Quote:
Originally Posted by fuzebox
My uneducated guess would be because the value or housing costs have skyrocketed at such a ridiculous rate that no one can actually afford to buy a house anymore... I know in Vancouver 70 year old houses in shitty areas are $500k+.
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Got to be about right fuzebox.
Can't remember the exact figures for the US right now, but generally they showed an increase of 85% over five years or so. Underlying that - there was no actual valid reason why homes should increase 85% and appears more related to wishful thinking and where the economic background is unlikely to support that level of increase.
Canada is prob much the same, tho the economic background is different in that Canada has a balanced economy it's prob more sustainable.
It's the same with the UK - there is little chance for first-time buyers stepping on to the home ownership ladder. Real estate prices are stupid high (tho expect them to be hit to a degree soon), but the economy is relatively well-balanced.
Were we both are now (Costa Rica) - the levels of real estate appreciation is absurd, (still running at around 50% on the Pacific coast and no signs of any change), but again, that does not rely on the economy or sub-prime and more related to folks from other continents chosing a different lifestyle and relocating.