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Discussion Starter · #1 ·
Just got back from the lovely city. Very much enjoyed my time there. But I was accosted by headlines like ...

"88% of Income Required to Manage a House"

and ...

"By 2030, Mortgages Will Swallow 108% of Income"

How can people afford to live there ?
 

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D & Y
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No idea, I own a place and not working anymore. ;)


Its tough for the families who have average salary, even professionals with higher than average income can't afford to buy even a small condo. My niece is a French and English teacher and making decent money but yet she can only afford to rent a tiny one bedroom unit in the suburb for over $1,200 a month.
 

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Discussion Starter · #3 ·
So, the solution is to have grown up in Vancouver ? ;)

My tour bus driver says he can't afford to live closer than a 90 minute commute to downtown. Concedes that had he bought a house, when he immigrated in the 70's, that he'd be a multi-millionaire now.
 

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PRESIDENT OF SPACE
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My theory is that they can't. Lower income people who receive subsidized housing are connected with jobs through employment programs that might be mandatory as a condition for receiving welfare, and there's probably vans or special transit to drive them into the city for work.

Working class people don't freely move into Vancouver or San Francisco or New York, but the ones already there who inherited a space on a waiting list for affordable housing get supported so they can remain in the area. In exchange, they are the only things preventing a labor crisis where restaurants have to pay dishwashers $25/hr.
 

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It's a crisis in Vancouver that's already stunting growth and future prospects. Talented skilled people are leaving/going elsewhere because they can't find places to live. The same thing is now happening in Toronto.

They better fix it fast or the our engines of growth are going to come to a screeching halt.
 

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D & Y
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So, the solution is to have grown up in Vancouver ? ;)

My tour bus driver says he can't afford to live closer than a 90 minute commute to downtown. Concedes that had he bought a house, when he immigrated in the 70's, that he'd be a multi-millionaire now.
We need to learn how to manage and invest our money when we are working. I had no money when just arriving Canada and I used to work 2 jobs to make end meet, now Im ok and can afford to travel a little bit more.
 

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Housing is getting very expensive in both Vancouver and Toronto; I don't know how people buy a new home or condo these days. I'm more than happy to just rent! :dunno:
I have heard that groceries and restaurant meals are more $$ in Vancouver but it's been so long since I was there I don't know about that.
 

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We need to learn how to manage and invest our money when we are working. I had no money when just arriving Canada and I used to work 2 jobs to make end meet, now Im ok and can afford to travel a little bit more.
Its easier to save money when you aren't paying all of it towards rent and other basic necessities. People in cheap areas can have their cake and eat it too - save for retirement and home down payment AND be able to enjoy small luxuries.

I don't think there is any form of frugality or work ethic that is sufficient to make living in a place like Vancouver, San Francisco, or Manhattan a financially responsible decision for a person in a low-paid occupation.
 

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D & Y
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Well, thats why people are moving to other BC cities or another provinces altogether because there is no extra money left to save. My comment is pretty much refered to that tour bus driver who immigrated to Canada in the 70's when the houses in Greater Vancouver were still considered cheap and he was showing regret that he should have bought the house at that time and thats what I meant we should manage and invest our hard earn money wisely. I stayed in Saskatchewan when just arriving Canada, the reason is the houses and the cost of living was so much lower than BC while the salary was the same or even higher than Vancouver, and thats why I could save money there and then moved on to Edmonton and finally settling down in the La la land.
 

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D & Y
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Housing is getting very expensive in both Vancouver and Toronto; I don't know how people buy a new home or condo these days. I'm more than happy to just rent! :dunno:
I have heard that groceries and restaurant meals are more $$ in Vancouver but it's been so long since I was there I don't know about that.
The cost of living in Vancouver is the highest in the country, period. Foods and gas price in other cities and provinces are very cheap comparing with ours. Our gas price is $1.59 per liter, beat that. :eek:hno:
 

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I've told this story before, friends of our family bought a heritage house just off commercial drive in the late 80's for $125,000. They renovated it a bit and sold it in the early 90's for $250,000. Had they still owned it, it would cost over $1,000,000 to buy it today.

So there are loads of people who have owned for years, which is why so many people can afford to live there, they were able to buy when it was cheaper. And if they did sell they make a huge amount on the sale and can afford to buy anywhere.

A lot of houses have income suites, the house my friend lived in out in Surrey was a big typical suburban house and it had two basement suites in the basement, so did almost all the houses in the neighbourhood. So many people are able to bring in rental income to pay off a big chunk of their mortgage.

I find food and eating out cheaper in Vancouver than in Alberta. Some things are slightly cheaper here but most are either the same or cost more.

When Coal harbour started to develop in the late 90's I remember seeing a story on the news, this woman from Victoria retired so she sold her house and with the money from that she bought 2 condos in a brand new fancy coal harbour building that at that time were selling for $300,000.So her plan was to live in one and rent out the other and keep it as investment. So 20 years ago (wow lol I just realized the 90s are well into being over 20 years old) People with foresight did that they bought investment condos. I remember when yaletown started to develop in the early-mid 90s you could get a condo starting at $169,000. At the time we thought that was crazy expensive (lol) cause who want to live down there, it was so gross lol now its the hip nice part of downtown. Silly stupid us lol.
 

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I remember when yaletown started to develop in the early-mid 90s you could get a condo starting at $169,000. At the time we thought that was crazy expensive (lol) cause who want to live down there, it was so gross lol now its the hip nice part of downtown. Silly stupid us lol.
Hehe! That reminded me of a friend back around 1987 or 88 who bought a modest little two storey single family dwelling house with a front and back garden in Parkdale for $200,000. I thought that was a crazy amount of money and a borderline sketchy part of town. I have no idea what on earth those are worth now, and that area is now completely Martha-Stewartized.
 

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Also, you need to think on workers in restaurants and hotels: how do they manage to get to their jobs? do they live far or is there an actual cheaper to rent?
Are you from Europe? Unlike in Europe, most houses in Vancouver have basement that they rent it out to young people/low-wage workers.

Basement apartments are cheaper than regular apartments. Just search around on Kijiji or Craigslist, they're many affordable basement apartments in Vancouver.

This list uses regular apartment price ($1,650) for average monthly rent in Vancouver. Basement apartments are usually 20-40% cheaper than regular apartments.

 

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^^ I know the source is printed, but please remember to always include a direct clickable url link to the original website. Thanks.



My rent here falls under the same category as Paris, Copenhagen or Tel Aviv... however I'll be willing to bet my two bedroom apartment with living room/dining room/large balcony is one heck of a lot larger than one in Paris. There is enough room in my bathroom to swing a cat, which is never, ever going to happen in Europe! ;) Plus, my electrical/heating/water is included in the rent which in Europe is never the case. Also a large basement walk in locker (around 2.4m²), and underground bicycle storage also included. I'm floored at the average rent for Fort Lauderdale, Florida... $1600?!?!? Really? San Francisco's rent just blew me away.... :eek:
 

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D & Y
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Vancouver’s best haunted house has been assessed at $1,120,400



Recently assessed at $1.12 million, the creepy old rundown house at 3395 Charles Street has an odd draw to it. Boasting some serious Boo Radley charm, it’s the best “haunted” house in the city if you ask me.

The 4 bedroom home was constructed on a large corner lot in 1930. Inside were once more than 2,000 sq ft of living space and, like many older buildings, it only has one bathroom.

The land it sits on was assessed at $1.077 million in 2017. The structures themselves (the rickety house and the not-as-rickety 2-car garage behind it) were somehow valued at $43,400.

It was last sold for $250,000 in November of 1984, roughly around the same time that the Yellow Pages phone book that currently sits on its doorstep was relevant. If it goes up for sale any time soon it’d likely be listed for around $1.4 million.



https://www.vancouverisawesome.com/2018/07/08/3395-charles-street-vancouver/
 

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I moved out here in early 2016 and have been renting the whole time. This is mainly by choice, as I never planned to live out here long term. 5 years is my time horizon for career advancement purposes only.

In most other areas of the country, the salary I'm earning here would be considered above average, but for Vancouver its really only enough to put aside about $1200/month after my monthly living expenses are accounted for.

And I'm a pretty frugal guy as it is.

I love it out here, but I don't see how one could make the life decision to move here from somewhere else and expect to stay long term. At this point it's a myth, unless you're pulling in serious money and are already quite established.
 

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D & Y
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I moved out here in early 2016 and have been renting the whole time. This is mainly by choice, as I never planned to live out here long term. 5 years is my time horizon for career advancement purposes only.

In most other areas of the country, the salary I'm earning here would be considered above average, but for Vancouver its really only enough to put aside about $1200/month after my monthly living expenses are accounted for.

And I'm a pretty frugal guy as it is.

I love it out here, but I don't see how one could make the life decision to move here from somewhere else and expect to stay long term. At this point it's a myth, unless you're pulling in serious money and are already quite established.
My nephew was the same when he was working in Toronto, he could have bought a place in Toronto with his high salary but he didn't plan to stay in Toronto for his whole career, so he was only renting a condo in downtown Toronto. He is travelling around the world at this moment and he is almost certain moving to the Bay area when he comes back.
 

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D & Y
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Report: Montreal property enquiries from Chinese buyers outpace Toronto and Vancouver


While Vancouver may have a reputation as a city with with a high percentage of foreign interest in property purchases, a new report suggests the growth of that interest is still outpaced by two other major Canadian cities: Toronto and Montreal.

And according to Juwai.com – a Chinese website for buyers of overseas property – Montreal saw the highest percentage of continued interest in property purchases from prospective overseas buyers in a two-year time period between 2015 and 2017.


From 2015 to 2016, the number of enquiries regarding Montreal properties grew 66.4%. From 2016 to 2017, it grew a further 37.6%.

The number of monthly online views of Quebec property also grew steadily, by 41.7% between 2015 and 2016, and a further 20.4% in 2017.

Of these, 56.2% of those interested were looking for a property for their “own use,” while 26.3% were looking for an investment property.

Toronto interest grows, then dips
In Ontario, while the number of property purchase enquiries grew by a large margin from 2015 to 2016 – 79% to be precise – it dipped from 2016 to 2017 by 15.5%.

It was much the same up-and-down story when it came to the number of monthly online views of Toronto properties. Between 2015 and 2016, views grew 42.9%, before dipping by 10.7% from 2016 to 2017.

Vancouver sees dip, but only slightly
In Vancouver, the number of property purchase enquiries grew by 32.3% between 2015 and 2016, and then it dipped from 2016 to 2017 by 15.5%.

Similar up-and-down trends were experienced with number of monthly online views of Vancouver properties. Between 2015 and 2016, views grew 36.7%, before dipping just sightly by 6.3% from 2016 to 2017.

http://dailyhive.com/vancouver/property-enquiries-chinese-buyers-montreal-toronto-vancouver-2018
 
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