Vancouver is one of five metropolitan areas in Canada that recorded sharp year-over-year increases in housing starts in August, according to figures released Tuesday by the Conference Board of Canada.
What drives Vancouver’s house prices so relentlessly to levels four times higher than Winnipeg’s, and more than half again what Torontonians pay?
It’s simple, says Tsur Somerville of UBC Centre for Urban Economics and Real Estate.
“If you want Winnipeg-level house prices here, all you have to do is tear down the mountains and fill in the ocean.â€