Oh me, oh my. I did a Realty Link search tonight, just to see what is up. Lotsa listings for East Van., but the range of properties in the same price range is surreal.
$725,000 on a 36x108 lot,
$725,000 on a 33x110 lot.
Personally, I would rather have the first house. It is older, and most probably better built (if you can get around lead paint and lead solder in the plumbing, and the fact that it is on a very busy street - 41st Avenue.)
But the second one looks so...Mediterranean, what with the palm trees, and warm sunlight, and the coral stucco. (still, the realtors take pictures like drunken sailors on leave)
But really, what kind of choice is it at almost 3/4 of a million flipping dollars? Either one of these places will require (at 5% down):
TOTAL Monthly Payment $ 5,495
Household Income Required $ 206,064
If you go up to a 25% down payment, you would only need an income of $160,000...in Rast Vancouver... (I decided to leave that Rast Van. typo in. Somebody must be smoking a lot of weed!)
It really is not even surreal anymore, it's more like a really bad f***ing dream. So many of us expecting to see the dam break, but there is no apparent sign of that.
There are desperate attempts to avoid recession afoot, but will they work? I do not think so. I think that it will just ensnare a few more suckers, and make the fall even harder.
I have made several references to Garth Turner lately, and it has nothing to do with politics. Turner reminds me of a badger, or another member of the Family Mustelidae. He has been writing of economics for many years, and is very concerned about the RE bubble. He is promising to write more on that in the coming days. It is worth reading to see what a Member of Parliament has to say specifically on the topic.
One more thing:
This place that I have been watching for a while now, has been on the market for a solid 7 months. The price has been at $799k for about 4 months. They change the picture every once in a while to keep it fresh.
I believe that price is their break-even point. Trouble is, the carrying costs must be really biting hard. I reckon at least $20k has been paid to those costs already - net of property taxes.