Canada's 'housing bubble' deemed close to bursting

[Xelebes]

Originally Posted by lio45

High rents? Please.

As I pointed out already on page 126, rents are 2.5 times higher in that foggy West Coast city by the San Francisco Bay.

Not just a bit higher... Not just 50% higher... Not even just twice as high... 2.5 times higher, no kidding, for comparable units.

(So, you'd normally expect a house in Vancouver to be selling for about a third of what the same house in San Francisco would go for.)

In comparison, the rents in Edmonton are only 15% lower than Vancouver.

http://www.rentboard.ca/rentals/rental_rates.aspx?locid=207&psttyid=1

[Xelebes]

Originally Posted by st7860

http://rabble.ca/blogs/bloggers/michael-stewart/2014/01/vancouver-rent-still-too-damn-high

" As Sean Antrim, the Executive Director of the left-wing municipal party the Coalition of Progressive Electors (COPE) and editor at The Mainlander, points out, rents in Vancouver have increased on average an astonishing 15 per cent in the last four years."

That is only 1.5% above inflation.

[niwell]

Rent in Vancouver isn't bad compared to Toronto (which isn't too bad itself). It's housing that's out of control. Like everybody knows. Vancouver isn't London or NYC, or even Toronto. Just because it's better than the horrifically overpriced San Francisco doesn't mean things are good.

Any yes, wages are low. I have several friends from Van who moved here begrudgingly for work because they couldn't get the salaries they wanted back home. Anecdotal I know, but for what it's worth.

[st7860]

Rent in Vancouver is quite high
https://www.biv.com/article/2015/5/aquilini-completes-first-downtown-rental-tower/
"Rents start at $1,550 for one-bedroom suites of around 450 square feet, $1,625 for one-bedroom and den, and $2,450 for two-bedrooms and den units, These are higher rents than the Vancouver average for apartment buildings, but in line with condominium rentals."

[lio45]

Originally Posted by Xelebes

In comparison, the rents in Edmonton are only 15% lower than Vancouver.

http://www.rentboard.ca/rentals/rental_rates.aspx?locid=207&psttyid=1

Is the kind of (relatively modest) house that one can find selling for ~$2 million in Vancouver at the moment currently selling in equivalent Edmonton neighborhoods for ~$1.7 million or anywhere reasonably close to that?

[st7860]

That link shows Edmonton apartment rental rates, not houses.

[lio45]

Originally Posted by niwell

Rent in Vancouver isn't bad compared to Toronto (which isn't too bad itself). It's housing that's out of control. Like everybody knows. Vancouver isn't London or NYC, or even Toronto.

I suppose you meant to say "Like nearly everybody knows".

[st7860]

http://www.vancourier.com/news/vancouver-landlords-sitting-pretty-1.1847298
"The rental vacancy rate in Metro Vancouver is a tight 1.4 per cent and the average rental rate, at $1,166, is the highest in the country, confirms a survey by Colliers International - See more at: http://www.vancourier.com/news/vancouver-landlords-sitting-pretty-1.1847298#sthash.3BxBgLWG.dpuf"

[lio45]

Originally Posted by st7860

That link shows Edmonton apartment rental rates, not houses.

Yes. I'm totally aware of that. My point was to illustrate that out of the following six, there's only ONE of them that's completely out of whack with the rest, while the five others are all at pretty normal levels in relation to each other:

1) Vancouver rents
2) Edmonton incomes
3) Edmonton property prices
4) Vancouver incomes
5) Edmonton rents
6) Vancouver property prices



Edit: in fact, at first sight, I'd even say that you can add those three to the list and still have only one metric standing out alone as completely out-of-whack out of the bunch of nine:

7) San Francisco incomes
8) San Francisco rents
9) San Francisco property prices

[st7860]

1.7 to 2 million is not a modest house in Vancouver or Edmonton

[lio45]

Originally Posted by st7860

1.7 to 2 million is not a modest house in Vancouver or Edmonton

That's the result of a few seconds of searching online. There are plenty more like these at those price points. (Needless to say: in Vancouver, not in Edmonton.)

http://www.realtor.ca/propertyDetails.aspx?PropertyId=15532815

http://www.realtor.ca/propertyDetails.aspx?PropertyId=15657375

[st7860]

The first one is listed as 2 lots, not a home or homes or a place to live. The second one isn't a home either, its listed as what is in essence a baby apartment building.

[st7860]

This 1.7 to 2.0 million property is listed as a home to live in and doesn't look so modest

http://www.realtylink.org/prop_search/Detail.cfm?MLS=V1122998&REBoards=All&From=MLS
886 W 59TH AV, Marpole, Vancouver West, $1,789,000.00

[lio45]

Originally Posted by st7860

The first one is listed as 2 lots, not a home or homes or a place to live. The second one isn't a home either, its listed as what is in essence a baby apartment building.

For both of them the listing said they were "single family residence" (it's what I looked for) and I did not have any description.

Now, with what you just said, I was puzzled ("how did he manage to get to know all this?!?") and went back to my links to check: still no description beyond just the basic data (number of stories, lot size, building type, etc.)

I found the explanation: realtor.ca detects that my version of Windows is in French, and so without even asking me, realtor.ca is in French by default. Now that would be acceptable, but then the site is designed in such a stupid manner that if the listing agent wrote the description in English only, you'll see an empty field and no indication that there's one available for you if you can tolerate it being in English.

After clicking on the little "English" button, I can now say that you're correct in pointing out that in both cases they -- contrary to what realtor.ca in French was telling me with all the basic data I had -- are NOT typical cases of single family homes for sale.

BUT, my point stands, you can find modest stuff at those price points. I stopped after those two, but there are plenty more, and some of them ARE true SFHs. It's late on my side of the country so I won't bother to spoon-feed you overpriced Vancouver listings right now (maybe later if you insist), you know as well as I do that it's very possible to find modest stuff close to $2M.

[lio45]

Originally Posted by st7860

This 1.7 to 2.0 million property is listed as a home to live in and doesn't look so modest

http://www.realtylink.org/prop_search/Detail.cfm?MLS=V1122998&REBoards=All&From=MLS
886 W 59TH AV, Marpole, Vancouver West, $1,789,000.00

That thing wouldn't sell for anywhere close to [$1,800,000 * 0.85] if you teleported it to Edmonton, I'm pretty sure.

Not so modest, but still far from a palace.

[Xelebes]

Originally Posted by st7860

That link shows Edmonton apartment rental rates, not houses.

Houses are easy to look up though when you click on Houses. Very similar in price to apartments.

[casper]

Originally Posted by lio45

That thing wouldn't sell for anywhere close to [$1,800,000 * 0.85] if you teleported it to Edmonton, I'm pretty sure.

Not so modest, but still far from a palace.

It is also in a high end neighborhood. Go east of Main St. and the price will drop a bit.

How much would it cost in Edmonton if it was in Westbrook Estates or Donsdale.

[whatnext]

Originally Posted by Berklon

Richest neighbourhoods.
How the hell does that translate into Vancouver having the 2nd highest income?

If you can't tell the difference between neighbourhoods and the city itself, then I don't think I can help you.

You'll quickly learn as we all have that std7860 doesn't know what he is talking about.

Rents in Vancouver are low because the Chinese don't rent. Property prices are high because they are pouring money into real estate, for the purposes of speculation and stashing money away from the prying eyes of government.

The mayor won't do anything about it because he is funded by developers who make money off this real estate ponzi scheme. Plus his Chinese squeeze has a mother who was just busted on corruption charges in China. It would be interesting to see if either appear on Vancouver's tax rolls.

Christy Clarke won't do anything about it because: 1) she's incompetent b) her chief backer is condo pusher extraordinaire Bob Rennie.

[st7860]

Originally Posted by whatnext

You'll quickly learn as we all have that std7860 doesn't know what he is talking about.

Rents in Vancouver are low because the Chinese don't rent. Property prices are high because they are pouring money into real estate, for the purposes of speculation and stashing money away from the prying eyes of government.

The mayor won't do anything about it because he is funded by developers who make money off this real estate ponzi scheme. Plus his Chinese squeeze has a mother who was just busted on corruption charges in China. It would be interesting to see if either appear on Vancouver's tax rolls.

Christy Clarke won't do anything about it because: 1) she's incompetent b) her chief backer is condo pusher extraordinaire Bob Rennie.

https://www.biv.com/article/2014/11/conference-torpedoes-vancouver-housing-myths/
"Metro Vancouver housing is affordable. The market is stable. There is no glut of new condominiums looming. And foreign investors are not driving sales and prices higher." - It is inappropriate to name specific visible minorities

[st7860]

https://www.documentcloud.org/documents/1371306-vv-pre-election-disclosure.htm
http://www.cbc.ca/news/canada/british-co...ed-by-vision-vancouver-and-npa-1.2827760

A mixture of individuals, organized labour, and companies. Nothing unbalanced here..