Think about house prices in Vancouver for long enough and the price tags we discuss in our fair city don't seem to shock us after a while. Go away for a bit and return and you find that our real estate market is like a bad smell that you didn't notice when you were in the room but when you come back it seems intolerable.
Thinking about houses in Vancouver, where average household incomes are in the $60,000 / year range, I like to imagine who might live in that $1,000,000 house, recognizing that with a 10% down payment it still takes a $175,000 / year income to qualify for the mortgage. It might be a 'rich' foreigner or a successful lawyer or doctor or business owner. When I see pictures from listings like this one, I think that I may not be so delusional after all to think that most of the people who buy homes in Vancouver may not be able to actually afford them. Shocking, I know.
Keep in mind that this house with a near $1,000,000 price tag neighbours a commercial building and is metres away from the insanely busy Oak Street. Not exactly where I picture a successful lawyer, doctor or business owner living. The other pictures shed some light on who may live there and what kind of lifestyle they can afford. I've got nothing against having some old furniture in the den but this stuff is hideous and hardly what I think of when I think of a $1,000,000 house. Yuck.
Anyway, things just seem to be a little smellier than normal lately.