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Originally Posted by jhausner
Likely. That isn't just the London model but holds true in many European cities. North America is behind the times in this regard. That's just what seems to happen in big cities as they grow and housing stock is finite.
I think Vancouver is a bit special on the price amount given what is really happening is you have people embezzling money through West Vancouver and Point Grey and ultimately that is driving the rest of the market up. Really the government needs to deal with all the illegal money laundering first but they don't want to because it will likely crash the market.
That said, it will _likely_ have a correction, but how much is still up for debate. If you say correction long enough you'll eventually be correct. That's just the nature of the pricing cycle.
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I think locals just can't fathom the fact that a city with a relatively small population in one of the largest countries in the world has land prices which are so out of reach. Plus of course locals are brainwashed to think that owning a single family house is the only way to be normal. Vancouverites tend to compare housing prices with other cities in North America, especially the supposed "richer" neighbour down south, not realizing that they are comparing to a country which is essentially broke.
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