We have seen this particular designation coming for a long time. Vancouver has been voted 2012 best city in the world and is always close with Zurich, Switzerland and Sydney, Australia for top sport. We live in paradise and we pay for it. Yes BC does stand for Bring Cash afterall.
There are sustainable reasons for the price increases year over year. We have very strong immigation numbers moving to the Lower Mainland and they need homes to live in. Simple Supply and Demand Economics. Secondly, we have had, at times, huge speculation in our market and that is sure to drive prices higher. Interest rates have made it affordable while realtors, banks, appraisers and yes Buyers have driven prices higher. There are a lot of factors that have played a part in making our city the most expensive in North America.
If you would like to know more about the most expensive city in North America, you can email me at craig @2percent realty.ca or visit me at www.craigfraser.com.