Vancouver homes more expensive than New York or London

www.timescolonist.com...

"Vancouver homes more expensive than New York or London
Buyers from mainland China are leading a wave of Asian investment"

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Fill your boots girls, this commodity wave has just started.

Canada is your game.

Yes they make economic warfare sound so nice don't they?

Canadians are being priced out of their own neighborhoods. Why would anybody come here to live unless you were rich? barely any of the jobs here will pay enough to afford to live here? who is watching for this?

yup...i live here after moving back from mexico for the last 6 years...i once was able to own here, and now i'm out of the game...looks like i'm moving back to mexico where i can afford a home....

I seen that while doing research on the costs of living in Canada. BC as a whole, due to net opinion, is becoming more and more expensive. The prices don't seem like they will benefit the economy in the long run. I hear more people are moving to the US from Canada than the other way around. Makes ya wonder!

Greetings all.

I currently live in Vancouver, and am lucky enough to have a mortgage with 2 years left on it. However great that is for me, I feel so sorry for any young person or family starting out and hoping to buy a home here. In order to afford current mortgage pricing without any assistance from family, you would need at least 200k p/yr family income for a decent 3 bedroom family home. After graduating from University with who knows how much debt, the next challenge is to find a job that will support both the mortgage debt, and loan repayments. I personally know 5 young, bright people with great futures, who have left their home in BC to move into the Interior of Canada where housing and cost of living is more reasonable, or have opted to move to the US.

Quite sad really, being priced out of you own home town.

I'm hearing that Canada's real estate bubble is about to pop.

Those that own homes in Canada should be very worried. It sounds like the influence of lots of asian money is causing a typical false real estate bubble that can't be sustained.

Just like in the US. Home prices cannot continue to rise to levels beyond income and eventially a correction will take place.

Signs point to a severe housing correction in Canada

I live in Canada too, but I'm over in Edmonton. A few years ago, our housing prices skyrocketed as well, though in recent years they've been coming down slightly. I was posting last night in another thread about how even the cheapest one-bedroom houses here are $120k, and family-sized ones are more like $250-350k. In Detroit, the poster there was saying that houses were going for like $15k-30k! You can barely get a car for that here.