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by ctrl_freak
3426 days ago
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Admittedly I'm not an expert in this, but isn't demand for housing relatively inelastic? I have no idea whether 13% foreign buyers is considered high for a city, but it seems conceivable that it could fuel a large boom in real estate. Especially if a lot of these units aren't even being lived in. I have a hard time believing that Vancouver real estate prices have been driven by 'organic' demand. It's a beautiful city, for sure, but the economy isn't exactly stellar. Canadians are probably overextending themselves, but I doubt the average young Canadian with 60k income can quality for a 1 million dollar mortgage. |
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