You are now grasping at straws! I did say originally that you can buy mansions and castles for $2.1 million... I didn't say that it was cheap in terms of upkeep nor was there any statement that the Vancouver special that was going for $2.1 million on the West side was in perfect shape either.... heck, many teardowns went and are going for $2.1 million. And for your information, according to the OECD records for 2017, France does not have the highest tax burden in the world - they are number #4.DanielM491 wrote: ↑Apr 8th, 2019 2:16 pmFrance is an outlier. Highest tax burden in the world. No work where those chateaux are. Not to mention the $10k euro a year heating bill. plus millions of euros of repairs and upkeep.
Back to reality, Auckland is having a very similar slowdown. Average salary is the same as vancouver. But the Asian money has dried up due to foreign owners being banned from buying any existing houses. They are only allowed to build new.
I could point to 10 acre parcels of land in Lithuania for $10k but it is not an accurate comparison. Who wants to live in france, anyway?
You need to compare the GVR to similar sized coastal cities with similar or better weather. And historically low unemployment
Why would you need to compare Vancouver with similar sized coastal cities with similar or better weather with historically low unemployment? You didn't do that yourself!
London - much bigger city (8.1 million in 2011), with worse weather
San Francisco - much bigger city (7 million in the bay area in 2010)
Syndey - much bigger city (4.8 million in 2014)
In comparison, the entire British Columbia had 5 million people in 2018.
As for who wants to live in France... I would say 67 million people as of 2018. And they actually want to live there than any other part of the EU as EU citizens have free movement inside of the EU so they could have lived anywhere in the EU.
But we are getting off the point in even taking into account weather and employment numbers as we all know that many of the foreign buyers in Vancouver aren't buying because they want to live here - they are buying because they want to make money here via real estate. After all, why would anyone need to buy multiple houses in Vancouver to live in them? How many houses in a geographical area can someone live in at the same time? Just look at the Huawei's Meng... she owns at least two houses here (declared anyways) which she vacations here for two weeks a year. Other documentation that has come to light for foreign buyers have shown that many of them have multiple properties as well.
And by the way, Seattle's average detached house price in March of 2018 was $819,000 US or about $1.09 million CDN which is far lower than the average house price in Vancouver back in March of 2018 at $1.6 million.