There are so many remarkable angles on what is happening in Vancouver real estate. In addition to the residential market, which I wrote about earlier, there is an even more pronounced spike underway in commercial real estate acreage prices.
According to a report out today, industrial property prices in Vancouver are going straight up, in part because of residential redevelopment pressures. Land that changed hands at $100,000 an acre as recently as six years ago is now selling for as much as $2 million an acre. That is a 20-fold increase.
Has this sort of thing ever happened anywhere else, ever? I’m at a loss.