“I was just in Switzerland. Max 50% foreign ownership in any development. Funny how each ad states ‘foreign ownership allowed’! Often takes 2 yrs to build a house. Tons of red tape. Many never sell their houses, just rent out. Up to 70% of neighbourhoods rented. Also takes yrs to get into great neighbourhoods. We stayed with two architects there. Fascinating place.
The one thing that throws me in Van are the rents. I think more people would be foreclosing condos ‘cept the rent & tenants in abundance. I cant believe people paying $1700 for a 1 bed on a busy street. Some maxed-out owners should thank their lucky stars at the $$ they are getting. Could be a lot uglier.”
- thinktom (a local realtor), at RE Talks, 30 Sep 2011 9:04pm
Rents will drop during the coming implosion of the speculative mania. They will fall in proportion to the impact of the bubble-burst on our local economy. This will reduce the fundamental ‘floor’ underneath RE prices, which currently stands at 50% below market value, or even lower.
Interesting to see a realtor talking about “maxed-out owners”. – vreaa