More international coverage for our bubble: ‘Where The Housing Bubble Lives On’, National Public Radio blog, at npr.org 22 Apr 2011, featuring this recent Vancouver westside sale from the G&M -
2466 WEST 14TH AVE., VANCOUVER
ASKING PRICE $1,895,000
SELLING PRICE $2.55-million
PREVIOUS SELLING PRICE $531,000 (1996)
DAYS ON THE MARKET eleven
[npr's comment]: “Sure, the pool slide is awesome. But would you pay $2.55 million to live here?”
From the reader/listener comments that followed:
“I’m Canadian, and I have lived in several parts of Canada. I currently reside in Burnaby, a suburb of Vancouver. To characterize the Canadian housing market by the prices in West Vancouver is like estimating national home fire rates based on Malibu. You can get a really nice townhouse in Toronto for money that wouldn’t buy you a vacant lot in Van., so yes, the prices on W. coast are ridiculous. Since the housing market in the USA still is toxic, if you are in Asia and have money to invest in N. America real estate, Canada is the only choice. The Vancouver area is attractive due to publicity from Olympics, a large asian pop’n, mild climate, min. from USA/Canada border, easy to get back to Asia.” – Chris Parker
“I live in New Westminster, a suburb of Vancouver. Vancouver has the most expensive (read: insane) housing prices in Canada; my wife and I bought a house here in 2006 because it was relatively affordable. My guess was that the bubble would burst after the Olympics were over in 2010…I was wrong.
The case of the house flipping in 11 days is an extreme one, but the rise in prices overall has been pretty steady. We’ve watched prices rise in our neighbourhood, and I don’t think we could afford to buy a house now…we did well to buy when we did.
I do worry about the bubble bursting. As you say, there is always an explanation of why this time is different, and I don’t find those stories convincing. I hope we’ll come out of it okay: our plans are to be here for a long time, and we’re in a nice neighbourhood close to schools and other amenities. I hope that will cushion the blow for us.” – Hugh Brown