“Many friends have purchased RE recently, and I’m gobsmacked by how much debt is flying around. I will not move back unless RE goes down at least 30%.”

Bear abroad at vancouvercondo.info 20 Aug 2010 at 1:48 pm -
“I am a BC bear in hibernation. I left the country in 2002 to work abroad in such tropical locales as Bermuda and Caymans. I grew up in BC and I do love the place (although I do notice that Vancouverites have gotten a bit too full of themselves). I made a choice a few years ago that my lifestyle and freedom are more important than buying a slice of my hometown. I will likely move back in about 5 years and I expect that I will be purchasing real estate at discounted prices. And if they don’t go down, then OH WELL!!! I will not move back unless RE goes down at least 30%. There are lots of great places in the world and in Canada where real estate can be purchased at a fraction of the cost. I can make a list of many friends that have purchased RE recently and i’m gobbsmacked by how much debt is flying around. The ugly truth is that none of them make near enough to support their debt levels. The salaries/economy in Vancouver is just not strong enough to support the prices that people are paying. The grind down will likely take years and the pain will be felt by all. In the meantime I shall be enjoying life in the tropics (tax free) and will continue to be entertained by the Vancouver real estate circus from afar.”

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