“I am a realtor with a banking background. I think that it may require a significant economic slowdown in China to stem the outrageous prices paid by “greater fools”.”

It is very, very difficult to be an industry insider with market insight during a bubble. Corpses of sensible stock advisors littered the roadside during the tech boom – the skeptics were made to look like fools by the relentless, illogical bull. Afterwards they were seen as unheeded visionaries, but it is exceptionally difficult for naysayers to stay the course; there is immense pressure to get in line.
‘ckung’ is a local realtor who understands the state of the market and has warned of a pending price collapse for at least a year. We have featured his quotes twice previously, 22 Dec 2009 and 25 July 2010.
Here he is again, ckung, at one of our fellow Vancouver RE bubble sites, ‘Whispers From The Edge Of The Rainforest‘, 11 Jan 2011 8:24 am –
“Firstly, I am not a bull but a realist and thus am more of a bear given the economic conditions we are in. Secondly I am a realtor with a banking background.
I just sent out an E-newsletter to my network of clients and contacts with regards to the influence of Mainland Chinese Investor immigrants on our market and more specifically on Vancouver West and Richmond. These people are not just looking at houses in these areas in terms of economic rents or even in terms of short term capital appreciation. They are seeking a way out of China for themselves and their families. So how much is it worth to them given this context? Something to ponder when you see outrageous selling prices.
Personally, I think that it may require a significant economic slowdown in China to stem the flow of such immigrant investors and thus the outrageous prices paid by these “greater fools”. Interesting times.”