From Tom Durning: “An excellent lesson in the meaning of inflation. ”
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And an excellent lesson of the impact of transportation on land use – or, arguably, sprawl. The lots were accessible in 60 minutes from Vancouver because of the Great Northern Railway.
Even then, they may have been worthless the following year, when the Crash of 1913 exterminated a lot of real-estate value in an overheated market.
Still, White Rock made a great place for a summer cottage on a day like today – but could you make it there in an hour from Downtown Vancouver?
I remember kids in the 1960’s could get a certificate for one square foot of Arctic tundra by sending in a dollar and a cereal box top. Paying $1.50 for a subscription to a magazine and getting title to a building lot? Pretty good for 1912.
Some blog entries re ” real estate bubble” would be good to give some historic perspective.
When I first moved here in 1988 I saw almost the same headlines as today: real estate bubble, who can afford it, over 80% of average wage for an average house, too many immigrants, long commute times, bla bla bla .. And that was when Burnaby houses were $250,000 .. Now $1M and Point Grey homes approaching $800,000 to $1M .. Now often over $3M …
Gee I should have bought those White Rock lots then .. Or today even .. As everything in Vancouver will be twice as high 20-25 years from now … Because Vancouver is just so awesome and actually not too expensive on a world scale when compared to ther attractive cities like Vienna, London, Paris, HongKong, Sydney or Singapore …
The cities you mentioned, Vienna, London, Paris, HongKong, Sydney or Singapore are cheaper than Vancouver and you make alot more personal income in those cities. Vancouver real estate is being over bid by foreigners with no imagination or creativity that follow each other like lemmings off a cliff. The young people are getting sick of it and will vote people into power to tax this people and bring things back to reality, or a crash will happen and do it for us.
yeah, I heard that same argument too 25 years ago when a Burnaby bungalow was $250,000.
Land is scarce in Vancouver. Its cheaper further out, mainly east or south.
Vancouver always has been, AND ALWAYS WILL BE, very expensive due to scenic beauty, land scarcity, closeness to ocean and mountains, views, walkable seashore, parks, closeness to pristine nature (Northshore mountains, ocean, islands, Whistler), international airport, 30+ harbours, world class university and Albertans and Asians with money moving here, retiring here or buying second homes.
I agree that property taxes could be higher, both on acquisition and annually to monetize international investors’ desire to buy here, and then that money can be used for social purposes. That will however not lower house or condo prices except the $2M+ category … somewhat.
$750,000 for those White Rock lots today.
30 mins. to YVR. 50 mins. to Downtown.
And $1.5M in 20-25 years. Some bubble, eh ?