debtified at greaterfool.ca 25 May 2011 11:59pm – “I am in Vancouver right now and the air is definitely bullish on real estate. I get thoroughly confused when my friends admit that prices are too high and still expect it to continue to go higher without an end in sight. So, they conclude, buying now is still a good idea (and selling now sounds like an even crazier idea!).
The 20-somethings I know want to buy houses and they do at the first opportunity. Most who have bought are definitely sub-prime.”
debtified’s friends personify the thinking behind the speculative mania: They buy (or won’t sell) even at high prices based on the certainty that prices will continue to rise. Yet it is highly likely that none of them considers themselves a ‘speculator’. We continue to contend that almost every buyer, and many ‘holders’, in the Vancouver market, are, in essence, speculators. – vreaa