What do these cities have in common?

Take a look at this list:

Calgary
Winnipeg
Edmonton
Gatineau
Halifax
Hamilton
Oshawa
Montreal
London
Kitchener
Kingston
Ottawa
Quebec
Regina
Saguenay
Saint John
Sudbury
St.John’s
St. Catharines
Sherbrooke
Saskatoon
Thunder Bay
Toronto
Trois Rivieres
Vancouver
Victoria

Know what those 26 cities have in common?

They’re all Canadian for one, but they are also places where house prices have doubled or tripled over the last 15 years.

As special as Vancouver is, it’s apparently not unique when it comes to rising prices.

Thanks to Joe Mainlander for pointing this out, original data source is Toronto Condo Bubble.

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history
Guest
history

Rise and Shine VCI troopers. Sing after me:
“I owe, I owe, it’s off to work I go”

Not-a -fair-playing field
Guest
Not-a -fair-playing field

That data is over a year old and some of those cities who depend on real economies and not just laundered money and hype are in full retreat like Calgary, Edmonton and Saskatoon.

Toronto and Vancouver are the exceptions.
I agree with Larry Yatter

http://www.yattermatters.com/2015/03/oops-vancouver-average-prices-do-it-again/

StupidityCheck
Guest
StupidityCheck

Actually, Vancouver is unique. SFH prices had already more than doubled by 2008. Since then, they’ve gone up another 65%.

Fifteen years ago, the Vancouver West benchmark detached was under $700k, now it’s $2,351k, and the average Vancouver SFH went from under $400k to $1.4M.

Look at page 8 on the RBC affordability report. The only city whose price increases can’t be explained by income gains and low interest rates is Vancouver.

http://www.rbc.com/newsroom/_assets-custom/pdf/20141126-HA.pdf

The-city-that-sold-itself
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The-city-that-sold-itself
Here’s an idea. Instead of whining about it here, we should all send Larry’s piece to this fellow .robertson@vancouver.ca And before people start posting that the poor lamb cannot do anything about it, he can talk about it can’t he? Or is he not even allowed to talk about. Rudolf Guilliani brought down crime in crime-ridden New York, when no thought it was possible. Surely Gregor can do more than just wring his hands. Once again Larry’s piece A more direct view is that this time of year coincides with a notable Chinese holiday during which many visitors hungry to park accumulated wealth. The goal – politically secure Canadian property. They arrive money in hand ready to pay any price. That price however, is beyond the imagination and capability of what locals can afford. The residual effect faced by local… Read more »
The-city-that-sold-itself
Guest
The-city-that-sold-itself

Sorry that should be:

gregor.robertson@vancouver.ca

would-be buyer
Guest
would-be buyer
ChinaOne
Guest
ChinaOne

More my cousin come visit me. They can hunt your animal. You can’t hunt them because they for us to hunt. Many cousin now come.

http://globalnews.ca/news/1858537/b-c-hunters-gather-to-protest-hunting-allocations-for-foreign-hunters/

southseacompany
Member
southseacompany

Interesting opinion piece from CBC Manitoba, 25 Feb 2015;

“Housing: The New Tulip Mania?”

http://www.cbc.ca/news/canada/manitoba/housing-the-new-tulip-mania-1.2972626

“Hundreds of years later and with the benefit of education and experience, financial experts found a new investment that could not possibly fail: housing.”

The World is awash
Guest
The World is awash

Nasdaq 5000!!

Forbes considering cutoff for billionaires list at $10 Billion.

There are almost 2000 billionaires now.

World is awash in money!!

VMD
Member

The Province: “Refugee immigrants reporting higher incomes to CRA than investor immigrants
3/2/2015
– Data draws evidence to lack of social and economic integration by investor immigrants

Refugee immigrants are reporting higher incomes to the Canada Revenue Agency than investor-class immigrants, according to data compiled by Citizenship and Immigration Canada (CIC).

Furthermore, the rate of investor immigrants reporting any income whatsoever is far below the Canadian average.

“The data that suggests many investor migrants tend to treat Canada as some kind of holiday resort or educational/retirement bolt hole, while doing business back ‘home’ is quite clear,” wrote Young on his website.

space889
Guest
space889

@The-city-that-sold-itself – Sounds like how locals in all those Caribbean and Southeast Asian countries feel. All these wealthy first world immigrants arrive with bank accounts full of cash ready to pay any prices for prime lcoations, pricing locals out of their own city and the country is actively encouraging it! These expats also tend to leave their homes for months on end, and exploit those less fortunate locals for their hedonistic pleasures.

btw, don’t you know that Qu Wangting is really a PRC secret agent tasked with keeping tabs on Robertson and report any potential disloyalty to the center government? geez…

StupidityCheck
Guest
StupidityCheck

@9: If everyone is so rich, how do you explain the following?

http://www.zerohedge.com/news/2013-06-04/debt-nations

“As a consequence, household debt as a proportion of income has doubled almost everywhere, and has on occasion exploded by a factor of ten or more.

Our analysis of household debt highlights a number of facts that may come as a surprise. For example: Canada now has the highest debt to income ratio among G7 countries”

devoid of reaosn
Guest
devoid of reaosn

@10 it just shows you what an unmitigated scam the investors scheme was

Son of Ponzi
Guest
Son of Ponzi

#7
The Canadian: Second Class Citizen in his own Country.

patriotz
Member

@3: “Actually, Vancouver is unique. SFH prices had already more than doubled by 2008.”

Calgary and Edmonton had more than doubled by their peak in 2007, an even steeper rise.

I also think you will find that Kelowna had gone up just as much % wise as Vancouver by 2008, although the data is not as good (no Teranet).

Not to mention smaller Interior towns like Nelson and Greenwood (Canada’s smallest city, with more vacant lots than houses).

However of the above only Calgary has seen much of a recovery since 2009.

patriotz
Member

@6: “Vancouver should implement a “luxury tax”, like in London:”

As the article makes clear, this tax is levied by the UK government and applies to houses owned by corporations. It does appear that most of the houses in question are in greater London.

88
Guest
88

From REBGV January stats, the benchmark price for homes in several lower mainland areas:

Burnaby North $1,004,700
Burnaby South $1,049,500
Richmond $1,031,100
Vancouver West $2,351,300
Vancouver East $974,500

Remember, the CMHC doesn’t fund houses over $1 million, yet we see that in Vancouver and the inner burbs the typical home costs more than $1 million.

patriotz
Member

@11: ” Sounds like how locals in all those Caribbean and Southeast Asian countries feel. All these wealthy first world immigrants arrive with bank accounts full of cash…”

Some Carribean coutries (e.g. Belize) do allow investor/retiree immigrants, but there aren’t that many of them and they tend to reside out of the major cities. As for SE Asia, what immigrants? Singapore does allow immgrants – from China. Everyone else is a TFW.

patriotz
Member

@17: “Remember, the CMHC doesn’t fund houses over $1 million”

They do indirectly, if (e.g) I sell my house for $850K and buy one for $1.1 mil.

vangrl
Member
vangrl

http://www.cbsnews.com/news/lumber-liquidators-linked-to-health-and-safety-violations/

Interesting segment

These guys are pretty big in Vancouver.

hoax
Guest
hoax

Nasdaq is at 5000! If you brought Toy.com or Pet.com during the tech bubble at 2000,

You are break even plus more.

Vancouver RE has the feel of toy.com, but “money” itself has a even better resemblance than toy.com. Either way you are screwed.

I put my money on Butter! Solid buy.

space889
Guest
space889

@patriotz – you mean all those ex-pats beach towns/villas in Thailand, Phillipines, Indonesias, etc are all just illusions??

Sure the ex-pats aren’t immigrants clamouring for a Thailand passport, but I’m guessing they don’t pay income taxes in Thailand either! Hey, just llke the “locusts” here except they are white and the locals are yellow/brown. So that makes it all a-ok right?

Shut It Down Already
Guest
Shut It Down Already

17, CMHC insurance isn’t a requirement for every transaction. Only those with small downpayments. Why is it assumed that every SFH is purchased either by a FTB with 5% down or a rich immigrant paying cash, rather than being a move-up buyer? Given the recent run up in prices it’s not hard to imagine many long-time owners having sizeable downpayments. Occam’s Razor applies.

StupidityCheck
Guest
StupidityCheck

racist889,

Why is it that you are the only one on this blog that brings up race? Communist kleptocrats from China are not a race. That’s the group we have a problem with. Not Koreans, Japanese, Filipinos, Taiwanese or any other Asian people. Just the crooks from the bullshit country now poisoning our laminate floors and buying up properties here to stash their ill-gotten gains.

88
Guest
88

China imposes one-year ban on ivory imports

http://www.bbc.com/news/world-africa-31648475

It’s 2015 and they’ve only now banned ivory imports? Wow…

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