I was kinda being hyperbole, I read your post mate. The house I purchased years ago was a 3000sq 300k home, it is now worth close to 700k. My region in Canada is now becoming very prosperous, but we have high amounts of energy sources, natural resources.
As you will see from the photo of Williams Lake, it is beautiful country there. I suspect housing is a lot more expensive in some parts of Canada then it is some cities in the U.S. Hopefully, wages are keeping up with the high price of real estate there.
For example, my home is also 3,000 sq. ft. I live in West Linn, OR. where the median family income is $83,252. 49.7% of the workforce is in professional sector. The median home price is just under $600,000. My home is valued at right around $400,000 today. This is down about $150,000 from 2007 before the bottom fell out of the real estate market. By comparison, I suspect a similar property in Canada would be more expensive.
Everything you need to know about Canada’s housing ‘bubble’
Oct 24, 2012 Mamta Badkar financialpost.com
Canada avoided many of the mistakes that the U.S. made in its housing market.
Banking regulations and lending standards have been much tighter, and that has prevented prices from getting completely out of control.
However, top economists including Robert Shiller and David Rosenberg are increasingly sounding alarms that the Canadian housing market is the next bubble and its about to burst.
Canadian home prices are up nearly 100% since 2000, according to Euro Pacific Capital. And there are other characteristics that do bear some striking resemblance to America’s housing boom-bust story. Moreover, this comes at a time when the nation’s economic outlook has become uncertain.
We put together a guide to Canada’s housing debacle on a national scale, and focused on Vancouver and Toronto in particular where homes have become increasingly unaffordable.