Owen blogs about a question he is asked quite frequently. Why is it so
damn expensive to by a home in the Lower Mainland? There are many things
that contribute to our high prices here in Vancouver but the 2 main
ones are no surprise ...it's simply boils down to supply and demand.
Demand is high and getting higher all the time. Mainland China buyers
love Vancouver, San Francisco and LA. The secret about living on the
West coast is out. This is simply where people from all over the
country, North America and even the world want to live. It's not a
dream many people have to one day live in Winnipeg, which is why you can
buy a detached home there for $200,000. On the other side of the
equation is supply. In the Lower mainland we are surrounded by water and
mountains. The amount of land available for development is limited and
they're not making any more. When you have a high demand with low
inventory you get what we have now; which are high prices. There are
other factors at play like mortgage interest rates but it still boils
down to supply and demand.
This entry was posted on February 11th, 2012 by Owen Bigland | Posted in Video Blog