From Alex G. Tsakumis at his blog ‘Rebel With a Clause’ 2 Jun 2011 [hat-tip to ‘Nem’]-
“I have a friend who just last month made five million dollars (net) on a land flip in the Interior. He spent about ten years sucking wind–and I mean flat broke. The first thing he did was buy a $200,000 BMW, then a house on the water in West Van. He just dropped $10,000 at Harry Rosen. And he is at the bottom of the ‘Big Shot’ rung–there are some insanely wealthy people in this town. So… why are food banks empty? Why are the churches and halls on the DTES always in need? How come AIDS Vancouver is short? When I mentioned Covenant House to him, he balked and ordered us another round of martinis and yet another bottle of champagne. Shortly after, I left Hy’s bar for some fresh air–and sanity (I couldn’t take what he has become and if he’s reading this, tough). I couldn’t bear it. I walked past three of the living dead as I made it to my car. The contrast was hardly lost on me. We live in a strange world…very strange.”
Money from RE deals pushing up prices in West Van. On the way up, higher prices beget higher prices; the stuff of bubbles.
And, yes, the social implications of folks greedily pigging out on easy winnings are not good. Fast and loose; frontier-town economy. – vreaa