Vancouver Homes Explode 32% in Value In Single Year

[Economy 53,076]

https://www.google.ca/amp/s/sec.theglobeandmail.com/news/world/vancouvers-real-estate-tax-sparks-backlash-from-chinese-buyers/article31404771/%3fservice=amp

 

As if the neverending housing boom in Canada that began 16 years ago in the year 2000 wasnt enough, Real-Estate prices in Canadas most expensive city (Vancouver) surged 32% just from last July to this July 2016

 

Many average sized condos in some areas now sell for $1.5 Million to $3 Million

 

In responce the Government of British Columbia has imposed a 15% real-estate tax on forein buyers to help cool the market

[POP2 4,206]

Do you know if this is affecting all of Canada or just British Columbia?

[homomo 23,883]

27 minutes ago, hausofderek said:

Do you know if this is affecting all of Canada or just British Columbia?

Just British Columbia.

I moved to Vancouver in January (8 months ago) and the housing prices are RIDICULOUS. I'm renting a bedroom in a house for $900 a month... As much as my two bedroom apartment cost a month back home in Saskatoon, SK.

The average price for a single family home within the city of Vancouver is about 1.9 million dollars. If you move to greater Vancouver, it's about 1.2, and then about 700k if you go to places like Abbotsford.

Nonetheless, Vancouver is the most expensive city in Canada. I think it may be the most expensive city even within the western world, if I'm not mistaken.

But yeah, in my hometown, you can buy a nice house for about 200-300k

[Economy 53,076]

1 hour ago, hausofderek said:

Do you know if this is affecting all of Canada or just British Columbia?

All of Canada has been in an unsustainable housing boom for several years now since the boom began in 2000

 

it has defied expectations year after yearand has not cooled as expected and instead keeps rising

 

But Toronto and Vancouver are the two most heated markets. If you strip out those two the rest of the Country is a little bit more reasonable though other markets are still a little stretched

[Emvee 8,858]

1 hour ago, Interstellar said:

Just British Columbia.

I moved to Vancouver in January (8 months ago) and the housing prices are RIDICULOUS. I'm renting a bedroom in a house for $900 a month... As much as my two bedroom apartment cost a month back home in Saskatoon, SK.

The average price for a single family home within the city of Vancouver is about 1.9 million dollars. If you move to greater Vancouver, it's about 1.2, and then about 700k if you go to places like Abbotsford.

Nonetheless, Vancouver is the most expensive city in Canada. I think it may be the most expensive city even within the western world, if I'm not mistaken.

But yeah, in my hometown, you can buy a nice house for about 200-300k

I would kill to pay $900 in San Francisco. I pay $1400 right now. 

[homomo 23,883]

23 minutes ago, ecastr said:

I would kill to pay $900 in San Francisco. I pay $1400 right now. 

For a bedroom??

mine is a single bed with a desk and dresser. It's so ****.

Im moving across the bay next week to North Van for school. It's going to be slightly cheaper at least.

[Emvee 8,858]

1 hour ago, Interstellar said:

For a bedroom??

mine is a single bed with a desk and dresser. It's so ****.

Im moving across the bay next week to North Van for school. It's going to be slightly cheaper at least.

Yeah, I share the house with a couple of friends in the Mission district, which is undergoing gentrification. It's tech boy central now. 

[rivingtonrebels 245]

Vancouver....my expensive home.  I love it so much here though.

[Economy 53,076]

4 hours ago, Interstellar said:

Just British Columbia.

I moved to Vancouver in January (8 months ago) and the housing prices are RIDICULOUS. I'm renting a bedroom in a house for $900 a month... As much as my two bedroom apartment cost a month back home in Saskatoon, SK.

The average price for a single family home within the city of Vancouver is about 1.9 million dollars. If you move to greater Vancouver, it's about 1.2, and then about 700k if you go to places like Abbotsford.

Nonetheless, Vancouver is the most expensive city in Canada. I think it may be the most expensive city even within the western world, if I'm not mistaken.

But yeah, in my hometown, you can buy a nice house for about 200-300k

Its not just British Columbia. Vancouver is the most expensive but much of the rest of Canada is really expensive

 

My area in a city beside Toronto is expensive also. I cant find a house for under $500,000 anymore unless its falling apart.

 

Inside Toronto itself, lets put it this way. My gradparents small house thats falling apart is valued at $1.1 Million

 

So its not just Vancouver. The bank of Canada has been worried about this for years

[Computer 10,980]

The entire time I am on GGD I thought this Canada real estate bubble would burst

Not here for the crash, that's going to be messy and affect the whole continent probably.  The more it inflates the more worried I am for a soft return to normal markets

 

[homomo 23,883]

5 minutes ago, Economy said:

Its not just British Columbia. Vancouver is the most expensive but much of the rest of Canada is really expensive

 

My area in a city beside Toronto is expensive also. I cant find a house for under $500,000 anymore unless its falling apart.

 

Inside Toronto itself, lets put it this way. My gradparents small house thats falling apart is valued at $1.1 Million

 

So its not just Vancouver. The bank of Canada has been worried about this for years

I meant for the 32%  

[DrewStevens 5,249]

I just moved to Vancouver a month ago and I can say that it is really expensive... But in my opinion it's 100% worthy. I pay 820 CAD a month for a room in downtown Vancouver but I ain't complaining.

[Economy 53,076]

12 minutes ago, Computer said:

The entire time I am on GGD I thought this Canada real estate bubble would burst

Not here for the crash, that's going to be messy and affect the whole continent probably.  The more it inflates the more worried I am for a soft return to normal markets

 

Lol they been saying for years its gonna burst but nada...

 

In fact in some areas i think the bubble is feeding on itself. Prices here in Canada havent had a major fall in decades, and in the last 16 years in particular weve had a big boom.

 

People in general here have a mentality that homes only ever go up. So people are stretching themselves to the limit to get ownership as soon as possible in their lives because they fear if they dont jump in now, they will never be able to afford a home. That in turn is creating unusually high demand from people 30 and under which often just rented in the past

 

In addition, no one expected mortgages to still be at 2% as long as it has. Thats not helping unrealistic prices from getting out of control

[Computer 10,980]

^^  I cant quote for some reason but yeah that's what makes it scary.  I remember years before the big real estate bust here in USA my dad once told me house prices never go down, because nobody ever wants to sell for less than they bought it for, so it just doesn't happen.  I guess we didnt think about all the people who have no choice and jobs go away and foreclosures happen, big time.  Praying for the future in that area tbh.

[Bolkins 4,156]

Vancouver is beautiful tbf, my dad lives over there and in various places - Lions Bay, Salt Spring island and Squamish. I love it so much, it's so clean the UK smells awful when I come home  east side is kinda scary tho, or at least it was in 2012 when I went last.