Part of Vancouver RE mythology has been the idea that prices have been elevated beyond the restrictions of local incomes by local owners selling to wealthy foreigners. Simon posted this relevant observation (edited) on VREAA - “I’ve given up trying to figure out this town…” thread, 3 October 2009 at 9:23 am -
“I am in real estate and I can tell you for certain that most of the recent sales have been to ‘natural born Canadians’…”
“Most are moving up due to lower rates and ironically many of the sellers are overseas investors cashing out after years of owning. If you had access to the realtors MLS info you would see that. Are they over-extending themselves? – maybe some are, but they are still buying.”
