- “The housing bubble in Canada is fictional. … If you can’t afford $500K for a 600 sq ft condo, can you afford $450K? Can you afford $400K? The difference is only $400 to $500 a month which in downtown Vancouver is not a lot of money … If you want to live in one of the world’s most densely populated areas, then you pay the price…”
That Asian money will support our housing prices even when those prices surpass the ability of local incomes to support it.
- “This is the kind of throw away comment that is accepted as correct and perpetuates the mania... There will always be some weather/beauty premium on Vancouver over other Canadian cities, but this is currently disproportionately high. Property prices are two to three times fair value determined by fundamentals... In doing so [people] omit the most important cause of the 'insane' RE prices: a massive speculative mania driven by debt."
But I don't think you can find a theatre room in your 'average' home...
Nor will you find a beautiful pool like this with giant glass enclosure over it...
The price for this palacial hut? $925,000.
Okay, let's check out Vancouver. What can you get on the east side in Killarney for $978,000?
How about this 1,958 sq foot, 3 bedroom home on a 41.6x131.8 irregular lot.
Is this what the CBC commenter meant when he says you pay the 'price' to live here?
I would suggest that far more than above average 'price' is being sacraficed to live here right now.... so is rationality.
This will not end well for anyone foolish enough to plunge themselves into massive debt to buy here. How can people not see this?
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