3 ms·

I currently live in Vancouver, BC. We have one of the highest ratios of cost of living to income. According to statistics canada, in 2008 the median total incom

I currently live in Vancouver, BC. We have one of the highest ratios of cost of living to income. According to statistics canada, in 2008 the median total income by family was $68,670. That year the average house price in greater vancouver for a single detached unit was $921,000. I can tell you that things have hardly changed at all. We currently have one of the highest cost of living in the developed world. edit: We have now crossed the $1 million mark: http://www.ctv.ca/CTVNews/Autos/20100406/vancouver_100406/ http://www.ctv.ca/CTVNews/Autos/20100406/vancouver_100406/

kreek 16y ago
You also have one of the biggest housing bubble in the world. I grew up in Vancouver (now in CA), it is one of the most beautiful cities in the world, but million dollar average home values are not sustainable when the average income is $68k.
- analyst74 16y ago
  You can to take into consideration of those who do not primarily live in Vancouver but purchase property there, including but not limited to, Hong Kong riches.
ww520 16y ago
Could it be the bubble caused by the 2010 Winter Olympic? Now that it's over, things should simmer down.
- hugh3 16y ago
  Heh, no, the Olympics typically don't cause much of a bubble on their own. I present Sydney house prices from 1980-2008: http://www.marshegroup.com.au/SiteMedia/w3svc627/Uploads/Images/sydney%20median%20prices.jpg http://www.marshegroup.com.au/SiteMedia/w3svc627/Uploads/Ima... Sydney, as you may recall, had the Summer Olympics (generally much bigger than the Winter ones) in 2000, and if anything that's just the start of another spurt of bubble. Vancouver is bubbly for all sorts of reasons (and so is Sydney). Mostly I think it's the same bubble that hit the United States, but due to less crazy lending standards in Canada there hasn't been the sudden burst there.

3 ms·

I currently live in Vancouver, BC. We have one of the highest ratios of cost of living to income. According to statistics canada, in 2008 the median total incom

by goalieca 16y ago

kreek 16y ago
You also have one of the biggest housing bubble in the world. I grew up in Vancouver (now in CA), it is one of the most beautiful cities in the world, but million dollar average home values are not sustainable when the average income is $68k.
- analyst74 16y ago
  You can to take into consideration of those who do not primarily live in Vancouver but purchase property there, including but not limited to, Hong Kong riches.
ww520 16y ago
Could it be the bubble caused by the 2010 Winter Olympic? Now that it's over, things should simmer down.
- hugh3 16y ago
  Heh, no, the Olympics typically don't cause much of a bubble on their own. I present Sydney house prices from 1980-2008: http://www.marshegroup.com.au/SiteMedia/w3svc627/Uploads/Images/sydney%20median%20prices.jpg http://www.marshegroup.com.au/SiteMedia/w3svc627/Uploads/Ima... Sydney, as you may recall, had the Summer Olympics (generally much bigger than the Winter ones) in 2000, and if anything that's just the start of another spurt of bubble. Vancouver is bubbly for all sorts of reasons (and so is Sydney). Mostly I think it's the same bubble that hit the United States, but due to less crazy lending standards in Canada there hasn't been the sudden burst there.