Yeah, I know what you mean....
Well I got into the market finally about 2 yrs ago after sitting on the sidelines since 2002 thinking houses are far to expensive for the average joe. I should have bought in back then. However, in 2 yrs since buying my house, only because of having 2 kids, it is about 400K more than what I paid for. Cash poor, house rich I guess....
I have to say it's true, the folks buying a 1.XXM are mostly Chinese immigrants who are putting their monies here as opposed to China becasue in China, you only get to keep the house land for a limited time similar to Native land houses out in North Vancouver, UBC and the sunshine cost. They prefer to buy houses in Vancouver/Burnaby as opposed to the suburbs. I also see a few Brits buying homes as its still cheap compared to London.
I can't see how Vancouver prices are justified compared to world class economic cities like NY, HK, Tokyo , LA but seems they like it here as a tourisy haven. I recall Vancouver is 2 most expensive in the world based on
per capita income; the average joe probably will have to live in a 800 sqft condo.
msjboy
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