(ed:..and it is currently going down the gurgler – that real estate market in vancouver that is so much like aucklands’..
Fast forward three years.
The weirdness that Yan documented has rapidly spread southward and eastward – decoupling the bonds linking incomes with housing values.
Metro Vancouver’s real estate market is now a dystopian tableau of panic buying – tax fraud – property flipping – overseas pre-construction condominium sales – stone cold speculation and elaborate multiple-account money transfer rigmaroles that are the conduit of choice for drug cartel tycoons.
It’s not just about shady Chinese money—not by a long shot.
Vancouver’s old establishment property developers and real-estate companies fed the frenzies and made a killing.