Quote:
Originally Posted by whatnext
Looking at your graph it is clear prices took off around 2001-2003. Hmm, now what happened in the Vancouver market around that time? I certainly don’t recall any massive wage increases for working locals. What could it have been..Anyone, anyone???
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The bank rate dropped from over 7% to under 4%, and mortgage rates dropped to match (and stayed low, even through the 2008/2009 financial crisis). Since 1980, when rates had been nearly 20%, money has been increasingly cheap to borrow.
