CBC News: Who Are The Pricey Vancouver Real Estate Buyers?
For the first time, the average price of a Vancouver home has topped $1M. Vancouver Realtors don’t believe , that the price will have any chance to go down. According to an CBC news on April 7, the major reason of the hot housing price in Vancouver is because of those who are mainly immigrated from mainland China. Angel Wang was interviewed by CBC news.
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It is interesting that the average price could be so high considering the economic circumstances of the world. What will happen when credit gets more expensive
It all because interest rates are low and the cost of renting is more expensive than buying and the successfully marketing of Vancouver is the best place to be, which is a sham. Which has successfully
given you Return on investment over what you would 2 or 3 times what you would get if you bought a GIC.
You have to compare the type of house you get for 600,000 dollars compare to the shack you get in Vancouver and what standard of living you will get yourself into.
EG, If you bought a house in California, for 300,000. You will have 300,000 * .04 = 1200 per month on some sort of investment
VS
Buying a tear me down in vancouver for 600,000, having to knock it down and build another in several years with an additional cost of 400,000 ++, or buy a decent house which compares to the california mansion at 1.2 million and add an addition mortgage of 600,000 mortgage. More debt lower standard of living.
Also at .25 percent prime, you get next to nothing in return for basic interest bearing vehicles.
Once interest rates go up. It will drastically reduce the amount of people who can buy a house.