far from "an apartment overlooking New York's Central Park". Regardless, the question to me is, does the local economy (wages) justify these prices or is society continuously putting a larger and larger portion of their net worth into real estate, well beyond historical norms? You can look at a very long term chart of real estate vs GDP growth and see something has recently gone askew, do low interest rates completely explain that? And if so, what would happen if interest rates normalized in a relatively short period of time?