Monday, April 04, 2016

How foreign investors are squeezing out Vancouver’s middle class

Anyone who thinks real estate in San Francisco Bay Area is a problem should read this about what's happening in Vancouver, Canada.

A Kitsilano Point house sold for $1 million above asking. In Dunbar, a small non-descript house on West 22nd Avenue sold for $2.6 million and was flipped eight months later for $1 million more. In Point Grey, a ramshackle eighty-six-year-old bungalow went on the market for $2.4 million. It received three offers and finally sold for $2.5 million. Also in Point Grey, a home that was originally purchased for $4.6 million in 2011 was put back on the market in March—complete with broken windows and a disintegrating frame—for $7.2 million.

Real estate things are not good in Bay Area, but we can at least be glad we are not Vancouver.

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