Quote:
Originally Posted by cabotp
LOL well you got me there. I can say the best part about this place is the mountains and ocean. Even if they cause the price of land to go sky high.
Just was mentioning how the lack of land is really the biggest culprit to the high real estate prices.
|
What about cheap credit combined with rabid speculation?
Everyone talks about this but I would really like to see a proper analysis of the subject. How much of a factor is land prices when people are more and more accepting of living in a dense urban environment? Vancouver has not added any new land in a century but has added significantly to the population due to densification.
While I agree that land prices are a factor I somehow feel they are often overstated or at least relied upon to dispel any belief in a possible price bubble in the lower Mainland. San Francisco has similar geographical limitations and its market crashed in the past 3 years. Oh, and it is pretty too!