Quote:
Originally Posted by westopher
I'm starting to get really confused about where all this money comes from. Are like 95% of the people in this city making 6 figures a year? I understand about the foreign investment. The local investment. The rich people with second, third, or fourth homes here. The landlords. The old money. But as the ridiculous prices keep spreading outwards from the actual desirable areas, seriously, something has to give. Paying a million dollars for a townhouse in burnaby is a fucking laughable prospect. Its completely panic driven purchases.
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It is... The power of FOMO is pretty astonishing in any investment market actually. Price can ignore fundamentals and keep going up for seemingly forever.
I think the answer to your question is "foreign" investors snatching it left and right, then locals who are for some reason, have to have a detached home, bit the bullet and mortgage their lives and their children lives to keep up with the bid. The cycle continues. until somebody stop or there are foreign intervention (government).