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Old 07-09-2015, 02:13 PM   #1
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Vancouver Home Prices

Interesting article about the real estate prices in Vancouver. I'm not an economist or a real estate expert, and I don't claim to have any solutions to the problem, but to me it seems so wrong that Vancouver locals are being priced out of their market by speculation and foreign investment.

https://ca.news.yahoo.com/soaring-va...4--sector.html
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Old 07-09-2015, 02:17 PM   #2
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If you believe that theory.
In fact there are just more and more people who want to live here.
Theory will be put to the test with the collapse of Chinese stocks. Will all these super expensive homes be put up for sale?
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Old 07-09-2015, 02:26 PM   #3
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I've no insight into whether it's true or not, but doubling and tripling of prices in just a few short years tells me there is at least something else going on besides demand.
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Old 07-09-2015, 02:30 PM   #4
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Originally Posted by rbryan4 View Post
Interesting article about the real estate prices in Vancouver. I'm not an economist or a real estate expert, and I don't claim to have any solutions to the problem, but to me it seems so wrong that Vancouver locals are being priced out of their market by speculation and foreign investment.

https://ca.news.yahoo.com/soaring-va...4--sector.html
Well, that depends whether you're buying or selling

House next door just sold. It's only a rancher but it is a nice area. Listed at $995,000. The day of the open the cars were lined up down the block. Then came 5 home inspections so that clean "no subject" offers could be made. Final selling price was 18% higher than listing price. Really crazy situation, but not entirely new.

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Old 07-09-2015, 02:31 PM   #5
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Yeah, I suppose I'd be getting off my high horse very quickly if I was profiting from such a market.
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Old 07-09-2015, 02:57 PM   #6
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And Vancouver isn't alone:

Median price for single-family homes hits $500,000 in King County | The Seattle Times
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Old 07-09-2015, 03:23 PM   #7
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Just crazy to me. For around 325k you can get what amounts to almost a mansion, in the hill country around San Antonio-- 4 br, 3 ba, 3500 sq ft, out buildings, 3 car garage, and a couple of acres of land. We paid 155k for our current home. To each his own I guess.
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Old 07-09-2015, 03:48 PM   #8
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Mine is assessed as a one bedroom, one bath, 800 sq. ft. no basement on a 50' X 160' lot. $899,000. House itself is assessed at $6,500 - worth less than my trailer.
The issue is there is no more land to build on. Surrounded by mountains and ocean. Valley land is in agriculture reserve.
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Old 07-09-2015, 03:56 PM   #9
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The issue is there is no more land to build on. Surrounded by mountains and ocean. Valley land is in agriculture reserve.

Well, I guess that makes sense. It's a gorgeous area, to be sure. And if there is no more land for homes, the price skyrockets. Perhaps the BC government could relieve some of the pressure by selectively opening up some of the reserves for development, but I'm sure that's a sticky subject.
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Old 07-09-2015, 04:05 PM   #10
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Agricultural Land Reserve is a hot and holy topic.
We'd like to grow our own food, not import it from drought-ridden California.
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