Yes, housing prices are high in Vancouver, and global capital plays a part in that. If prices keep increasing, many of the things we love about Vancouver are at risk, and many will not be able to put down roots in a city bound together by a rich, multicultural history that has a lot to offer geographically and culturally. But reducing one of our toughest challenges to a series of sweeping generalizations misses the bigger picture of what’s really happening in Vancouver.

”Why Is Vancouver So Expensive” according to Vancouver’s Mayor Gregor Robertson.

Our thoughts: wow Gregor, absolutely no reference to interest rates, or per-cap salary comparisons between Vancouver and comparable high-cost cities. What is really happening in Vancouver is this: locals, who justifiable love this city, are leveraging up to dangerous levels in order to compete against the real or perceived threat of foreign buyers. There is a real fear of being “priced out forever”. The moment interest rates starting inching up, our beloved city is exposed to an undue amount of risk and a potential deleveraging. Reducing the Vancouver housing crisis to “Vancouver is awesome” is in fact a sweeping generalization on your part, and misses the bigger picture of what’s actually happening in Vancouver (high debt loads, historically low interest rates, and competing against real or perceived foreign buyers).