“Get ready and get defensive and don’t gloat and be paranoid. This is going to get ugly starting today.”
– Ham Solo at VCI 22 Jun 2012 4:04pm
“As a long time tax paying bear bitter about subsidizing the largess lifestyles of those that could not afford it, I will bloody well be a “I told you so type” in the coming years, albeit perhaps in a more strategic and tactful manner. My coming line will be, “well, if I make more than you, and I sat on the sidelines all these years, doesn’t that tell you something about your ability to afford these ridiculous prices and the sustainability of those prices.” Or maybe something softer like “you really should get in on renting – paying an underwater mortgage is really throwing your money away now with nothing to show for.”
As a six figure single earner, you can be damn straight I will be saying this and I will be bringing it up at every social event, as that would be keeping with the trend of talking about RE at pretty much every social event in Vancouver of the past umpteen years (and no RE is not raised at every event, but RE is a obsessed about topic in Vancouver).
Why should I have to take shit all those years as a stigmatized “poor renter” while prices climbed to the stratosphere, and every hairdresser and Home Depot associate making 50k a year was buying a condo, leasing a BMW, taking Mexican vacations, and buying multiple properties, and then not be able to be righteous when prices crumbled. These people were acknowledged as “investment geniuses” on the way up, so now they can be regarded openly as “investment morons” on the way down.
Payback is a bitch – but we all need to learn that to prevent another bubble in our lifetimes (however unlikely that really is).”
– Payback at VCI 22 Jun 2012 4:28pm