Quote:
Originally Posted by Johnny199r
Where do at least 13 people get $2.2 million dollars? What kind of job gets you that sort of money? or am I missing the point when I look at what job they might have?
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Based on anecdotal stories from friends, I think it's 2 things.
People trading up using equity in a property they have. Condos and townhouses in Vancouver aren't stagnating in price like they are here in Calgary.
The second is that it seems that even with similar household income, banks are more often more willing to lend almost double on occasion to those in BC than those in Alberta. At its peak, Calgary families with household income of approx $150-200K could seemingly borrow to purchase a home up to $800-900K. Friends in Vancouver were basically saying that with around $150-200K household income, they could borrow around $1.2-1.4MM.
Property value wise though, this congruency doesn't continue past the lending as far as I know. A $500K budget can get you into a brand new inner city town house in Calgary (Approx 1300 sq ft). I think you're looking at around $1.5 million for something similar in Vancouver. I don't know if the price drops below $1million for that type of unit when you start going outwards past Burnaby.