Boom Town craziness

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#1

And I thought Vancouver was growing. Check out Dubai:


http://www.guardian.co.uk/g2/story/0,,1708287,00.html


"Dubai is growing faster than any city on earth ... There is about $100bn worth of projects either underway or planned for the near future. That is the equivalent of every single dollar invested in the United States from abroad last year, almost twice the foreign investment in China, [and twice the estimated cost of reconstruction in Iraq]."

If you think the Vancouver housing market is hot, remember all things are relative. Compared to other comparably sized cities around the world, our real estate is a bargain. With Sam Sullivan out there prostletyzing about our liveability in an increasingly unstable world it will only bring more foreign $$ and investment to BC in the run up towards the Olympics. The projected average GVRD detatched home price will be $800,000 by end of 2008 and nearly $1M by 2010.


Owning a home for current university grads earning middle income figures is becoming an unattainable dream. More young adults living at home spending their $$ on useless bling like cars and clothes lessens anty chance they will ever be financially independant. The gap between incomes and real estate continues to rise and mortgage providers will respond by extending terms to 30 and 35 years and beyond. This is common in other parts of the world, with families passing down mortgages to their children. Bankers possibly may benefit.........


ta ta Bagger