Why are home prices so high in Vancouver?

Question

Is it because of the influx of wealthy migrants, higher wages, more advancement opportunity, what is it?

Answer 1

Wealthy Canadians. The second someone from Toronto or Calgary thinks of retiring they buy a plot of land somewhere on the mild coastal climate of BC. They typically have no major debt, have good savings and lots of assets, and are selling a house worth a lot where they are leaving from.

But you are right, there was an influx of immigration that was mostly people who could afford to move here. And some Americans retirees like the area too.

Answer 2

It's all due to supply and demand. In Vancouver, you do not need to be a permanent resident in order to purchase a house or condo, just as long as you've got the money to buy it. A few years after Expo '86, when word got out that Vancouver was the 'new kid on the block' for national and international real estate investment - a housing boom developed. We have never stopped since. The face of Vancouver has changed dramatically. Unfortunately not only has the number of housing sky rocketed but so has the prices. Now, this is great news for the local mayors because more housing means more people which means more taxes being paid and more money going into the local coffers. I see this trend continuing until at least the Winter Olympics in 2010.

Cheers,

Petra M, Vancouver

Answer 3

in addition the the excellent points everyone has made..

another consideration is Vancouver's very finite boundaries - unlike cities like Calgary or Toronto that can expand and grow.. Vancouver is hemmed in by mountains and ocean - there's only so much land to go around - its the law of "supply and demand"

Answer 4

Speculation

Answer 5

Vancouver continues to be voted one of he best places in he orld to live.
Lots of jobs
Excellent climate
Good hub for going places
Gee, now I;m getting home sick :0(

Answer 6

Yeah seems to be