As Vancouver’s unrelenting real-estate story continues to hog headlines, now is a good time to step back, take a breath and ask a few big questions. How exactly did we get into this prolonged hot market? Where is it taking us? What are the consequences for B.C.’s economy?
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When a 300-square-foot house hit the market in Toronto last year at an asking price of $179,000, it was an instant media sensation.
Yes, it was outrageous. But here in Vancouver, a recent Century 21 Canada survey touted a 412-square-foot one-bedroom downtown condo as just the thing for first-time homebuyers. The price? A mere $281,000, or $682 a square foot. The Toronto shoebox? Just $596 a square foot.
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