Re: free house competition

royls@xxxxxxxxx wrote:

You should check mls.ca for Winnipeg, Saskatoon, etc. You could buy 20 houses there for what one would cost you on the west side of Vancouver. It's astounding.

Tell me about it. The average selling price for SFD homes on the West
side is well over $1M!! Even on the East side it is in the $500K
range. In many cases we are talking about 80-100-year-old houses on
33-foot lots.


And to think it's a bargain compared to Manhattan, London, Tokyo, etc... Unlike those cities, however, the average wage in Vancouver is on the order of 12 dollars per hour and houses are selling for a huge multiple of their rental rates. I saw one house listed near Q.E. Park for > $700K that rented for only $1,200 per month!!

I wonder what will happen to prices when the baby boomers die in 20 years and what affect the low birth rate is going to have on this market? Will their heirs keep those properties or put them on the market? Maybe the number would be insignificant.
.

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