4 ms·

Does not apply to Vancouver, Canada. This beauty on 6000 sqft lot in a very simple neighborhood sold for 2.3 million dollars. With multiple offers. http://i52.

by abcd_f 16y ago

Does not apply to Vancouver, Canada. This beauty on 6000 sqft lot in a very simple neighborhood sold for 2.3 million dollars. With multiple offers. http://i52.tinypic.com/2i7pkxl.jpg http://i52.tinypic.com/2i7pkxl.jpg Close proximity to China, lots of rich people from Hong Kong and the mainland (and their children) and their unyielding supply of US money that just need to be parked somewhere -- all this keeps the bubble alive and kicking with no end in sight. Trying to understand why they don't go after prime real-estate in Calgary or Phoenix or Miami is a favourite past time on local real-estate forums. Nobody knows, but the bus-fuls of Chinese "investors" keep touring all open houses every weekend and buying stuff left and right. Just FYI if Winter Olympics planted any stupid ideas in your head :)

poutine 16y ago
All of Canada is in a bubble, not just Vancouver. Thus it's not the Chinese. Things will burst here too, for Canada is not different and is not immune to the simple mathematics of economics.
- abcd_f 16y ago
  Vancouver is in a bubble of its own. Where else 2M would buy you a 70 year old teardown on 1/6 acre lot in EastVan-like neighborhood? Just talk to realtors, and they will furnish a metric ton of evidence that it's the Chinese who are driving the speculation here. Houses sitting on a market for few months and then suddenly getting sold over asking in a bid war between 3 Chinese gentlemen... yeah, it's not Chinese :)
- cperciva 16y ago
  The Y/Y inflation-adjusted increase in housing prices in Canada excluding Greater Vancouver is 2.5%. The Y/Y inflation-adjusted increase in housing prices in Greater Vancouver is 12%. If inflation plus 2.5% is a bubble, it's a very very minor one. Inflation plus 12%, on the other hand, is definitely in bubble territory.
rhizome 16y ago
I'm guessing there's a view at the back of the lot.
steveplace 16y ago
If you think that house is a teeny bit overvalued, you may enjoy this game: http://crackshackormansion.com/ http://crackshackormansion.com/

by abcd_f 16y ago

poutine 16y ago

All of Canada is in a bubble, not just Vancouver. Thus it's not the Chinese. Things will burst here too, for Canada is not different and is not immune to the simple mathematics of economics.

abcd_f 16y ago
Vancouver is in a bubble of its own. Where else 2M would buy you a 70 year old teardown on 1/6 acre lot in EastVan-like neighborhood? Just talk to realtors, and they will furnish a metric ton of evidence that it's the Chinese who are driving the speculation here. Houses sitting on a market for few months and then suddenly getting sold over asking in a bid war between 3 Chinese gentlemen... yeah, it's not Chinese :)
cperciva 16y ago
The Y/Y inflation-adjusted increase in housing prices in Canada excluding Greater Vancouver is 2.5%. The Y/Y inflation-adjusted increase in housing prices in Greater Vancouver is 12%. If inflation plus 2.5% is a bubble, it's a very very minor one. Inflation plus 12%, on the other hand, is definitely in bubble territory.

rhizome 16y ago

I'm guessing there's a view at the back of the lot.

steveplace 16y ago

If you think that house is a teeny bit overvalued, you may enjoy this game: http://crackshackormansion.com/ http://crackshackormansion.com/