(Brian Gable/The Globe and Mail)
Each MSM mention of a housing bubble causes more complete saturation of the concept into the psyche of owners and prospective buyers. Then, one day, ‘Wham’, they see something that crystallizes the idea and the concept becomes ‘real’ for that individual. Falling prices will cause many to suddenly find that they’ve ‘known’ that we’ve been in a bubble all along. This is one mechanism by which markets can go from ‘balanced’, to otherwise, in an instant.
- vreaa
At least now they can claim that they warned people.
Notice how local main stream media rags (i.e. Province, Vancouver Sun), are always slow off the mark in providing serious analysis of the Vancouver bubble. I guess they don’t want to antagonize their major advertisers (i.e. realtors, developers, etc). We have to rely on the national media (i.e. Globe & Mail, National Post, CBC, etc) to point out the obvious.
c, f, cmhc, banks – all cya now in prep for crisis > bailout > power grab
This same cast of crooks is also trying to distance themselves from the decisions THEY made that created the bubble in the first place.
It seems that almost daily there is a new article in the Globe and Mail on the housing bubble….
Two mentions of an over-heated housing market on BNN today:
http://watch.bnn.ca/the-business-news/january-2012/the-business-news-january-10-2012/#clip598536
http://watch.bnn.ca/the-close/january-2012/the-close-january-10-2012/#clip598410
In my highly subjective, confirmation-biased opinion, the housing market stories have been more frequent, with more air time/column inches devoted to them, and more open to discussing a decline in the last few months, and not just trying to downplay the bears.
I agree with VREAA: at some point there will be enough coverage and enough awareness that something will click in Sally homebuyer’s mind and she might take a second to run some numbers before blindly buying…
“In my highly subjective, confirmation-biased opinion..”
Well said, good level of insight. Wise.
We appreciate the strength required to be honest with oneself.
http://www.bbc.co.uk/news/business-16494013
Interesting article about the correlation of a country building “Skyscrapers ‘linked with impending financial crashes’”
Well – we’ve had taxi drivers and shoe-shine boys talking about buying real estate. MSM has articles and cartoons on the bubble. You can really sense the psyche of the general public is shifting now. The prices will not drop instantly but the buyers will now be scarce in almost all markets.
We can’t have the prices go down, why we have not seen that phenomenon for about 12 years in the Lower Mainland.
Let’s bring over many more of those RICH OFFSHORE BUYERS who want free healthcare and education. Whoops, can’t do that any more and Minister Kenney has put the kaibosh on the “Investor Immigrant Class”
as he says “Canadian Citizenship os not for Sale”.
Guess we are going DOWN in 2012.