Quote:
Originally Posted by GLOW
and yet prices still climb for single detached homes in vancouver. it seems as though the new/newish homes in east van and areas just crossing in to van west are in that 1-1.5 mill range now, even 1.7-.8 range.
besides people saying foreign money is coming in, i've been told those that bought homes on the west side decades ago now are selling and buying new homes east eg. sell a van west home for 2+mill and then moving to van east or burnaby to buy a new home for say 1.2 mill...not sure what the basis for this is but it seems reasonable to me...
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well. for anyone who bought a home on the west side 10-20 years ago, selling the home would probably yield them a $2 million + dollar payday. They still need a place to live, so they buy a nice home in east van or Burnaby for $1 million or 1.2 million, they still have $800,000 to $1,000,000 left to live off of.
For the average person in Vancouver that makes approximately 50K, it would take them a lifetime to save that much. One can live very comfortably on $800K, especially if they are still working.