chris at greaterfool.ca 11 July 2011 2:25am -
“A Vancouver homeowner I recently met, a nice 48 year old tradesman, said to me that even though his little shack is now worth 1 million or so, it would not be long before it goes to 3 million, or higher, as time goes by.
I looked at him in utter disbelief when he said [that] this is the most beautiful city in the world, where you can ski one moment and boat 30 minutes later in the Pacific Ocean. That is pretty much how everyone thinks here; [they believe] that the whole world wants to move here, and therefore prices are only beginning to rise, and will do so forever.”
Yes, there is such an animal as a ‘speculative holder’. Handed a time-sensitive winning lottery ticket, they decide to wait for two more before cashing them in. – vreaa