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Canada House Prices: 1 In 5 Vancouver Homes Now Sell For More Than $1 Million

Vancouver

The Huffington Post Canada   First Posted: 11/21/11 04:59 AM ET Updated: 11/21/11 04:14 PM ET

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One in five houses sold in the Vancouver real estate market this year went for more than $1 million, according to data from the Canadian Real Estate Association.

CREA's data show the percentage of homes sold above the million-dollar mark has doubles since 2009. The same is true for Toronto, where more than 5 per cent of homes sold this year went for more than $1 million. That's double the percentage in 2009.

In Calgary, the number of million-dollar homes sold has already exceeded 400 this year, up from 340 in 2010. This year the market is on track to exceed the all-time record -- 461 million-dollar homes -- set in 2007.

More at Mind The Gap: How Income Inequality Is Raising House Prices For All Of Us.. Why You Should Care About Income Inequality.. What $350,000 Will Buy You In House Markets Across Canada.. Full Coverage..

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One in five houses sold in the Vancouver real estate market this year went for more than $1 million, according to data from the Canadian Real Estate Association. CREA's data show the percentage of ...
One in five houses sold in the Vancouver real estate market this year went for more than $1 million, according to data from the Canadian Real Estate Association. CREA's data show the percentage of ...
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HUFFPOST SUPER USER
Norma Ward
97 Fans
07:07 AM on 11/22/2011
According to Demographia, Vancouver has the third least affordable real estate among seven nations when measured in terms of the multiple of median selling price to median household income as shown here:

http://viableopposition.blogspot.com/2011/02/demographia-international-housing.html
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Cascadienne
101 Fans
08:46 PM on 11/21/2011
Yeah, my Vancouver house tripled in value in 6 years, and is still climbing. Thank god we bought in when we did. Now it's either inherited or invested money from offshore, and housing in the GVRD is not for the dual income, hard-working family. Maybe if both were fulltime professionals. Maybe.
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Leywood Luckyjack
21 Fans
02:32 PM on 11/21/2011
I grew up in an era when you got a job and you kept it because that's what you did for a living. Before I became too gimpy to work anymore you might have as many as four jobs in a year! There was a time when the average wage could buy you a car for under $2000 and almost everyone in my town owned their house outright and now if you want a house and haven't won the lottery you go into debt for three lifetimes.
Like the French who couldn't afford cake, we're now fed up.
My rent on a single bachelor apartment is eight times a 1960s house payment.
You can still get a loaf of bread fairly cheaply as long as you don't care it has zero food value.
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