https://www.biv.com/article/2015/9/expe ... etting-mo/
"Over the past decade, prices of the most expensive homes in the city – those in the top 5% in terms of cost – have increased by more than 200%; in other words, the average price of the most expensive detached homes in the city has more than doubled. "
http://www.huffingtonpost.ca/2015/09/16 ... 45602.html
"Sotheby's says sales gains are expected to be highest in the over $4 million category in the Toronto and Vancouver areas this fall, although higher sales volumes are expected in the $1-million to $4-million range, as well."
Either the reporter doesn't understand basic math or doesn't realize that the "total price" and the "price increase" are different things. A more than 100% price increase means the price has more than doubled, a more than 200% price increase means the prices have more than tripled. Unless of course, there was a 100% increase followed by another 100% price increase based on the new number, in which case it's quadrupled.
$1K plus 100% increase = $2K (new total price is 200% of the original price but the "increase" was only 100%)
$1K plus 200% increase = $3K
$1K plus 100% increase = $2K, $2K plus another 100% increase = $4K.
It's also good to remember that after a 100% increase, the new price only has to drop 50% for all the gains to be wiped out. I've occasionally heard stupid people say "my house has gone up 100% and there's no way houses are going to lose anything close to that percentage so most of my equity is safe"
I'm guessing the article is correct about Aussie prices having probably more than doubled, but it appears the reporter learned about percentages at the same "university" as Taipan.
In fond memory of Taipan, a model of modesty, decency, dignity and tolerance. Long may we all prosper from the tremendous legacy of worldly wisdom and specialized real estate knowledge which he left in the "Arguments" thread.