Why you'd better hope it's different this time - Vancouver housing edition

Mohican provides a nice concise summary of the current state of the Vancouver housing market, complete with lots of to-the-point charts. I recommend that anyone in (or potentially in) the Vancouver housing market give it consideration prior to deciding their next move. Ironically, the collapse of the U.S. housing market, the subsequent economic troubles and the subsequent interest rate cuts may actually keep the Vancouver housing market going a little longer, I guess we'll see.

Anyway, Mohican's post in short:

* Prices have risen dramatically, to say the least, in recent years
* Prices are above the long run inflation adjusted trend
* You'd need an annual income of $113,400 to qualify to buy a typical Vancouver condo with a 25 year amortization and no down payment.
* Price/Income ratios are higher than they were in previous market peaks
* Price/Rent ratios are well above historical averages
* Mortgage Payment/Rent ratios are also well above historical averages
* Population growth is below historical averages
* Housing construction has been above historical averages for the last few years

You know, if there was a media in B.C. that actually had the knowledge and the will to do it's job properly you'd think that some part of this analysis might have shown up once or twice in the thousands of minutes and column inches devoted to the local real estate market. Oh well, thank god for the internet.