“I have stopped trying to convince people in Vancouver that real estate is overvalued. What’s the point? It’s not worth my effort. I find it’s much more satisfying to agree with them-they have no idea I’m being sarcastic. When they say things like “Real estate only goes up” and “Vancouver is the best place on earth!” I smile and nod.
I’ve found that the “real estate always goes up” argument is dying in other places of the province. People on my old street in Kelowna saw their property values go from around $500k in 2008 to now $350k-they are no longer cheering so much for real estate there. Others have condos that are underwater and are having problems finding tenants. I do believe this will happen here too, it’s only a matter of time before people realize that real estate values are no longer soaring and it’s harder and harder to find justification to buy.”
- pricedoutfornow at vancouvercondo.info 26 Aug 2011 9:07am
“I was talking to a colleague about my views of Vancouver’s impending crash but had to stop as I didn’t realize that her husband is in construction and a crash would really hurt their income. It was the look of total fear on her face when I listed the facts that made me stop and ask why she looked so dour.
It is a weird feeling nowadays when I talk doom and gloom wrt real estate as I feel that it is starting to get through and my facts make people uncomfortable. When this happens I try and think something that will make the person feel better such as “well you bought years ago, you’ll be ok”. I just wish that all those caught up in the rush to the top had taken the same tact when berating me about throwing my money away on rent and how stupid I was to sell.”
- YLTN@Work at vancouvercondo.info 26 Aug 2011 9:29am
“Last evening, I was in a real estate conversation with my wife’s family and I should win an Academy Award for my acting skills. (Lot’s of nodding and smiling)”
- specialfx3000 at vancouvercondo.info 9:39am