“It is not just the Chinese doing the speculative buying, I know of Whites, Indians, Filipinos, Koreans and other races doing the same thing. Flipping houses using borrowed money and living a materialistic life with fancy cars, bags etc.”

We agree with this poster’s sentiments; the bubble has not been inflated by any particular ethnic group. Members of each and every Vancouver population group have been participating. Everybody’s hustling for a buck and a dime: It’s human nature that does it, not any particular cultural effect. We also agree that “it is just a question of how soon and how fast” this all ends. It’s a pity that the city is losing another sensible soul. -vreaa

LY at vancouvercondo.info 29 Apr 2010 10:59 am

“I understand the frustration of some bears seeing housing prices go up due to massive speculative buying by Chinese. But it is not just the Chinese doing that. I know of whites, Indians, filipinos, Koreans and other races doing the same thing, flipping houses using borrowed money and living a materialistic life with fancy cars, bags etc. Anyway, their flipping days are numbered especially here in Vancouver. It is just a question of how soon and how fast.
As for me, I am moving to Toronto for good this year where I can buy an almost new detached/semi-detached house in Markham or Richmond Hill for the price of a small 1200 sq ft townhouse in Burnaby or Richmond. No reason to stay in overpriced Vancouver.”

3 responses to ““It is not just the Chinese doing the speculative buying, I know of Whites, Indians, Filipinos, Koreans and other races doing the same thing. Flipping houses using borrowed money and living a materialistic life with fancy cars, bags etc.”

  1. Thanks for this. People are people, and this mania touched everyone.

  2. you forgot the homeowners that live a good life because of their equity gained in the property.

    have fun in toronto. we don’t need whiners like you in vancouver.

  3. genxr-> Any homeowner “living a good life because of their equity gained in the property” had better have sold their property and be “living a good life” on the realized profits.
    If, on the other hand, they are extracting funds from imagined paper RE gains, they are living a fantasy “good life” on nothing more than debt. In addition, they have a net-worth that is less than their RE holdings, and they will be completely destroyed in the coming bust. Just saying…

    LY isn’t a “whiner”, he or she is simply stating the reality.

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