Vancouver, Calgary and Toronto Detached Housing Priced in Gold
The chart above shows Vancouver, Calgary and Toronto detached housing priced in ounces of gold valued in CA$. Bullion attracts investment when credit markets contract because of its classic use as a hedge against currency depreciation and its ability to act as money, a store of value. The Millionaire Metric allows you to see what your dollar is worth and the (declining) amount of gold you need to be a millionaire. In May 2013 the spot price of gold continued to plunge driving the cost of real estate up in relation. So far it’s been a year and a half correction. In terms of value it requires 36% less gold to be a millionaire than it did 5 years ago.
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