A report by the International Monetary Fund that declared Canada one of only two major-market countries where home prices are undervalued must come as a shock to Vancouver residents. After all, our defining real estate feature is the million-dollar tear-down.

But the IMF says Canadian home prices are undervalued by 2.8 per cent, while Austria's are undervalued by 6.1 per cent. The United States is overvalued by 11.2 per cent, Denmark by 18 per cent, France by 21 per cent and, at the top of the list of 17 countries surveyed, Ireland by 32 per cent.

You can read the whole article in the Vancouver Sun.