“People do have a set point after which it’s just not worth it for them to buy.
If you take for example my house purchased 14 years ago for $156K, large lot, but old 2 bedroom bungalow about 700 square feet. Currently this same house is $380K. I wouldn’t buy it at that price, period, just like I don’t pay $50 for a t-shirt.
Every person with some sense of who they are maintains this kind of price/value list in their head.”
- Rachelle at VREAA 17 Aug 2011 7:43am
[see Rachelle's similarly very sensible Ontario-based landlord blog at landlordrescue.ca].
Here in Vancouver people have been through 5-10 years of relentless invitations to lose their heads; to lose the “sense of who they are” compass. The speculative mania, with all its ramifications, has applied increasing pressure, and the population have succumbed.
“Can’t afford a $50 t-shirt? Sure you can! Why, that one over there cost $150. This is the price of t-shirts nowadays, where have you been? If you want to live in Vancouver, and you want to wear a t-shirt, this is what you’re going to have to pay. I have wardrobes of $75, $100 t-shirts… look at this one, only $65! Or stretch and buy the $72 one – think of the resale value.”