pricedoutfornow at vancouvercondo.info March 7th, 2011 at 7:13 pm–
“On CBC radio this afternoon they interviewed a realtor to talk about the HAM [‘Hot Asian Money’] phenomenon in Richmond and Vancouver-westside. The radio host sounded downright sad when she said “But this means that young people basically won’t be able to buy houses in Vancouver or Richmond anymore?” And the realtor said “Yes, that’s about right. They will have to go to the suburbs” to which she responded “But Richmond IS a suburb!” And the realtor giggled and said “Ya well I meant the EASTERN suburbs”.
So according to this message, I should basically get out of town, along with everyone else who makes a decent dual-income salary. And great, let’s blame the Chinese! This is bad for Vancouver, when Canadians are basically told outright to leave if we want a house.
Of course there’s no talk of the fact that people have been bidding up properties for YEARS with cheap money and loose credit. Who really cares about the prices going up $200k in the past 4 months? What about prices more than doubling in the last ten??”