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Originally Posted by cmyden
Just wondering why you might think those same factors didn't seem to help, say, San Francisco, from having their bubble burst?
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Don't know enough about San Fran or most US cities to comment on it, but the USA in general went through something very different than Canada due to it's mortgage issues. Will Canada end up with these same issues? that's another debate.
Did San Fran resist the burst better than other US cities? Did Manhattan?
My guess is yes, they did for reasons similar to why Van resists better than Calgary and individual reasons for each city as well.
Another huge reason Vancouver resists more is the massive foreign investment. The housing prices are inflated by wealthy Chinese buyers, and this is unique to Vancouver over other cities.
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That's not to say I don't believe Vancouver should have the most expensive real estate in Canada, because I do. Just as San Francisco should be one of the most expensive in the USA. They are both highly desirable places to live, and it should always cost more per square foot to own a piece.
But desirability doesn't appear to provide immunity from deflating to fundamentals.
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Agreed, and Vancouver is certainly not immune; I've never claimed it to be. Just more resistant than Calgary. Vancouver prices did go down with the rescission, and I think will go down some more in the near future.
(But, apparently according to many here, no Realtor has or will ever say that
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