jimtan wrote:Easy money, no work required. Anyone can play. Just 5% down. No worries. Sure to get rich!
Commissions in Vancouver that are far less than those in Toronto and most of the US.
Vancouverites rent here and there. They don't get rich and don't need too as their rents can only rise 3% a year. It's about entitlement.
jimtan wrote:IMO, the power of a RE boom is seductive. Easy money, no work required. Anyone can play. Just 5% down. No worries. Sure to get rich!
Millions for the realtors and associates. An extra million for you if developers buy en-bloc. Two million for you courtesy of our foreign friends. Everyone gets rich!
Except that 50% of Vancouverites are renting. They don't get rich, and their rents rise 20% a year. It's not about entitlement. It's about sociopath insanity. Unless, workable solutions are found, the consequences will arrive.
America is getting its reckoning. Don't let it happen to Canada. Follow the example of other countries that follow long term clarity. Squeeze out the foreign investor in the RE markets.
They don't contribute to the vibrant local culture. Do not add to the Canadian story in a positive way.
eyesthebye2 wrote:“I think the most important element of their reset is recognizing that the existing housing stock — which is so heavily single-family homes which nobody can afford and condos which are too small for families usually — [isn’t] working,” Tom Davidoff
This is what I've been saying.
We need townhouses and rezone detached lots to build 1500sqft infill in the back or side yard.