I'm from Vancouver, my folks own a detached home there... and the previous poster isn't entirely incorrect in his statements on Vancouver housing.
The speculative bubble started in the mid 90s, and housing has been rising ever since. It was still within reach of middle class folk all the way up till, oh, about 1997-98 or so. The announcement of the Olympics drove prices even higher, so that's where we're at today.
My folks bought in about 15 years ago, and even then our modest 2-story cost about $300K. It is worth $800K now, and our neighbourhood is not even one of the explosive-growth neighbourhoods. Heck, we're not even in Vancouver proper. Buying a detached home in Vancouver city itself is, to put it strongly, impossible for anyone who only has a day job as income. Tiny single-floor bungalows are priced into the $700K's, it's just all so absurd.
The speculative bubble started in the mid 90s, and housing has been rising ever since. It was still within reach of middle class folk all the way up till, oh, about 1997-98 or so. The announcement of the Olympics drove prices even higher, so that's where we're at today.
My folks bought in about 15 years ago, and even then our modest 2-story cost about $300K. It is worth $800K now, and our neighbourhood is not even one of the explosive-growth neighbourhoods. Heck, we're not even in Vancouver proper. Buying a detached home in Vancouver city itself is, to put it strongly, impossible for anyone who only has a day job as income. Tiny single-floor bungalows are priced into the $700K's, it's just all so absurd.