Vancouver has evolved to an International City

Some cities have been international cities for hundreds of years. A great number of people from around the world have always lived and worked there.  London, Paris, Madrid, Hong Kong, Geneva, New York come to mind.

These cities always have commanded top real estate prices as the old economic rule of supply and demand exists. But what is shocking to some is when their city becomes an international city, and prices skyrocket out of reach of the locals.

Vancouver, where I live, has become an international city.  People who buy high-end homes here also often own a few homes around the globe.  Naturally people who own real estate in the city are very pleased, as their net worth has increased substantially over the last few years. But they also express sorrow over the fact that their kids will not be able to live in the place where they grew up.  Or, if the kids really want to stay in Vancouver, they live in tiny apartments.  It's hard to raise youngsters in tiny spaces.

Others I know are waiting for the prices to fall.  Good luck, I say.  Sure, prices will always go up and down within the bell curve, but the doomsayers predicting a huge correction are wrong, in my opinion.

Panama City has also become an international city as their friendly pensionado program has attracted thousands of retirees.

Yet, even as I say this, I know that people without great means live in expensive international cities around the world. Last year when visiting San Francisco I noticed that most of the hotel staff were from Russia.  Based on their jobs as hotel maintenance workers, I might assume they were not wealthy, but they were living in that wonderful city. Of course, if you live in a city rather than just visit a city it is much less expensive because you become aware of the bargains.

Mahara