"I have many friends who own houses in Vancouver. None bought in the last 5 years, they bought what they could afford. I don’t see any of them in trouble in a market collapse. Unless we see a huge jump in unemployment, they’ll keep paying down their mortgages and forget about the pretend house value of 2010."

Comfortable in a coma at greaterfool.ca 23 Jun 2010 12:36 am -

“Having sold out of Vancouver recently, I can’t imagine that market holding it’s prices. It’s beyond comprehension! That said, I have many friends who own houses there. None have bought in the last 5 years so they bought what they could afford. I don’t see any of them in trouble in a market collapse. Their payments aren’t suddenly going to increase! Unless we see a huge jump in unemployment, they’ll keep paying down what’s left on their mortgages and forget about the pretend house value of 2010. No-one I know has refinanced to buy toys. I don’t think we’ll see the re-fi carnage of the US. Unless suddenly we have mass lay-offs but we don’t have the big employers who could lay off 10,000.”