Something grotesquely wrong with Vancouver’s housing market, the time for denialism is over (Ian Young, South China Morning Post)

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View Site for SaleSomething is grotesquely wrong with Vancouver’s housing market, and the time for denialism is over, by Ian Young, South China Morning Post, 21-May-2015

Excerpt:

The realisation that something is grotesquely awry with Vancouver’s housing market has reached a tipping point.

Fuelled by the special sauce of Chinese wealth – and good old Fear of Missing Out – prices are now at levels that have decoupled from the local economy, with an average detached price of about C$1.4 million (HK$8.9 million). So far, so normal for Vancouver.

But the past couple of months have witnessed a kind of awakening.

Eveline Xia – herself a Chinese immigrant – helped get the ball rolling with her very first tweet on March 18, in which the 29-year-old environmental scientist created the hashtag #donthave1million, and posted a plaintive cry about the drain of young Vancouverites being priced out of the city she loves. “To…

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