Easy lending has fueled the price run-ups in Vancouver RE. This relevant anecdote comes from dimon at Vancouver Condo Info 2008-04-29 15:04:35 -
“I’ve lived in Canada since 2001. When we started looking for a mortgage, the rules were quite strict. With our verified!!! dual income we could not get mortgage more than 200k. As first home buyers we needed at least 5% downpayment. Within this price range we could not find a suitable SFH, so we went for a townhome in decent area.
To my big surprise, just a year or so later, my family was severely bugged by mortgage brokers and financial advisors recommending us to get a fatter mortgage. And even our income did not change much, we were offered 400+k mortgage. I now feel lucky I did not go for it.”