“The most expensive housing market in North America is not where you’d think”

Price Tags

It’s not New York City or Orange County, California, but Vancouver, British Columbia.

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James Suroweicki in The New Yorker explains how “Real Estate Goes Global”  Using us.

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Steinberg-cover-580We’re all familiar with the stories of Russian oligarchs buying up mansions in London, but this is a much broader phenomenon. A torrent of capital from wealthy people in emerging markets—from China, above all, but also from Latin America, Russia, and the Middle East—has flowed into the real-estate markets of big cities in other countries, driving up prices and causing a luxury-construction boom.

A recent report by Sotheby’s International Realty Canada examined more than twelve hundred luxury-home sales in Vancouver in the first half of 2013 and found that foreign buyers accounted for nearly half of sales. In Miami, a huge influx of money from Latin America has enabled the city’s housing market to recover from the bursting of the…

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