And income for people who traditionally buy such units has increased by how much during the same time?
Well, today those homes are owned by "non-traditional" people, namely folks that came here with cash and have incomes from abroad, i.e. Asia [but also, in lesser numbers, S-America, E-Europe or Africa]. I do not see this trend of rising house prices in Vancouver to end until this in-migration stops .. likely not until 2050 when the world population is forecasted to be peaking and Canada has perhaps 50,000,000+ people !
People come here because the scenery is spectacular, air is clean, flights are plentiful, low corruption, law & order, great education K-12-Uni .. and because house prices are still reasonable compared to other world class cities like Singapore, London, New York, Munich, Paris, Moscow, HongKong ..
Thomas Beyer, President - www.prestprop.com
Prestigious Properties Group
T: 604-564-7673 E: firstname.lastname@example.org