I'm not sure I understand your point. Asians shouldn't be allowed to buy homes in Vancouver? There should be a price ceiling on Vancouver homes? There oughtta be a law? I would imagine if you own property in Vancouver you would be excited about these prices and consider selling. Depending where you were when cattle prices were high, it was the greatest thing or the worst thing. The same is true for every other market too.
I live in the SF Bay area. The prices are insane here too. I cannot afford anything here. Rents are reflective of the property prices with studios renting out starting at $1800. Wages aren't significantly higher than anywhere else USA. There are several things causing this; many people want to live here (demand), building is highly restricted by zoning, height limits (no high rises), parks (when property comes available it often becomes a park), open space (farm and ranch land development rights are purchased to prevent development), etc. (low supply). High demand and low supply will send prices through the roof. Combine that with easy credit and the market inflates. Were the market more open and free, it would right itself.
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Today's Featured Article - Women and Tractors - More Views From the Farmer's Wife - by Teri Burkholder. The top ten reasons why the judges wouldn't let you participate in the stock antique tractor pull: Hey, this is stock! It came with that V8 in it! That "R" on my tires stands for "really old" not radial! Blue gas? We thought it was a pretty color! What wire hooked to my throttle?
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