Real Estate Bubble, Brain Drain and g-u-t-t-i-n-g of society
Seeking Value In RE… And Other Spheres – “When my PhD is done, I’ll be more than happy to shake the dirt of Vancouver off of my shoes. Pretty much any other city I go to in North America has either a lower cost of living or better job opportunities or both.”
“Most of the new UBC profs I know live in tiny sky boxes, an hour commute out in the suburbs, or are up to their ears in debt. Remember that years of grad school followed by a half-decade of post-docing leaves them with very little savings. Either mortgage up or buy small and/or far out, because you don’t have a damn thing for down payment.
Honestly, when my PhD is done, I’ll be more than happy to shake the dirt of Vancouver off of my shoes. Pretty much any other city I go to in North America has either a lower cost of living or better job opportunities or both. The only way I lose as a trained scientist is by staying in the lower mainland. This is the sentiment amongst pretty much every other grad student I know who doesn’t buy in to the “best place on earth” dogma.
Vancouver has become a place where young people piss away their 20s in pseudoretirement and student debt and a resort town for the pacific rim economic elite and babyboomers who bought property pre-2001.”…
“I’ve seen a few professors trade up in the real estate market after being in Vancouver for several years. This usually was because they were able to buy a place in East Van, Kits, or Dunbar pre-2004 and trade up as the market got over heated in combination with their income plus the spouse’s… I also know of one person who related the market to a E. coli growth curve and pointed out that we’re hitting plateau phase right now as all economic nutrients have been used up and got the hell out at the peak. Maybe luck, maybe real foresight.”
– ‘UBCghettodweller’ at VREAA 17 Jul 2012 8:55am and 2:11pm
“As a highly trained specialist, it usually makes sense to go where your skills are valued and appreciated, and you can be financially rewarded for having those skills. It is difficult to argue that Vancouver abounds in such opportunities for highly trained scientists (there are exceptions, e.g., geologists and forestry-related scientists).”
– ‘Anonymous UBC Professor’ at VREAA 17 Jul 2012 9:39am
“I stuck it out as a postdoc for a few years and then, adios! And I’ll tell you, I’ve never looked back (although I visit from time-to-time… mainly just to remind me why I’m gone).”
– E.G. at VREAA at 17 Jul 2012 4:28pm
“I have a sister-in-law who graduated form UBC with a PhD in BioChem. just a few years ago. She would have happily stayed in Vancouver, actually she would have happily moved anywhere she had to, for a post-doc or tenure-track position. RE was not an issue, simply landing a good job was #1. My understanding is faculty positions are difficult to come by. A good friend of mine with a new doctorate was just offered a position at UPEI and he is extremely happy, again RE not a factor, just getting an offer was the trick. I sometimes wonder if we place too much weight on the significance of Vancouver RE in regards to career, especially in the early years. After all, renting is always a great option, even for professionals. Regardless, my sister-in-law landed at Stanford, and rents.”
– Allen at VREAA 17 Jul 2012 11:14am
“The phenomenon isn’t restricted to Vancouver (albeit, Vancouver’s RE market distortions arguably exacerbate it)…
Here’s a timely piece from NewsWeek’s Joel Kotkin on ‘GenerationScrewed’ that addresses those themes.”
– Nemesis at VREAA 17 Jul 2012 1:20pm
“Perish the thought there are vast expanses of undeveloped land in North America, ripe for the picking. Areas of California, once deserts and groves, turned into some of the most progressive areas on the planet over the past 40 years.
The “generation screwed” needs to figure out other methods of getting what it wants. Muscling in on the previous generation’s territory is likely going to meet with resistance. From that perspective it should be no surprise apartments are becoming smaller.”
– jesse at VREAA 17 Jul 2012 3:24pm
Wise people take advantage of resources that are irrationally undervalued, rather than getting in line to compete with the herd for resources that are irrationally overvalued.
More examples of those affected by the “False Hope ” bubble economy. There are many people that state, with supportive facts, that Renting is the most viable option, and that people simply have to avoid the more emotional inclination to buy. However, once the buying pool has been turned off from purchase, then the selling pool has a race to the bottom. That home moves from being an asset and becomes a liability
Can this buy- sell cycle ever be re-established? I don’t know. It does not look good.
The social engineers have attacked the traditional family unit for decades, so people by middle age will be divorced at least once,…….a few abortions? , STD’s…..not “sure” if you like the opposite sex,…or even your “current” gender……. changed mind re having kids..but oops too late biological clock ran out……… hence, in various means effectively engineer a family of “One” , and whereby a small 600 sq. ft. jail cell called a “condo” will be one’s future.
That’s, unfortunately, what my crystal ball sees.