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Originally Posted by photon
Yeah, Vancouver is crazy.. and it's got the potential to have a correction there, prices aren't based on fundumentals there anymore, it's more speculation. In Alberta the average cost to buy a house is still only 32% of the average income.. in BC it's more like 65%! That's not sustainable.
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The high housing prices in Vancouver are only partially speculative. Vancouver has virtually no land left, so prices there will remain high even after the speculators leave.