From ‘Homeowners sell, start renting instead’, by Steve Ladurantaye, theglobeandmail.com 18 Jun 2010 -
“Diana Mander of Royal LePage Northshore has worked in Vancouver’s rental market since 1989, and said this summer has been among her busiest. Things are usually slowing down this time of year, but a flood of local inquiries has caught her off guard. She’s more accustomed to dealing with families who are moving to Vancouver from other cities, not Vancouverites who are looking for high-end rental homes because they sold their own properties. “The strength of the local market is really quite a surprise,” she said. “People are literally selling $3-million homes and opting to rent. It’s definitely putting pressure on supply.”
One can only hope that the supply of buyers for these $3-million homes will dwindle.