Wow. Just wow. The Real Estate Board of Greater Vancouver just released their benchmark stats for May 2007 and prices are up again – a record price of $711,245 for the detached benchmark. Have we attained the least affordable city in North America status yet?
And Condos and Townhomes? Also up:
Now who says thats a bubble?
Stats from agentwill who adds “I have no idea when this will end. All I know is that despite so much logic against these rising prics, well, it ain’t ending.”
Freako added some quick numbers in a previous post that I’m going to repost here:
“Based on the latest ING rates and 20% down, that results in payments of $3,536.29 before taxes, maintenance or repairs.”
“How is this remotely possible? i punched the the mortgage amount into ING’s “how much can I borrow calculator”, and the required income is $143,000. What percentile of households earn that?”
..and to round this post up reductimat sends in this link to a scotiabank study that forsees a slowing in the Canadian Housing market, but ‘certainly not a bust’.