“I’ve been a bear since 2004 but constant articles for the last 3-4 years promising a crash is imminent is getting a bit ridiculous.”

grant at vancouvercondo.info January 14th, 2011 at 9:36 am“I’ve been a bear since 2004 but these constant articles promising a crash is imminent (“we mean it this time! honest!”) for the last 3-4 years is getting a bit ridiculous.”

[Tell us about it! The articles and naysaying will continue to look ‘ridiculous’ to many observers, until the crash comes. That’s one feature of bubbles. Savour the moment… we’re watching history being written. -vreaa]

6 responses to ““I’ve been a bear since 2004 but constant articles for the last 3-4 years promising a crash is imminent is getting a bit ridiculous.”

  1. I think waiting for any sort of financially related bubble to burst is as foolhardy as saying the value of real estate will rise for an indefinite period of time. The best you can do is to make financial decisions that are within your means and for the right reasons.

  2. Yeah, tell me about it indeed. Much like all the people in the US who vowed they would move to Canada if Bush were elected for a second term, we have not followed through with our plan to move away from Vancouver if things didn’t start correcting by fall 2010. We simply renewed our plan…”if things haven’t turned around by fall 2011.” The difference now though is that due to a growing family we simply can’t stay in our current (cheap) place beyond that, and the S.O. is very anti-renting now due to the eccentricity of our current landlord. I can tell she gets tense when I trot out the usual arguments about why it’s STILL a bad time to buy. It’ll be an eventful 2011 for me, that’s for sure. If/when we buy, it won’t be at the bottom but hopefully it’ll be down enough that I won’t feel like all that patience was wasted.
    Vancouver really is different in the sense that it is taking forever for this correction to get going.

    • Vancouver really is different in the sense that it is taking forever for this correction to get going.

      It’s not just Vancouver, this has been true for all of Canada because they pulled out all the stops just as the market started to correct.

      No worries, this year will be the watershed. Don’t expect a complete implosion though, rather the long unwind over the next decade if not longer.

    • Holy crap, you sound just me. We have a growing family too and my SO is also very anti-renting now after 3 years in an affordable but nice rental in a nice area (which I love, she now hates it). I’m also hoping this year turns out well, I’m tired of telling my wife, “the market is going to crash, trust me”.

  3. I agree 100%. I keep saying i’ll leave but things happen to make me stay. I’m pretty sure this time i’ll be taking off this fall unless there is something drastic in the market. It might be nice to take a break from this city, besides even if it starts going down tomorrow it will take at least two years to hit bottom (i think that’s an average). So even if the correction starts tomorrow I won’t buy for 2 years.

    It might be hard moving back here though, taking a pay cut, not as much opportunity… sigh.. this is making me mad and bitter (and a bit racist quite frankly) and i really don’t like it.

  4. Pingback: “I can tell she gets tense when I trot out the usual arguments about why it’s STILL a bad time to buy.” | Vancouver Real Estate Anecdote Archive

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