Isaiah Boodhoo, 22, thought it was a “complete hoax” when he saw a rental listing on Facebook for a bedroom in a Vancouver mansion for only $1,100 a month.
It’s a far cry from the frenzy of a few years ago when the city was at the centre of a global property boom. Prices more than doubled in the decade through 2016, outpacing gains in New York and London. But government policies to tame the market — from new taxes to stricter mortgage regulations — have fuelled a plunge in sales to the weakest since the global financial crisis. Prices are down 8.5 per cent from their peak in June, according to the Real Estate Board of Greater Vancouver.
Isaiah BoodhooFor his part, Boodhoo, not only has he scored luxury digs, he’s cut his commute time to his classes in music production to about 18 minutes from two hours. “I’ve been through only the peak, never the low,” said Sun as she schedules a makeover of the property. Pink tags indicate to the four cleaners what needs to be dumped. The Lamborghini and Rolls-Royce in the garage, relatively unused for three years, also need to be dealt with.
Then there’s Robin Rickards, who happened to be looking for a temporary home at a serendipitous time. The 64-year-old orthopedic surgeon needed a place to stay while his current home was being rebuilt into an oceanside oasis. He ended up making an offer on three different homes and got one for almost $1 million less than the original asking price.
The article puts a somber outlook on the situation like it’s a bad thing! Perhaps only for the money launderers and speculators... for the average income earner whose wage was stagnant the last 10 years, it’s a blessing
This is who One Percent Wilkinson is fighting for.
Sounds like a Springsteen lyric.
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Source: nationalpost - 🏆 10. / 80 Read more »