LAF at VREAA 25 Mar 2011 at 8:32am – “Folks, part of [all this] might be Asian money, but part of it is just, heck, Vancouver is a great place to live and people are becoming more aware of it (thanks Economist and Forbes surveys). I worked my ass off to earn money in Europe, and saved up enough to buy a house- in Vancouver. I still live in Europe, but I’m “long” Vancouver- political stability, bank stability, food security, fresh water security, good natives and immigrants, climate stability. C’mon guys, don’t blame the Chinese, realize the long term prospects of Vancouver and you’ll understand why so many of us foreigners/Expat Canadians see it is a very positive place in a highly uncertain future.”
We also like Vancouver, a lot, but we think Vancouver RE is disproportionally very overvalued, and in a bubble. Those are not incompatible thoughts, to like Vancouver but see the bubble.
Two questions for LAF:
Did you take fundamentals into account at all when you made your purchase?
What percentage of your net-worth is represented by the current market value of your house in Vancouver? 20%? 50%? 100%? 400%? Ballpark is okay. Please share. -vreaa