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The Vancouver housing prices are high on absolute term and could probably drop 5 - 10% in a couple years but I see too many people are hoping to see the kind of drop we are seeing in United States. Yes we have some overhang of supplies in the market. However, we don't have to deal with foreclosures, most of our big banks are rated at the top of scale by international standard. Unemployment (lagging indicator btw) is high but so is immigration and population growth. If you are hoping house prices will drop back to 2003 - 2004 level, it simply won't happen.
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