(Bloomberg) -- In the spring of 2012, Dustan Woodhouse, then a 40-year-old Vancouver mortgage broker, broke the cardinal rule of saving for retirement: he liquidated his retirement fund, took the tax hit and plowed the rest into the local real estate market.
"People told me I was crazy," says Woodhouse, 45, whose plan is to buy and have paid off 10 such investments by his late sixties. "But that’s our pension -- that’s what that property is."
Maybe not as crazy as it sounds. Vancouver is among a clutch of cosmopolitan, attractive cities around the globe where the appreciation in home prices is seemingly unstoppable.
New-home prices have gained 5 percent since March, the biggest three-month increase since 1990, data released earlier this month show. Prices in Hong Kong and Sydney also continue to soar.
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