When you meet up with friends or strangers what is the hottest subject being discussed???
If you live here in Vancouver, it’s real estate and the ridiculous prices! Will interest rates go up? Will prices come down? Detached home prices seem to have fallen a bit but not the condo/apartments/townhouse market. Sellers won’t even consider subjects such as “subject to financing” or “subject to inspection”…what???
When I was a kid there was something called The Irish Sweepstakes. And I remember hearing the dreams and seeing the stars in the eyes of ticket holders at the thought of winning $100,000! Isn’t that incredible? Back then, in our minds, when we thought of $100,000 we saw a wheelbarrow overflowing with money! It’s chump change these days! Like what would you do with such a huge $100,000 windfall? Ha!
Just about everyone we know are real estate millionaires. “Millionaire” has a nice ring to it! Remember back in the day, fantasizing about how great it would be when you had your first million? Well, those dreams have definitely become just that, dreams for the average buyer. In Vancouver near the downtown core, where we live, 2 bedroom apartments are ringing in at over 1 M. and these are not high end places! And often require renovating! These are scary times for not only us but a number of our friends who need to find a new home.
We sometimes watch a programme called House Hunters. OMG…I mean a whole house for a few hundred thousand…you must be joking…reality check time…here it would be several million dollars.
You might ask…How do most people afford to live in your lovely city? I don’t know. Another thing I don’t know is how the hell are first time buyers going to be able to buy in the lower mainlaind. Vancouver is the third most expensive place in the world to buy housing. Click here for a recent statement by the head of the Royal Bank of Canada to see more. And click here and here for more info. on where we might “hopefully” be headed in this market!
How do you fit 2 bedrooms and 2 bathrooms into 800 square feet anyway? Oh, I know…you actually can’t fit a bed into the bedrooms or open and close the doors. MY GAWD!
Rant done! Wish us luck!