Vancouver’s housing market is primed for a correction, according to the Department of the Bleeding Obvious at BMO. House prices have risen by 21% in the last year and tripled in a decade; the average house now costs $815,000, or 11 times average income(!); and BMO sez house prices are now “beyond the reach of most first-time buyers or non-lottery-winners”. Former Canadian MP Garth Turner agrees vociferously(and NSFW-ly, consider yourself warned).
It might not be a good time to buy a house, but it’s always a good time to link to Crack Shack or Mansion, the Vancouver real estate game that doesn’t cost a million CAD to play!