03/06/2013 05:33 EST | Updated 03/07/2013 02:42 EST

Vancouver Housing Bubble: Absurd Prices Highlighted

Amid the weekly up and down reports on Vancouver's housing market is one constant: a regular blog feature called "Absurd Vancouver Property" that highlights the city's ridiculous property prices.

Melissa Carr aptly calls the section "Are you f*%#ing kidding me?" on her blog, the thirties grind.

Starting in March 2012, Carr finds eyesores, teardowns and just plain dumpy houses often selling for $1 million and up in Vancouver.

The reality is more astonishing when Carr compares what $1.7 million can buy -- for example, this 2,700 sq.-ft., three-bedroom, five-bath Hollywood Hills home originally built for Charlie Chaplin and owned by Robert Downey Jr. ...

... versus this fixer-upper in Vancouver's Dunbar neighbourhood. With six bedrooms and three bathrooms, the three-level home is described as having "fabulous future potential."

A report by Fitch Ratings released this week suggests that Vancouver homes are overpriced by about 26 per cent. The U.S. credit rating agency said Greater Vancouver's housing values could drop by as much as 15 per cent over the "next several years," News1130 reported.

Check out the top 10 absurd Vancouver properties of 2012:

Photo gallery Top 10 Absurd Vancouver Properties Of 2012 See Gallery