| Vancouver bizarre real estate situation |
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| Written by Houman Ghaemi | |
| Tuesday, 26 February 2013 | |
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Vancouver real estate has become so disjoint from local economy that it is started to look like a Ponzi scheme scam. As long as government's PR machine can sell a dream-land image to a bunch of hopeful rich immigrants from every corner of the world (particularly from Pacific Rim) the situation will continue.
However, it seems that Federal Conservatives have taken positive steps toward curtailing the ballooning real estate market in Vancouver by putting the Investor Immigration program under review. Incidentally, Vancouver real estate started to cool off as of June 2012. Is that a coincidence, or what? some experts on housing and mortgage belief that the ballooning real estate debt is generally due to loose lending practices by federal government. Although that is true, it fails to explain truly exorbitant property prices in Vancouver. Prices in West side of Vancouver are so high that one cannot find a standard city lot for less than two million dollars! Even at 2.5% mortgage rate, 40 year amortization, and a million dollar down payment a house in Vancouver West would not be affordable for anybody. Vancouver Condo Info blog (vancouvercondo.info) reported
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