Re: OT: Vancouver BC - who can afford to move THERE?

On 2024-12-21 12:51, Tom Elam wrote:

A few years back Alan Baker claimed that his tiny 500 square foot Vancouver condo was valued about the same as my 3000+ square foot 4 bedroom, 2.5 bath, 2 car garage Carmel Indiana home. He stated the difference was Vancouver is such an attractive place to live that people will pay much higher prices for housing.
>
I claimed that the cause was a Vancouver housing shortage. That was, and is even more now, a valid claim. Watch this recent video:
>
https://www.youtube.com/watch?v=wD5ejnj2miw
>
Recent Redfin estimates for similar condos in Alan's neighborhood are valued at about $1,000/sq ft, making Alan's humble abode's value about $500,000. Assuming that's in $Canadian, about $US350,000. My home based on recent comparables is valued at about $US490,000 on Redfin, or about $US200/sq ft.
>
Of course the 2 properties are quite different. A 2618 W 15th Avenue 2600 sq ft, 4 bedroom, 2.5 bath, single family house at in Alan's neighborhood shows a Redfin value of $C3,000,000 or about $US2,100,000. Fixer-uppers in different neighborhoods can be found for less.
>
If Vancouver incomes were higher than Carmel that would help at least make higher home values affordable. Median Vancouver household income is about $C82,000 or $US57,400.
>
https://globalnews.ca/news/10401449/vancouver-full-blown-crisis- housing- affordability-report/
>
https://www.point2homes.com/CA/Demographics/BC/Vancouver- Demographics.html#:~:text=Median%20household%20income%20%2482%2C000%20,tax%20household%20income%20%2472%2C000
>
For Carmel? $US130,000. Housing here is a heck of a lot more affordable than Vancouver BC.
>
https://www.city-data.com/income/income-Carmel-Indiana.html
>
Bottom line? No wonder 67 year old not-retired Alan Baker
still lives in the tiny, very expensive, condo he moved into in Fall 1994, 30 years ago. Very unlikely he can afford much of an upgrade.
>

 Are you still whining, Liarboy?
 And I'm not 67.