Property Assessments

[pescador]

When I bought my first place in 1977 at the foot on Victoria Dr in Vancouver, in what was a **** hole area at the time, we were told we were in the worst real estate crisis for first-time buyers ever by the press and real estate agents. If you didn’t buy right then, you’d never be able to get into the Vancouver market. I begged, borrowed, sold my 68 Z28 and lied to get the mortgage. It’s an old repeating story. If people today somehow think it used to be easy to afford BC housing in the past I’m here to tell you it’s never been cheap. I know, I was there.

 

[Aquaholic]

When I bought my first place in 1977 at the foot on Victoria Dr in Vancouver, in what was a **** hole area at the time, we were told we were in the worst real estate crisis for first-time buyers ever by the press and real estate agents. If you didn’t buy right then, you’d never be able to get into the Vancouver market. I begged, borrowed, sold my 68 Z28 and lied to get the mortgage. It’s an old repeating story. If people today somehow think it used to be easy to afford in BC housing in the past I’m here to tell you it’s never been cheap. I know, I was there.

I sold a 69 Z/28 Rally Sport to buy my first house. That hurt. Barrett Jackson reminds me yearly. Real estate has done Okay though.

 

[wildmanyeah]

Capital gains

If they put in Capital gains then I'm gonna start claiming my lawn mower as an expense.

 

[Rain City]

When I bought my first place in 1977 at the foot on Victoria Dr in Vancouver, in what was a **** hole area at the time, we were told we were in the worst real estate crisis for first-time buyers ever by the press and real estate agents. If you didn’t buy right then, you’d never be able to get into the Vancouver market. I begged, borrowed, sold my 68 Z28 and lied to get the mortgage. It’s an old repeating story. If people today somehow think it used to be easy to afford in BC housing in the past I’m here to tell you it’s never been cheap. I know, I was there.

How many times your annual salary did the house cost then?

 

[kingblazer84]

I sold my project truck to find my down payment but there is still NO comparison to prices from the pre 80s and 90s etc! no where close even at 18% interest rates! it doesn't equate to the housing prices of nowadays and the down payments needed to get into them or qualifications! Nor the prices of everything just to survive and put food on the table.. AND YES WAGES WERE LESS!

also not trying to start an argument with anyone lol

 

[pescador]

How many times your annual salary did the house cost then?

3X. But of course my wife didn’t work. So say 5X as today most families today have 2 incomes. And the interest rate was I think 12% as we were high risk and you didn’t dare negotiate because the options to get mortgages were minimal and it was as if they were doing you a favor. I’m not saying it’s easy today, just pointing out it wasn’t as easy in the past as people seem to think.

 

[Rain City]

3X. But of course my wife didn’t work. So say 5X as today most families today have 2 incomes. And the interest rate was I think 12% as we were high risk and you didn’t dare negotiate because the options to get mortgages were minimal and it was as if they were doing you a favor. I’m not saying it’s easy today, just pointing out it wasn’t as easy in the past as people seem to think.

Yeah life sounded way harder because now women are "allowed" to not be with their kids in order to survive.

 

[Rain City]

also not trying to start an argument with anyone lol

I am lol. I hate hate hate this argument. Life was easier, period. Someone on a carpenters salary could have saved enough to buy a house cash in 5 years. With their wife at home.

 

[kingblazer84]

I am lol. I hate hate hate this argument. Life was easier, period. Someone on a carpenters salary could have saved enough to buy a house cash in 5 years. With their wife at home.

Totally agree

 

[Clint r]

well truth be told there’s still lots places In BC in the $300-$400k range In smaller communities. No Starbucks in most of them though so that cuts out a good portion of millennials right there.

 

[Fishalot]

How many times your annual salary did the house cost then?

My father bought a brand new house in 1966 in Colwood outside Victoria for $16000. He bought a new Beaumont car in 1969 for $3800. He was an average wage earner with 4 kids and my mom didn’t work outside the home. So yeah using the past for comparison things are a lot more expensive.

 

[Aquaholic]

well truth be told there’s still lots places In BC in the $300-$400k range In smaller communities. No Starbucks in most of them though so that cuts out about 75% of millennials right there.

I had to leave Vancouver Island in my teens to get started, most of the resource jobs were IWA and they were on a massive strike...again...moved to Prince Rupert to begin my journey. Moving away and to a remote place builds character for sure, Rupert turned out to be a really good decision for me. I see many parents not happy with the possibility of their adult children having to move away to get employment, and a home, this used to be the norm.

 

[Rain City]

I had to leave Vancouver Island in my teens to get started, most of the resource jobs were IWA and they were on a massive strike...again...moved to Prince Rupert to begin my journey. Moving away and to a remote place builds character for sure, Rupert turned out to be a really good decision for me. I see many parents not happy with the possibility of their adult children having to move away to get employment, and a home, this used to be the norm.

My parents left Kits for East Van. Bad move lol. I could have been reeeeeeich!

 

[Aquaholic]

My parents left Kits for East Van. Bad move lol. I could have been reeeeeeich!

I can't hear you with that silver spoon in your mouth.

 

[Rain City]

I can't hear you with that silver spoon in your mouth.

Ha! I've been a carpenter since I was 16. Couldn't afford to go to school. I've never received a dollar from my parents for my housing needs. I've lived in basement suites for most of my life. I currently live in 950 sq ft and have a 1.2m mortgage. And I'm one of the lucky ones

 

[Aquaholic]

Ha! I've been a carpenter since I was 16. Couldn't afford to go to school. I've never received a dollar from my parents for my housing needs. I've lived in basement suites for most of my life. I currently live in 950 sq ft and have a 1.2m mortgage. And I'm one of the lucky ones

I have personally witnessed your plight. Might want to change your avatar to a soup kitchen. ;-)

 

[Rain City]

I have personally witnessed your plight. Might want to change your avatar to a soup kitchen. ;-)

Hahaha. All I want is to live in 3600 sq ft with no tenants and a three car garage in one of the most expensive cities in the world. 15 minutes from my boat. Is that too much to ask?

 

[Aquaholic]

Hahaha. All I want is to live in 3600 sq ft with no tenants and a three car garage in one of the most expensive cities in the world. 15 minutes from my boat. Is that too much to ask?

Currently I cannot think of anyplace else I want to live. Thought about a return to Van Isle, but with a 12 month sport fishing activity already here, my goodness this is an amazing place.

 

[Teja]

Hahaha. All I want is to live in 3600 sq ft with no tenants and a three car garage in one of the most expensive cities in the world. 15 minutes from my boat. Is that too much to ask?

Not at all ... 15 minutes from the boat is undue pain and suffering.

 

[Clint r]

I had to leave Vancouver Island in my teens to get started, most of the resource jobs were IWA and they were on a massive strike...again...moved to Prince Rupert to begin my journey. Moving away and to a remote place builds character for sure, Rupert turned out to be a really good decision for me. I see many parents not happy with the possibility of their adult children having to move away to get employment, and a home, this used to be the norm.

I’ve only got one kid. She’s 30 now. We taught her from a young age to be independant and to be self reliant. She’s a world traveller and financially secure now. And she did it all on her own. Well, with minimal help from us but there was still a time or two she needed a hand. But I can say she certainly wasn’t living in our basement past the age of 20.