Wednesday, September 29, 2010

The Upper Crust..

Take a look at Larry's post on West Van prices.

This confirms what we have all been thinking. the upper end is still buying. And only a small % is off-shore money. There are always folks in this town making serious money. It used to be the Dot com guys, until they were Dot Gone, then Developers cashing in on the Olympics, and now it is the resource guys (yes they are mostly men) who are making very big chunks of dough.

Here is the list of the 100 biggest earners in BC.

Then there are lots of people making high 6 figure to 7 figures- business owners and professionals and of course stock-brokers and yes some Real estate agents too.

So dropping a couple of Million or three on the family pile is not such a big deal. Whereas I suspect the entry level and lower priced properties are dealing with the rise in variable rates, the CMHC changes and economic uncertainty.

If this is true, we should see this reflected in the HPI numbers. HPI is supposed to account for more expensive houses selling.