Roland's Vancouver Morning Part 35 - Renovation in East Van
By Roland Tanglao on May 30, 2005 - 9:55am
According to the Georgia Straight, the average cost of a house in Vancouver is approximately $500,000 which requires an income of $100,000 to afford the mortgage (and hence the Vancouver trend to communal and multi-generational living). This average includes both East Van and the West side which means the average price of a home in East Van is probably around $350,000. Still unaffordable. Can you say bubble? I figure this bubble will collapse shortly before or after the 2010 Olympics. Until then, people who invest in decent homes (like the most excellent craftsman home shown above whic is currently being renovated) to live in, renovate and perhaps sell or purely to make an investment will make some money.
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