people observer at vancouvercondo.info 19 Jul 2011 8:34pm –
“It seems to me that people in Van don’t have a strong appreciation for the amount of wealth that is actually coming across the ocean currently and in past years. We can really only look at anecdotes here since it is not observed through income.
I am heavily exposed to the current wave of asian immigrants – i could only dream of the wealth that I have seen and it honestly churns my stomach. Simple examples of new immigrants whom, on first glance I would never have known had that kind of wealth. The current wealth is much greater, and deeper than that from Hong Kong and Taiwan.
1. family of three, wealth generated offshore (which is why there are semi-annual trips and wire transfers): two condos paid cash, looking for another house now –
2. renter family I knew (new immigrants), thought they were lower – mid income, purchased house, cash for $900K, father is a a helicopter parent. family background in Asia – super rich. Wife has clearly said, she dresses down in Canada to not be noticed, in Asia everything is top tier Chanel, Gucci, etc. family drives a typical car here.
3. Couple in building, seemed like a blue collar worker. Turns out they were recent immigrants from China that go back for business reasons a couple times a year. Turns out they bought 3 units in the building for cash, renting out two living in one.
4. Girl I went to school with- realized she was wealthy, didn’t know how much – just bought a maserati (daddy’s money) – still owns a place in Van but generally travels the world
This just scratches the surface. It makes me sick, but this is real wealth and it is here. Some try to hide it, others do not. when you look out on the street, and you see the Pradas, LVs, Chanels etc on girls in their mid teens and 20s, the maseratis, ferraris, mercedes slks driven by kids – remember that is real money, and those are purchased – not leased. It is play money for a lot of them, and it makes me sick and tired, but it is real.”
Following on this and another recent anecdote: Envy is not a sin, folks, it’s a normal human emotion; one of the emotions that makes the world go ’round. If your dog dies, you experience loss and grief; if your friend sells his inherited house for a $1.8M tax-free profit, you experience envy. Don’t be ashamed about this, it just happens. If you then calculate that, given your income, and your disposable income, and your savings, and current interest rates, it would take you ‘x’ years to accumulate $1.8M after tax, where ‘x’ years is greater your working lifetime,… well, then, who wouldn’t experience envy?
This will all go on until the bubbles implode. Then a whole different mix of equally powerful emotions will be at play. – vreaa