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Since I moved to Vancouver in 2010, I have been struck with the unique qualities of this city’s real estate market – and how deeply Vancouverites feel about it.
From a global perspective, it is an extraordinary market in terms of how expensive it is – average house prices put us in the league of London, San Francisco, Hong Kong and New York. But Vancouver is doesn’t have the head offices that support the local incomes needed to afford high real estate prices.
This city is transitioning from being a relatively small, neighbourhood kind of town into a globally desirable destination, with house prices to match. Yes, there are a few head offices here, but that is trumped by the extraordinary natural beauty and standard of living. Add to that economic growth and the Asia Pacific gateway, and it’s not surprising people from all over are flocking to live in this stunning metropolis (just as I did).
Here’s another way Vancouver differs from London and New York. There, regular locals with regular incomes don’t expect to live centrally. If you’re not rich, you live further out of the city, and commute. If you want to live more centrally, you live in a condo. It’s a harsh truth but this is the new normal for Vancouver. However, until we all adjust, the city is suffering from a case of growing pains.
What might help with that is a kind of “real estate therapist” – someone to ease housing woes by offering advice and busting myths about the market (of which there are many). That’s where I come in.
Every Saturday at 9am, on Vancouver’s new station Roundhouse Radio 98.3FM, I will be hosting a live, one-hour call-in show, “The Real Estate Therapist,” with a stellar line-up of regular guests to impart their specialist knowledge. As of press time, the show is scheduled to go live October 17.
Please tune in, and call in with your questions, during show time on 604-449-8983 or voicemail 604-449-5500. Tweet @estatetherapist or use #realestatetherapist – or [email protected].
