Vancouver BC Canada now third most expensive city in the world
http://www.vancouversun.com/business/affordability/vancouver+housing+market+more+unaffordable+than/11674829/story.html
This has been going on for a long time. The cost of properties have perhaps started before 2000. Rich Chinese investors/immigrants brought into the investor immigrant program so they could buy there way into the country. Between 2006 to 2010 44,000 Chinese millionaires "98% of which are of Chinese nationality" made there way into the Vancouver region. They typically buy the 1.5 million dollar on average home prices for cash. There children then attend university and live in the houses while the parents stay locally, or live in China.
I have my theories as to how the Chinese are getting wealthy but who is the winner and looser in the huge property increases? why the investor or property owner is. The looser is locals who have now grown children and are ready to buy homes...but is impossible to do so due to the staggering cost of properties.
Have any of you investors ever seen this phenomena in your city?