This from Jim as quoted by Garth Turner on his blog greaterfool.ca October 4th, 2009 -
“I’m 27 years old, no debt and I have managed to save and budget well. I’m lucky to be living with a family member. I’ve been wanting to leave the nest for years now but right when I finally had the means (out of school and working full time) the real estate in Vancouver went insane! To be honest, in Vancouver right now everyone I talk to seems to think that since it’s “booming” again that it will never go down. My buddy just listed his condo (500 sq ft) at $399,000 he had 20 offers and it sold for $425,000. I told him I was happy for him, but that it’s just not sustainable….his response to me was “Vancouver has changed man, you have no idea how much money is in this city, plus we have the mountains, ocean, olympics and rich Asians…real estate can never go down! You missed the boat dude”. Any predictions for if and when Vancouver specifically will ever stop? I refuse to believe Vancouver won’t correct harshly soon…..but with locals all thinking that the world will move here after the olympics, that if they don’t buy now they’ll be “priced out forever,” and the sick fact that people are USED to making $425k offers on 500 sq ft condos with no view and a curved wall in the living room even I am starting to worry that my waiting is just going to screw me in the end. Meanwhile I just keep saving and saving and getting further and further behind, that 3.85% 300k mortgage is looking pretty good right now.”
