Taking a break from HouseGate, we thought we'd scan the horizon and see what a $1,000,000 buys you in Vancouver this week.
$1,000,000 used to the the benchmark that proudly said you had it made. So how glamorous is a million dollar home in our over-inflated housing bubble?
Let's take a look at some of the houses you can buy this week in Vancouver for just over a $1,000,000.
First up, 8007 French Street - $1,050,000:
5484 French Street - $1,088,000:
311 East 40th Avenue - $1,088,000
842 West 68th Avenue - $1,038,000
Dream mansions, all of them. And just think... nothing even left over to buy you a K-Car.
You gotta love Vancouver.
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Almost every price ends with an "8". Nope, no HAM here.
ReplyDeleteWell, they're hoping for HAM, but I don't think it's there like it used to be. These crackshack owners have missed the boat. The 8's are good for a laugh, but I'd wager none of these homes will sell for a million -- at least not for many years.
DeleteAt the end of the day, houses and condos are for people to live in. For people to afford their living spaces, they need income.
ReplyDeleteSome people like to compare Vancouver to cities like New York and Hong Kong. They think that Vancouver's housing prices should be no different than other world-class cities. But the support simply isn't there.
Manhattan has a per capita income of $61K. Hong Kong's per capital income is $46K. Vancouver has a per capita income of $35K.
Let's take a look at GDP. Manhattan's GDP is almost $1.3 trillion. Hong Kong's is $365 billion. The entire province of B.C. has a GDP of only $160 billion.
The underlying income and economic foundation is just not there to support Vancouver's housing prices! Quite literally, it is a house build on sand. When the tide comes in, no amount of HAM or foreign money is going to prevent it from crumpling down.
Exactly Correct.
DeleteI rent even though I could buy a 2 million dollar house cash (no mortgage) I rent a 15 year old house for 3000 per month all to myself (no tenants) because I like my privacy. I will not buy any house in vancouver unless they come down to reality or I will move so I will give vancouver 2 years
ReplyDeleteif you had a million dollars would you live in Vancouver...i wouldnt, proud vancouverites would call me crazy for moving to New York or Los Angeles because they dont have mountains or a winter olympics
ReplyDeleteA healthy thriving city needs families re-generating it. Families are squeezed out by housing that is either too expensive or too small, and we're draining kids by the thousands every year.
ReplyDeleteLong-term, that represents more than a critical erosion of our economic base, it's a loss to our cultural health and vitality.
We are becoming a rootless city. No roots = no green.
I didn't run a check on the product displayed here, but I think readers should not necessarily assume that the sellers know what they are doing and that the "asking" price is knowledge based. There are plenty of stupid house listings that will just sit on the market and the fact that the sellers ask those prices does not make the market an over-valued market. It makes a house for sale simply a house with a sign on it... an interesting tidbit of information....
ReplyDeleteNot saying that we aren't overvalued, but looking at the "solds" of similar houses would be more informative..