“I recently spoke to a guy who was thinking to get into the housing market (new high paying job, fresh out of MBA school, wife and new kid) and he had said I was the first one to voice any concerns [about the RE market] to him. He was of the opinion that real estate only goes up, that far flung areas will soon be centralized with the endless expansion of burbs, that it is a great time to buy with low rates and that the high prices were secondary. Upon further discussion he acknowledged that debt levels were high for too many, that a rise in rates will lower affordability and could very well eat away his equity, and that if the likelihood of prices rising over the next 5 years is low then it may be best to wait, plus it was cheaper to rent than own.”
- Rob at VREAA 2 Feb 2012 8:33am
Gee, a guy who has an MBA and doesn’t read the newspapers, or the web, or Maclean’s, or The Economist.
Are there still market participants out there who haven’t heard anything about the possibility of Vancouver RE being severely overvalued?
RE Bubble Cone of Silence?