Vancouver Housing Prices up 40%, Despite Foreign Buyer’s Tax

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This article by Bloomberg News via Frances Bula says it all.While housing price increases went up by 40 per cent in the last year in Vancouver, there is a dearth of houses listed for sale.  “What you see instead is the shortest list of homes for sale in almost a decade, even as the price of a typical single-family home surged to C$1.5 million ($1.1 million), about 20 times what the median household earns in a year”.

” Vancouver isn’t the only place in the world, or even in Canada, where house prices have soared beyond the reach of residents: it’s happening in the global economy’s poster-towns, like London and San Francisco, and in less-feted Auckland, Stockholm and Toronto too. A common thread that links such cities is curbs on the availability of land for building. Yet as the Vancouver boom turned into a crisis of affordability, and…

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