Vegas Versus Vancouver, 1987-Present

Following up on the last post, and as a weekend diversion, here’s the REBGV average nominal price chart 1977-2011, for detached, attached and apartments, overlaid with a semi-opaque insert of this Las Vegas house price chart, for the purpose of absolute price comparisons 1987-2009 (scales are the same; but there is no correction for currency exchange fluctuation):

One interesting aspect of this comparison is that, in 1987, when a loonie was worth about 70c US, the average detached home in Vancouver cost roughly the same as the average house in Las Vegas. Now, in 2011, the house in Vancouver costs more than 6 times the house in Vegas.

6 responses to “Vegas Versus Vancouver, 1987-Present

  1. I have to say that this graph is both glorious and frightening. Every time I see comparisons to other cities the state of Vancouver’s market looks more and more unreal.

  2. Look at the Case-Shiller data/Charts. If and I mean If we come back to the mean we are in alot of trouble. The most thoughtful comments that made me really ponder what the hell is happening is when he states that people believe real estate always goes up. And when surveyed most believe 10% per year ( he states I think 13%). Imagine 10% a year compounded. Do you know what a million dollar home would be in 10 years? 2,577,636.00 ,… 20 years? 30 years?

  3. You could probably adjust the y scaling by a factor of 2 and still have them match pretty well. There isn’t much sensitivity on the flat part of the curves you’re trying to line up.

    • To clarify: The Vegas chart was overlaid such that the y axes were identical in absolute dollars (such that the curves could be compared/contrasted: there was no attempt to fit the curves).
      The whole exercise (imperfect, because of the lack of currency fluctuation effect) was to show how small the Vegas bubble was, in absolute terms, compared to ours.

  4. Quite apart from scary housing data… the ‘ground truth’ of the disaster that is Las Vegas (soon coming to YVR?) is nicely profiled in the following piece…

    [DailyBeast]- Can Celine Dion Save Vegas?

    …”At the south end of the Strip, near the iconic “Welcome to Fabulous Las Vegas” sign, a hidden concrete path leads into a 500-mile warren of wet, trash-strewn drainage pipes that function as an underground shelter for hundreds of the city’s most downtrodden. Several have been laid off from the same well-paid, benefits-packed service jobs that give Vegas its rep as a working-class paradise. The pipes are one of the few places police and hotel security don’t bother to tread, and since the recession, they’ve become increasingly populated, according to Matthew O’Brien, author of a 2007 book about the tunnels, Beneath the Neon.”…

    • restaurant employee

      i’m calling dibs on the 1st ave/rupert underpass

      what do they call the subway tunnel people in NY? Kralls? Krells? scary?

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