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Why is Vancouver so expensive 1 - Parkers Legacy

Why is Vancouver so expensive 1

I think it’s because of two reasons, both of which are political hot potatoes: It’s seen by the wealthy of the world as a good place to park their money, by investing it in local real estate.Vancouver hosted two international events that showcased our wonderful climate and excellent quality of life to the world- the 1986 World Expo, and the 2010 Winter Olympics, and the world paid attention.Foreign investment started to become a force in local economics when Hong Kong started their transfer from the UK to Mainland China.

This foreign investment has lead to surreal house price inflation- single detached houses that would sell for $250–$400K anywhere else in Canada are being listed in Vancouver for over $2,000,000.The median average price for a home in Greater Vancouver is now $1.7 million, but companies don’t pay high salaries here like they do in NYC, Hong Kong, or San Francisco.The local BC municipal and Provincial politicians have been extremely reluctant to kill this foreign investment golden goose, and only recently have they received enough local heat from their constituents to enact policies to address it.

Vancouver is expensive because of perception .Cause i dont see how here has a higher standard of living compared to other places in any developed country.The weather is shit most of the yearTraffic is shitTransit is shitThe people are sorta shitty because we have such a small population of people that have actually lived here long , so you see the same people at the same places doing the same thingsWages are shitMost locals are living under the boot of debt which has become the normEven as i have a good job , i constantly consider moving away as i can stretch my money more else where.

The only good thing about Vancouver compared to say Seattle is our city is much more crisp in terms of the architecture cause of all the new real estate.Compared to Toronto we actually have nice parks and nature but who cares really.

There are a finite number of places in the world that are really worth living in, and Vancouver is one of them.It’s breathtakingly beautiful, it’s friendly, it’s in a civilized country, it has a sound economy, a mild climate.Everyone would like to live in a place as nice as Vancouver, so you have the old supply and demand thing happening.

Same as Paris, London, New York [although for different reasons] and they’re even more expensive than Vancouver.

Hard to know where to start.It sometimes feels like Vancouver and the Lower Mainland is up for grabs to the highest bidder.I don’t think there’s an actual housing or development policy at any level.

The policy seems to be, if it’s flat build on it.If it’s old, knock it down and build in it.Then, no need to market to local people as there’s a far wealthier market abroad.

Of course, if wages went up at the same rate as the cost of living, no problem.However, this is far from the case.Working people find themselves competing for temp, casual and part time jobs, rather than full time permanent.

It’s a matter of supply and demand.Vancouver ranks near the top on lists of the best cities in the world to live in.So it is a desirable place to reside which leads to a high point on the demand curve thereby leading to higher costs for certain factors like housing.

If you look at prices in Tokyo, or Singapore, you will see that the cost of a house, per square foot is over twice that of Vancouver and London, England is three times the price.

It is a function of supply and demand…

Money laundering.There is almost no industry in Vancouver either.No good enough paying jobs to support the cost of this sky high housing market.