This is how Canada’s housing correction begins

This past summer I was looking at relocating for a job at article.com (they seem great by the way,) and I ultimately ended up turning it down because of the insane cost of housing in Vancouver. It would have been a significant pay cut and quality of life change, even with the decent raise that the package came with.

As an outsider, it certainly seems like time for a correction. I wish I could have taken that job, and now that I see this, I wish I had, as I'd be well positioned to scoop up some of that price corrected property.

The other thing that I found fascinating about this, and this is obviously from the view of an American, is that the 30 year mortgage is pretty unique. Historically that seems obvious now. But, I have a hard time imagining buying a house with the kind of risk that comes with an adjustable rate mortgage, that seems inherent in the Canadian mortgage model.