“Vancouver home prices, to me, make no sense relative to local employment and income gains,” Alexander said. “Vancouver prices just seem insane.”
– Craig Alexander, chief economist at the TD Bank, as quoted in ‘Forecaster says home prices may fall soon’, Montreal Gazette, 28 June 2012 [hat-tip penny saver at VCI]
We agree with Alexander. Prices are indeed “insane”.
Well put; that is not hyperbole.
This opinion stands in stark contrast to those of local economists, who are uniformly sanguine regarding our price levels.
And surely it must affect the readiness of TD to lend to buyers in our market.