This Vancouver Sun article used to have the headline “Vancouver housing market in bubble, new house price index claims.”
That version of the article apparently included the following:
“While foreign investors are no doubt playing some role, we think this explanation is overblown. Low interest rates and self-fulfilling expectations of higher prices continue to inflate actual prices independently of fundamentals,” reads a press release from the creators of the index.
“Over the longer-term, we still believe that these housing markets will experience major price reversals.”
But that has since been updated to “Vancouver’s ‘housing bubble’ shows no sign of bursting” and we’re having a hard time finding the above quote. The article now says:
According to Davidoff, it is impossible to judge Vancouver’s real estate market on the same bases as that in other cities. In the Prairies and the U.S. Midwest, where space is plentiful, the value of a home is essentially what it costs to build. Vancouver, on the other hand, is almost out of new land to build on. “The house, that means, is worth whatever people are willing to pay,” he said.
We can’t quite put our finger on it, but it feels like there’s been a subtle shift in the tone of this article.
Read whatever the article currently says here.