Vancouver’s real estate market used to be notoriously fickle. Now it’s notoriously predictable. No matter what happens to our local economy or further afield, it just won’t stop going up. By contrast, it’s commonly understood that the US housing market is, not to put too fine a point on it, f*#ked, with average resale prices now down to about $195,000.
So I thought it would be interesting to see what $195,000 buys in my neighbourhood in Vancouver, the answer to which is apparently not much of anything. In fact nothing.
OK, so you could probably run the same gimmicky little test in several major cities and come up with nothing, or at best only the most pitiful of studio apartments. But, it’s at the other end of the market that the insanity is most pronounced, a condition nicely illustrated by a house I observed for sale last night just a few blocks away.
Of course this isn’t really the other end of the market at all, when the most expensive apartment in town is on sale for a cool $29 million.
I’m particularly impressed by the owner’s attention to detail in presenting and marketing his home. While in San Diego it’s two for the price of one, here in Vancouver we prefer a hand-written sign and one for the price of three.
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