Moving to Vancouver? - Why You Won’t Be Buying a House
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- čas přidán 24. 07. 2024
- Vancouver has a secret. If you are buying a home in Vancouver, you aren’t likely buying a house.
Only 26% of buyers bought a house in 2023 in Vancouver. Why is that? And if they aren’t buying houses, what are they…and by extension, you…likely to buy in 2024?
In today’s video I explain exactly why you aren’t likely to be buying a house in Vancouver…and I get to the bottom of these and other questions, too.
If you are moving to Vancouver, or even if you already live in Vancouver, you’ll want to watch this video to help you get a complete picture of the Vancouver real estate market.
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TimeStamp
0:00 Buying a House in Vancouver
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Thank you for watching! :)
Call/Text Direct - 604-831-4837
email: sebastian@albrechtgroup.ca
www.calendly.com/albrechtgroup
Very interesting presentation. I enjoyed learning about the purchasing of condos ... glad I bought years ago and just retired.
That's what we are looking into now.
@@OrdinaryFilmmaker Bad choice; condos are now a dime a dozen; expect massive price drops (already well-underway, too).
@@billferguson1368 Good to hear. Toronto is also seeing a price drop. I've got time to wait
Another informative video🙏🏻you briefly touched on the co-op situation in the west end, maybe a future video could be co-op vs strata?
@ivorytelecaster Thank you! Yeah...it's a topic worth exploring. I'm just worried that it could put people to sleep a little bit. I'll see if I can find a way to make it interesting. ;)
Thanks again for your insight. I should check out mission. We live in Aurora, 35 minutes from Toronto in a self sustained community. The train is an express to downtown. If we can find a city with the same relationship to Vancouver, but it would take something special to get our eyes off grey point and kits. Aurora is perfect for everyday life. We can walk to 5 different grocery stores, 2 Chinese, a movie theatre, Canadian tire and Home Depot amount many other stores. North Vancouver didn't have this vib. Deep Cove didn't either... Any plans to do an in-depth on Mission Sebastian?
I don't think you'll find Mission tracks with Aurora. It's not going to be nearly as walkable...at least not yet. Perhaps in 20 - 30 years as we see people continue to seek alternatives for the cost of housing in Vancouver. I don't have any immediate plans to do a video on Mission...but it's on the list. ;)
Your opinion that not developing the highway systems into the city as other Canadian cities did was good for Vancouver is exactly the opposite of many people. It has made traffic a nightmare for one thing. And it's going to get much much worse.
@Joe-mz6dc Correct. It's not what everyone believes. But the reality is that more highways only equals more congestion. The solution to congestion is getting people to live closer, be less reliant on inefficient modes of transportation (like cars) and provide better alternative modes of transportation. Because we never made the mistake of decimating our inner city it's resulted in a more livable, dynamic city core and goes a long way to explain why Vancouver has been considered one of the most livable cities in the world for the last 40 years while most North American cities struggled.
Traffic in Vancouver can be frustrating, sure. But it's very manageable if you don't need to cross a bridge. The problem we have is that we have so many bridges and tunnels that connect our region together...and those are all bottlenecks...but even still traffic in Metro Vancouver pales in comparison compared to places like LA, NYC, Toronto, Manila, etc.
Thanks for the video. Not interested in living anywhere in Vancouver with inflated prices. The same townhome, condo can be had for 25% less on the price tag in the suburbs (e.g: Tri-Cities, Surrey, Langley). There is skytrain in most of these areas and a 30 minute commute to work is not bad for the price reduction compared to Vancouver proper.
@dchang1983 The discount to the suburbs can be smaller or greater depending on what parts we are comparing...but with Downtown Vancouver prices having stagnated for the last few years (originally with the impact of COVID and more recently with the implementation of Airbnb regulations), I'm actually surprised at how close the gap is. At the moment, the better value (in my opinion) appears to be more centrally located in the City of Vancouver...but it does come down to your personal preferences and priorities of course.
Condo downtown seems like good value right now. Downtown and false creek area are few good areas to live condo lifestyle. But neighbourhoods outside of Vancouver proper, like North Burnaby or Langley, kinda failed to make walkable neighbourhoods. So the street at your doorway is 208th instead of a bakery and 7/11 like on Davie St 😄
@AlexSuperTramp- I'd agree that downtown condos are offering a pretty good value at the moment. Prices have been fairly stagnant there for the last few years. You are right that it's tough to compare walkability in the suburbs to downtown Vancouver...but it's a LOT better in many parts of the suburbs than it used to be. They've been making efforts to centralize communities (and densify) throughout the suburbs and so many have become reasonably walkable.
Many people are getting sick of the commute and are trying to find work close to where they live.
@poodtang2104 100%! I can't think of a better idea when it comes to deciding on where to live!
@@LivingInVancouver-BC Agreed.
@billferguson1368 - when has there ever been a big ‘crash’ in the Van housing market? Never! I’m a dinosaur born n raised in the lower mainland, and I can tell you, it will never happen here. Prices will only ever go up as they always have, because of the limited development available in relation to available land. In case you haven’t noticed, Vancouver’s stuck between mountains and water. There’s limited land to build in between so the only way to get more housing is up - utilizing the sky (that’s where towers come in, and of course they’re never gonna be cheap either). Living in Vancouver will always come at a premium b/c you’re paying for the surrounding beauty of mountains and water. And with jackass Trudeau at the helm, we can expect rising property costs, salaries that won’t go up in par with inflation, and our taxes won’t even slightly go down, so home owners will always be struggling to make ends meet, and people who wanna get into the market never will unless they have rich, generous parents to help them.
This has been the case for decades now, and it’s just getting worse. There will never be a market crash in Vancouver.
Big cities in the world has diminished single lot homes long agp. It is coming to Vancouver . Nothing new. There are about 300K single lot homes and diminishimg as owning a home will be prohibitively too expensive to own ( eg high property taxes)
When you go for a mortgage, the bank will only qualify you for a one or two bedroom condo. The same condos that the banks funded to build.!!!
Banks do not qualify you for any particular unit. Just an amount
@huskavarnaband Yeah, @davidsmind is on the money. The lender will approve you for a specific amount based on your ability to repay the loan. Additionally, the banks have funded all housing that gets built...condos, townhouses and HOUSES.
My first property was a brand new condo in downtown overlooking English bay. It wasn’t very expensive 10 years ago. I got mine for $500k 10 years ago. I grew up in a big luxury house on the north shore overlooking some nice views. But I thought that downtown would be a great status symbol. I hated it. Downtown wasn’t for me after living in some of the most secured and quiet areas in BC. I sold it very quickly. Now I live in a new house in Vancouver. I am shocked at the property taxes. I believe I’ll eventually move to Richmond or Burnaby. Something that’s bigger with lower taxes. Vancouver is just not worth the cost.
@hammertimee777 Well...from the perspective of outsiders, the areas you are referencing are all Vancouver. You are just noticing the differences from one part of Metro Vancouver to another. The great thing is that you can match the neighorhoods/areas/suburbs to your personal preferences...just as you've done. If you want urban living, then Downtown Vancouver is ideal. Prefer a quieter suburban lifestyle with a connection to nature, then West Vancouver works. Want more sun and beach living, check out Tsawwassen...etc.
As for property taxes, you'll find that they are incredibly low in comparison to the rest of Canada and North America. And the City of Vancouver in particular is amongst the lowest in our region...the only reason you'll be paying more residential property tax for a house in Vancouver is that it's more valuable than what you are comparing it to in Richmond and Burnaby.
Enough, already; the Greater Vancouver housing market is now in crash mode. And, this bust will cut a wide swath; from detached down to a smouldering heap of condos. Nothing will be spared; remember, "The bigger the boom, the bigger the bust".
Wow, you're still peddling your Market Crash message. How long since you started this, 2015 I think. You're definitely a modern day NostraDumbass
The tnt wick has been lit
@@huskavarnaband Absolutely. This bust will be a real doozy.
Hopium. A bust from $2M to $1.75M? So many Vancouveritr house owners are mortgage free! Second house for the kids will be attainable
@@martinthemillwright You have no idea what you're yammering about.
To say there is a war on single family homes is either coming from a lack of understanding of economics and policy or just dishonest.
Mandating only the lowest density housing be built on a residential lot is a subsidy for encouraging building of such housing. Removing that mandate, is a removal of that subsidy.
Also, zoning mandates the upper limit of density, not the lower limit. For example, if the zoning code says you can build 20-stories and 5 FSR, it means you are allowed to build anything from a single family house to a 20-story tower on said lot. It’s not a war against single family housing. Single family zoning however, is a war against all other types of housing. Remember, zoning dictates maximum allowable, not the minimum.
@sriniamoudane2840 Not sure if I used the term you are referencing or not in my video. I don't recall saying there's a "war on single family homes" but maybe I did? But either way, I think you missed my point. I don't have a problem with single family zoning being taken away. This isn't a video lamenting the disappearance of the single family home...it's trying to explain to people coming to Vancouver why they aren't likely going to be buying a house...unlike the reality of moving to just about any other North American city (other than perhaps Toronto and NYC).
i hate living here. it's just so impractical
@shahjmir What do you find impractical about living in Vancouver?
I've owned 4 properties. Currently living in my 4th in New Westminster. If you can own and are financially taken care of, BC is an absolute beauty! It's beautiful one way or another, but of course with solid Financials, it's brilliant 😎🫡
Yes you are correct. I particularly like the eight long cold and dark winter months of rain and snow and gray skies. LOL
Agreed, @jacobl.s.9467! The trick is being able to afford housing here in Vancouver.
@Joe-mz6dc You are describing living above the 49th parallel...with the exception of the prairies. Then it's just cold for 8 months.
Weather is a matter of compromise, I find. Many parts of the world suffer from weather extremes. Something we are generally lucky enough to avoid. As crazy as it might sound to you, many people move here (from other parts of the world) because they actually LIKE our temperate climate.