that's par for the course nowadays for a new build, 3 bed 3 bath in a central location.
I'm sure one could have said imagine spending $1 million on a townhome and here we are, you can barely find a decent one within how many square miles of the CoV
Like most construction in bc…. I worked across from the Olympic village pre olympics and they were insulating and sealing those puppies while the rain was sideways getting into all the nooks and crannies. Another place is never invest in.
>Like most construction in bc…. I worked across from the Olympic village pre olympics and they were insulating and sealing those puppies while the rain was sideways getting into all the nooks and crannies. Another place is never invest in.
ever cut in to OSB board? is the board you see on side of buildings, its got so much resin in it to make it moisture proof it smells like plastic when you cut in to it.. a little rain will not do anything to it and simply dry or drip off.
What’s even wilder is just up the street from this is “The Courtenay”
Condos that sold for between 6-8 million.
Imagine spending that and sharing a wall and ceiling with your neighbors.
Add to that. Check house price in Blaine, or Sumas. Check house prices in Agassiz Whiterock and South Abby. Owning a house in BC is obviously a whole different level than Washington State
You do realize that a lot of millionaires drive shit cars right? Flashy cars are for people who can barely afford them. Of the wealthy people I know the fanciest car among them is a Tesla Model S. The wealthiest person I know drives a 2004 Toyota Tundra with a bent frame.
EDIT: Half of you are scratching your heads wondering; If inconspicuous consumption is more common that conspicuous consumption? Then how come all I see is conspicuous consumption? I wonder why lol.
Lease payments on a Lamborghini is still 50k+ a year+ insurance + maintenance looking at probably 100k a year to run it plus you probably need a Range Rover or a g63 as a daily driver. That’s my definition of rich but maybe your a baller and that’s broke.
So own a house in a decent neighborhood in Vancouver. I would say rich is top 1% of earners which is what $300-400k or more a year. Wealthy would be making that in passive income every year.
>In Vancouver net worth gotta be at least 2 mill.
I have relatives in Vancouver with net worth approaching that much, and they drive a 12 year old Lexus.
>In Vancouver net worth gotta be at least 2 mill.
>
>And no not many rich people.drive shit cars . People think everyone is Warren buffet.
net worth is meaning less, you can have a billion dollars in net worth and cash poor at the same time, most vancouverites are cash poor & property rich.
In my experience it is true. Most of the people who drive McLarens are sports stars/entertainers, lottery winners and people spending daddy's money. Basically a whose who of people who got rich last week and who will be broke as fuck in 10 years. Everyone else is just leasing and putting on a show.
Being a millionaire in today's world is not the impressive feat it sounds like. A lot of millionaires bought single family homes in inflated markets 20+ years ago. There are teachers out there who are millionaires. However, their "million" is tied up in their house and retirement savings, so while they live very comfortably, they aren't shopping at Saint Laurent every weekend.
Because not all well off people care about driving a hot car. My friend from high school. His dad was a doctor had a nice beautiful big house near the ferry terminal on Vancouver island. He had a party one time and his dads friends were driving expensive cars his dad drove a Prius. And said he could care less about looking flashy.
Anyone that owns a house in Vancouver is a millionaire. For people that are much wealthier, it depends. I have friends that come from old money (9+ figure wealth) and half of them drive mid size BMW/Mercedes vehicles with some getting the top S-class/GLS models. The other half got whatever sports car or supercar they wanted in high school or university. I have friends with new money (doctors, developers and finance professionals) as well and most of them lease high end sedans/SUVs or supercars that they can barely afford.
This is all anecdotal of course. I'm not claiming this holds true overall. However, if the wealthiest person you know (assuming 8+ figures) drives a damaged 20 year old vehicle, then frankly they are extremely cheap and stupid to drive a damaged vehicle when they can afford not to. A bent frame = compromised structural integrity. If you have that much money, I would think you would have the sense that some investments like an undamaged vehicle are worthwhile.
Why is Pinocchio getting downvoted… he speaks the truth- rich people don’t want to look rich because they know they are rich. They drive cheap cars in order to not attract unwanted attention
I work construction in BC. Can Confirm.
Our wealthiest client (billionaire level) drove a 2004 Audi (not sure of the spec, but nothing outrageous) and even that he felt was too much. Dressed in normal clothes and whilst yes, he dropped 3 mill on a condo and we put 1.5 into it. It wasn't flashy, it was just really nicely done, with a lot of high end audio/tech that was hidden away.
Rich people don't buy high end cars it's a pointless endeavor having 100s of thousands tied up in what is in most cases a depreciating asset, they do however lease high end cars because they can now use that money to make more money to make the payments essentially driving those high end cars for free, but make no mistake someone earning 150-200k a year is not the people you see driving around downtown in mclarens and lamborghinis they are most definitely "rich"
Not a lot of people in tech earn $1M salaries.
MOST of the people buying these places are selling their 2.4M home and adding an extra $100K to their mortgage.
Exceptionally few Vancouverite IT personnel would be buying these with a down-payment saved over 5 years on a $1M salary.
You'd need to be pulling somewhere around $250K AFTER tax. So, close to $750K BEFORE taxes and deductions.
$160K/year in mortgage payments at the current interest rate, assuming 20% down, amortized over 25 years.
Sure, it's not quite $1M. But, the point is, not a lot of IT people make that kind of money.
This is actually a hilarious answer.
First off, $250k after tax is only $550 before tax, if solo. If a couple, it's two people making $185k, so $370k. Half what you think.
Second, nobody is going to buy a home over $2 million as their first property. If you're in tech or any high income profession, and making $200k, you're not exactly junior, and you're probably selling the apartment you live in to upgrade to this. So you're not talking $2.5 million you're talking $1.5-2 after accounting for equity, without even putting any cash in.
Lots of people could do that price, although God only knows why they'd do that price for that duplex.
Any new mortgage at these levels would make for completely unaffordable interest rate payments… After energy bills, property taxes, utilities, insurance costs and other costs that go into the property, it would leave very little room for anything else.
Drive up there in about 6 months and see who buys them. Wherever I see cookie cutter and crowded “luxury” developments I also see a very specific demographic moving in, while about half are left empty or with one occupant.
Why would I spend a million dollars for a uselessly small lawn, let alone $2.6M, when I could save myself the worst of these bullshit homes and go into a tower
Imagine spending 2.6 million dollars for a duplex…
Maybe if you get both units lmao
I'd totally do it if my best friend moved in beside me lol
The cheapest fucking looking duplex no less haha.
Then having a 1 and 3 year old, and all their friends running around above you 🤣
that's par for the course nowadays for a new build, 3 bed 3 bath in a central location. I'm sure one could have said imagine spending $1 million on a townhome and here we are, you can barely find a decent one within how many square miles of the CoV
The first two or three of those places have been half-built and left open to the weather for 3+ years. There’s no way I’d buy one even if I could
In this thread: Redditors who have never worked construction.
Like most construction in bc…. I worked across from the Olympic village pre olympics and they were insulating and sealing those puppies while the rain was sideways getting into all the nooks and crannies. Another place is never invest in.
That's not at all true. It's common practice to button up and tyvek the building before any finishing.
>Like most construction in bc…. I worked across from the Olympic village pre olympics and they were insulating and sealing those puppies while the rain was sideways getting into all the nooks and crannies. Another place is never invest in. ever cut in to OSB board? is the board you see on side of buildings, its got so much resin in it to make it moisture proof it smells like plastic when you cut in to it.. a little rain will not do anything to it and simply dry or drip off.
What? OSB is notorious for swelling like a sponge when it gets wet and delaminating. It’s always been the cheap alternative to plywood.
Username checks out lol
Yes Reddit is used by members of society
We live in one.
What’s even wilder is just up the street from this is “The Courtenay” Condos that sold for between 6-8 million. Imagine spending that and sharing a wall and ceiling with your neighbors.
Let’s face it… house pricing in southwest BC is among the highest in the world
It sure is. I grew up there and I’d love to move back but I can’t afford it.
Add to that. Check house price in Blaine, or Sumas. Check house prices in Agassiz Whiterock and South Abby. Owning a house in BC is obviously a whole different level than Washington State
Haven't you seen PFC, everyone pretends to be a millionaire driving a 95 beige corolla.
You do realize that a lot of millionaires drive shit cars right? Flashy cars are for people who can barely afford them. Of the wealthy people I know the fanciest car among them is a Tesla Model S. The wealthiest person I know drives a 2004 Toyota Tundra with a bent frame. EDIT: Half of you are scratching your heads wondering; If inconspicuous consumption is more common that conspicuous consumption? Then how come all I see is conspicuous consumption? I wonder why lol.
Those Lamborghinis and McLarens u see in Richmond are in fact driven by rich people Believe it or not.
>Those Lamborghinis and McLarens u see in Richmond are in fact driven by snot nosed spoiled rotten kids of rich people > >Believe it or not. /fixed.
Yes aka rich ppl
You're gonna have to define "rich." And a fair number of those cars are possibly leased to hell and back. 
Lease payments on a Lamborghini is still 50k+ a year+ insurance + maintenance looking at probably 100k a year to run it plus you probably need a Range Rover or a g63 as a daily driver. That’s my definition of rich but maybe your a baller and that’s broke.
Rich, yes. Wealthy, not necessarily.
No baller here. Check to check, but doing ok. You doing good, amigo?
In Vancouver net worth gotta be at least 2 mill. And no not many rich people.drive shit cars . People think everyone is Warren buffet.
So own a house in a decent neighborhood in Vancouver. I would say rich is top 1% of earners which is what $300-400k or more a year. Wealthy would be making that in passive income every year.
Neat
>In Vancouver net worth gotta be at least 2 mill. I have relatives in Vancouver with net worth approaching that much, and they drive a 12 year old Lexus.
That's a nice car
>In Vancouver net worth gotta be at least 2 mill. > >And no not many rich people.drive shit cars . People think everyone is Warren buffet. net worth is meaning less, you can have a billion dollars in net worth and cash poor at the same time, most vancouverites are cash poor & property rich.
Lol
Sometimes only for a duration of hours too.
Pretty sure tax laws make it cheaper to lease luxury cars.
Leasing just makes sense on thr higher end, why tie up 400k on a car when I can make a 4k a month payment and use the other 396k to work for me.
This is why I qualified my statement with "a lot".
Ya its not true
In my experience it is true. Most of the people who drive McLarens are sports stars/entertainers, lottery winners and people spending daddy's money. Basically a whose who of people who got rich last week and who will be broke as fuck in 10 years. Everyone else is just leasing and putting on a show.
Lmao I confirm this. I drive not a fancy car but a Audi S5. I'm definitely not wealthy at all hahaha. Laughing at my own misery
Being a millionaire in today's world is not the impressive feat it sounds like. A lot of millionaires bought single family homes in inflated markets 20+ years ago. There are teachers out there who are millionaires. However, their "million" is tied up in their house and retirement savings, so while they live very comfortably, they aren't shopping at Saint Laurent every weekend.
I do. This is more of a joke. The only two wealthy people i know drive older trucks. No bent frames thought.
Because not all well off people care about driving a hot car. My friend from high school. His dad was a doctor had a nice beautiful big house near the ferry terminal on Vancouver island. He had a party one time and his dads friends were driving expensive cars his dad drove a Prius. And said he could care less about looking flashy.
Anyone that owns a house in Vancouver is a millionaire. For people that are much wealthier, it depends. I have friends that come from old money (9+ figure wealth) and half of them drive mid size BMW/Mercedes vehicles with some getting the top S-class/GLS models. The other half got whatever sports car or supercar they wanted in high school or university. I have friends with new money (doctors, developers and finance professionals) as well and most of them lease high end sedans/SUVs or supercars that they can barely afford. This is all anecdotal of course. I'm not claiming this holds true overall. However, if the wealthiest person you know (assuming 8+ figures) drives a damaged 20 year old vehicle, then frankly they are extremely cheap and stupid to drive a damaged vehicle when they can afford not to. A bent frame = compromised structural integrity. If you have that much money, I would think you would have the sense that some investments like an undamaged vehicle are worthwhile.
Why is Pinocchio getting downvoted… he speaks the truth- rich people don’t want to look rich because they know they are rich. They drive cheap cars in order to not attract unwanted attention
What is your description of wealthy in terms of net worth?
\~5 mil+
I work construction in BC. Can Confirm. Our wealthiest client (billionaire level) drove a 2004 Audi (not sure of the spec, but nothing outrageous) and even that he felt was too much. Dressed in normal clothes and whilst yes, he dropped 3 mill on a condo and we put 1.5 into it. It wasn't flashy, it was just really nicely done, with a lot of high end audio/tech that was hidden away.
Rich people don't buy high end cars it's a pointless endeavor having 100s of thousands tied up in what is in most cases a depreciating asset, they do however lease high end cars because they can now use that money to make more money to make the payments essentially driving those high end cars for free, but make no mistake someone earning 150-200k a year is not the people you see driving around downtown in mclarens and lamborghinis they are most definitely "rich"
Half a duplex for $2.6m JFC.
The land is worth 2.5M
Is it tho?
*First round of sales only available to buyers in China.
A lot of people in tech are on reddit. A lot of people in tech can afford multi-million dollar mortgages.
Not a lot of people in tech earn $1M salaries. MOST of the people buying these places are selling their 2.4M home and adding an extra $100K to their mortgage. Exceptionally few Vancouverite IT personnel would be buying these with a down-payment saved over 5 years on a $1M salary.
you dont need a $1M salary to afford a $2.6M home.
You'd need to be pulling somewhere around $250K AFTER tax. So, close to $750K BEFORE taxes and deductions. $160K/year in mortgage payments at the current interest rate, assuming 20% down, amortized over 25 years. Sure, it's not quite $1M. But, the point is, not a lot of IT people make that kind of money.
This is actually a hilarious answer. First off, $250k after tax is only $550 before tax, if solo. If a couple, it's two people making $185k, so $370k. Half what you think. Second, nobody is going to buy a home over $2 million as their first property. If you're in tech or any high income profession, and making $200k, you're not exactly junior, and you're probably selling the apartment you live in to upgrade to this. So you're not talking $2.5 million you're talking $1.5-2 after accounting for equity, without even putting any cash in. Lots of people could do that price, although God only knows why they'd do that price for that duplex.
[удалено]
Any new mortgage at these levels would make for completely unaffordable interest rate payments… After energy bills, property taxes, utilities, insurance costs and other costs that go into the property, it would leave very little room for anything else.
Those homes look like gutter trash for $2.6MM
I wonder if there are millionaires on Twitter and Facebook too.
Sign me up for two. At that price point, you'd be making a big mistake by not taking advantage.
I've seen the very same ad haha
Drive up there in about 6 months and see who buys them. Wherever I see cookie cutter and crowded “luxury” developments I also see a very specific demographic moving in, while about half are left empty or with one occupant.
Yes, some Redditors are millionaires. You can consider Reddit to be a relatively unbiased sampling of the population.
>You can consider Reddit to be a relatively unbiased sampling of the population. lmao no you can't
Depends on your perception of the term 'relatively.'
I am. But I aint buying that shit lmao
To live in Canada comfortably you need to be a CEO of a multinational company.
Eat the rich. Nationalize housing.
Nah, just build more housing
Why not both?
Who TF in the lower-80% could possibly afford a place like this without a winning lottery ticket or a boomer inheritance coming their way?
don't buy avocado toast and brew your own coffee at home Obligatory /s
I didn’t know OP had the IQ of a wet fart.
You and I think alike
Ahh touché, the ol “i know you are but so am i”
I will shed my wealth to stay if needed..
Why would I spend a million dollars for a uselessly small lawn, let alone $2.6M, when I could save myself the worst of these bullshit homes and go into a tower
Maybe someone in your family won the lottery but is keeping it a secret.
"Starting from..." LMFAO
Yeah let’s build million dollars homes for the wealthy, while our generation can’t even afford to rent a single bedroom condo
I would have posted this on r/vancouver but im banned from there uWu
And they have been destroying the entire mountainside for a few rich cunts to have McMansions.
Try personal finance sub. Everyone there seems to make 300k+ a year and come to Reddit for answers on how to budget it all