Different Cities – Same Story

Replace “Vancouver” with “Auckland” and we could be reading all about us.

Get used to being tenants.


Real Estate Goes Global
James Surowiecki
May 26, 2014

The most expensive housing market in North America is not where you’d think. It’s not New York City or Orange County, California, but Vancouver, British Columbia. Now, Vancouver is a beautiful city—a thriving deep-water port, a popular site for TV and movie shoots. By all accounts, it is a wonderful place to live. But nothing about its economy explains why—in a city where the median income is only around seventy grand—single-family houses now sell for close to a million dollars apiece and ordinary condos go for five or six hundred thousand dollars. “If you look at per-capita incomes, we look like Reno or Nashville,” Andy Yan, an urban planner at the Vancouver-based firm Bing Thom Architects, told me. “But our housing prices easily compete with San Francisco’s.”

link:

http://www.newyorker.com/talk/financial/2014/05/26/140526ta_talk_surowiecki

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