Cheap Eats in Vancouver
There is nothing like sitting down to a good meal, even if you aren’t a foodie. However, the last thing that you want to do is be handed a considerable bill at the end of the meal. In most instances, this can take some of the shine off the feast that you just indulged in. Now, Vancouver has certainly gained a reputation as a city that produces some of the best dining options around. However, in addition to all of those exclusive restaurants, there are also plenty of budget meal options available. Here are some of the best cheap places to eat at:
Meat and Bread
Well, as the name implies, if you like meat and you like bread, then this is the restaurant to hit up. At this sandwich shop, you get generous portions of both meat and filling, making every sandwich a fulfilling meal. Most of the sandwiches are under $10, with the exception of Thursday’s special. Of course, that comes chock full of ingredients, so it is a little difficult to begrudge the restaurant. Despite being titled Meat and Bread, this sandwich shop does have options for vegetarians as well. They also have a nice selection of desserts for equally affordable prices.
This food truck was formerly known as Hamburger 2.85, to denote the price of their unusual burgers. If you are looking for a delicious burger that has Japanese influences, then this is definitely the place for you. The food truck has gotten a revamp recently, changing up its menu in addition to its name. The $2.85 burger has been replaced by slightly more expensive options, but these still remain incredibly inexpensive. In fact, if you are hoping to score a burger, fries, and drink, you can easily do so for under $10. Best of all, you will be provided with a quality and delicious meal as well.
La Taqueria Pinche Taco Shop
If you are looking for some good Mexican food that won’t burn a hole in your pocket, then La Taqueria Pinche is the place to head. In addition to producing excellent Mexican fare, this restaurant also offers a bargain you cannot refuse. The more you eat, the less you have to pay! A traditional taco will cost you about $3 if it is meat-filled or $2.50 if it is vegetarian. However, if you order four tacos at once, you only have to pay $10.50 for the meat ones and $8.50 for the veggie options. You can’t possibly turn away from a delicious offer like that!
Bestie might be in Chinatown but they are known for their delicious German cuisine. If you are looking for some traditional German street food, you can indulge in the currywurst for under $10. This joint is also known for their delicious pretzel combos. An entire platter along with sauce and additions will cost you around $10. If you just want to try out their standard (and famous) pretzel and mustard, however, it will cost you under $5. There are also plenty of side dishes and vegetarian options to choose from, so everyone is catered to here.
Hawkers Delight offers up wholesome Malaysian and Singaporean dishes. Not only are each of the dishes absolutely delicious, but you also get a lot of bang for your buck with the generous portions. The menu is quite extensive and shockingly affordable. With the exception of the Lamb Curry Rice, you will find that most of the dishes are well under $10. You can also get tofu puffs and vegetable spring rolls for less than a dollar each! This is certainly one of those places that you can eat as much as you want and still not have your bank account feel it.
If you are looking for some affordable eats in Vancouver, then the above destinations will become some of your favourite places. The prices are reasonable and the tastes are unbeatable.
Vancouver Housing Market Crash
Experts have been saying for a while that Vancouver was experiencing a housing market bubble (https://www.lifeoncredit.ca/). These individuals all believed that this bubble was going to pop quite soon. Well, just a few months ago, in the latter stages of 2016, this is precisely what happened. The housing market took an incredible hit, tumbling to a considerable low, particularly considering what the past prices had been like. In just a year, the prices had been reduced by 45 percent. In just a course of a month or two, the prices dropped by over 20 percent. Let’s take a look at some of the factors that may have prompted this situation:
New Foreign Ownership Tax
On the 25th of July, it was announced that all foreign property buyers would be charged with an additional property transfer tax. This luxury property tax was deemed to be 15 percent. The law came into effect on the second of August. Now this legislation may have been enforced due to a desire to make more money for the Canadian economy. The actual result, however, was quite different. The Vancouver housing market saw foreign investors dropping out of many of the property deals. In fact, of all the sales that took place since the law was introduced, less than one percent were by foreign buyers. Chinese investors, in particular, appear to be aggrieved by this new tax. Prior to the tax being announced, foreign property buyers were responsible for about $2.3 billion worth of housing projects in Vancouver alone. By taking away this international interest, Vancouver is now suffering a certain lack of buying power in the housing sector.
New Federal Government Legislation Regarding Mortgages
While the luxury tax on international investors certainly contributed to the problem, this was not the only issue that led to this market crash. Several laws regarding the citizens of Vancouver, themselves, certainly lent a hand in creating the current situation. This was largely due to the introduction of certain laws in regards to mortgages. One of the laws with the greatest impact is regarding the stress test that will now be applied to all those wishing to get a mortgage. In addition, the interest rates applied to these mortgages will also be much higher than what most individuals are expected to pay. Therefore, they will have to pass a theoretical stress test that may not even apply to their situation.
Another move made by the federal government requires all individuals who are paying down payments between 5 and 20 percent to pay mortgage insurance. Compounding this law is the fact that many of these potential home owners are expected to pay higher premiums on this insurance as well. Last but not least, the changes being implemented also place a limit on a prospective HELOC, particularly one that is non-amortized. Here, homeowners will be unable to borrow an amount over 65 percent of their overall property value. If they wish to do so, the HELOC will have to be amortized.
The intentions behind these actions are quite simple. Due to the rising house prices in both Vancouver and Toronto, the government fears that there will be large numbers of mortgage defaults. By having these stringent limitations in place, they are hoping to ensure that individuals with debt (https://www.lifeoncredit.ca/getting-out-of-debt-get-a-chance-with-debt-consolidation-loans/), credit card debt, or bad credit are less likely to get large mortgages. Individuals who have taken on personal loans (https://www.lifeoncredit.ca/bad-credit-personal-loans-in-canada/) are also likely to be screened when they apply for a mortgage .
When combined, the two legislations above have very different outcomes to what was expected. Due to the lowered number of international investors, there are fewer houses and other properties being bought. This is only exacerbated by the laws that now govern prospective Vancouver homeowners. It is now harder than ever for individuals to receive mortgages and, thus, buy homes for themselves. It also causes individuals to be less likely to think about buying property and postpone this particular activity for later. All of these events, however, are causing even worse conditions for the Vancouver real estate market.
These are just a few of the reasons that the Vancouver market crash took place this year.