Vancouver Housing Bubble Video
Sounds like a Canadian Ponzi Scheme to me... Their average home value hit $623,000CN used, $667,000CN new, up $100,000CN in the past year.
To afford the average home you need $122,000CN income, while the real average income in Vancouver is about a third of that, at $42,000CN
When people can't afford the homes, and the only way you can buy one is to be inside the Ponzi Scheme, then it falls in on its own weight.
June 12, 2006
Canadian real estate ponzi scheme video
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8 comments:
No, you make housing affordable by running up inflation so wages increase and by popping the housing bubble so prices in that asset class decline.
This is what the central bankers are getting set for. We will see huge increases in the money supply worldwide (the true definition of inflation) even as the speculative excess in RE is drained out and prices in some markets fall 25%-50%.
My prediction:
Housing prices fall by %10 for each full point rise in interest rates, housing market volume collapses.
Haven't you heard? Vancouver is different. Real estate prices have gone up tremendously in the last two years, therefore they will go up tremendously evermore into the future hurrah!
We've got a two week sporting event called the olympics coming up in just four years and by that point a 600 square foot leaky condo in central vancouver will be worth THREE MILLION DOLLARS! Buy now while you still can!
http://vancouvercondo.info
I live around Vancouver and it is plain ugly. Prices are going up, cities are being built overnight and people are getting far more greedy than ever before. I just bought 2 staplers and some sticky tape, cost me $60. I bought a nice red Swingline and a lesser brand and no-name tape. Things are getting pricey! Accumulating $$ for the downturn.
Also, the *median* income in Vancouver is in the bottom 3rd of Canadian cities, clocking in at just under $58k.
Haha stupid frenchies cannot even spell center correctly. LOL
I have a blog like yours on Real Estate. When you get a chance, stop by and check out my blog on Vienna Virginia Real Estate - http://viennaaddict.blogspot.com/
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a house on 731 Union sold for 9200000
!!! What is going on;either the buyer is insane or he/she is a dealer longing for convenience to clear out
he/she inventory of co and Hero.
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