"Why is it that Vancouver is the fastest growing real estate market in the world today? They allow immigrants in legally and it lifts all boats. We need to focus as much on legal immigration."
Having Canada come up in a presidential candidates debate is extremely rare, despite the tight relationship between the two countries. Having Canada mentioned in a Republican debate is even more rare.
Of course, political followers might wonder how "Republican" former Utah Gov. Jon Huntsman is, but still, mentioning Canada, and specifically Vancouver's housing market, is still rather impressive.
Vancouver's housing market is through the roof, thanks to the influence of China within British Columbia's largest city. As much as I would love to live in Vancouver (or Canada in general), I do secretly worry how I would be able to afford to live there. Short of winning the lottery, I won't be buying in Vancouver.
Huntsman is more aware of China's influence, having served almost 2 years as U.S. Ambassador to China. The former governor also help China and Taiwan into the WTO while serving as Deputy U.S. Trade Representative under George W. Bush and also served as United States Ambassador to Singapore under President George H.W. Bush.
Still, if potential Republican voters were paying attention to Huntsman (and that is debatable), it was a teachable moment (a term used by Huntsman's former boss, President Barack Obama).
Canada's housing market has been helped in great part because bank regulations weren't torn apart, as they were in the United States in the late 1990s. Toronto's housing market doesn't compare to Vancouver's, but no major U.S. city even comes close to Toronto's market today.
I think the situation in Vancouver today is better then it was a few years ago but still is at a point where it is nearly impossible to buy a house in the city, and has been this way since the late 1990's, nothing new... but lately there has been a big growth in real estate in the suburbs of Vancouver, which I don't see as such a negative outcome...
Posted by: real est | October 09, 2011 at 06:57 AM