Wednesday, March 25, 2009

Wealthy House Flippers

From the Globe and Mail: Vancouver remains Canada's wealthiest city
Vancouver is still Canada's wealthiest city despite a huge drop in real estate values, according to a new study by Pitney Bowes.

Although house prices in Vancouver fell an average of 11 per cent in 2008, or nearly $57,000, the city's average household net worth was $592,851, still $30,000 greater than in its nearest rival, Toronto. Cities with high real estate values were ranked highest in the study, despite also having the most debt.

Without a huge corporate sector like Toronto, Vancouver's wealth is still built on real estate. I was hoping that bubble would deflate a little more.

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