Average Vancouver detached prices to the moon! Check out Larry Yatkowsky’s graph.
Alas all is not well in BC. The Vancouver Sun shows a few Okanagan MLS listings, highlighting what a cool 550,000 smackeroonies gets you, compared to the EastVan McGill Speedway placeholder (pictured below). Kelowna has been experiencing a significant inventory glut over the past year and prices are starting to fall:
While Metro Vancouver’s home prices continue to rise, prices in the Okanagans have experienced a significant slide, local realtors said Monday.
One local agent says vacation properties are “feeling the pinch,” as buyers focus on their home markets during the economic turmoil in the past few years.
So the euphemism du jour is “pinch”. Not exactly the best of times up there. Let’s look at a couple of these “vacation” properties. What’s the difference between a vacation property and a principal residence exactly?
Ah but location is everything you say. Meh, I’ll use these props as a baseline and revisit what $550K buys in our Two Cities later on this year.