A Bull Sells – “He can’t deny that something stinks.”

Things are changing in Vancouver RE markets. Inventory is climbing, and we seem to have crossed an important psychological threshold. Bulls are starting to acknowledge that price pullbacks may be possible. Some are acting on that realization. This from exx at Rob Chipman’s blog 05.13.08 at 8:55 pm

“My coworker + (wife, 3 young kids) is selling his 3bed townhouse in poco, pocketing his ~120K gains and renting a house. He looked at buying in North Van, but a similar townhouse would cost him 70% of his net income AFTER putting the 120K down. That’s for 25 years. He did the math on the 40 year mortgage… enough said. Funny thing is, he has always been very bullish on Van RE and we’d always get into the typical arguments. I think even he can’t deny that something stinks.”

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