“Talked to an old friend in Burnaby today. About a year ago someone bought the house next door and spent several months doing a total reno. Then the house went on sale for months with no takers. Then it went off the market. Then it went on sale again.
And now they are tearing it down. No attempt to salvage anything. Remember in decades past you could drive around the city and go to the demo sales where they spent a week or two selling off the fixtures and stuff first.
This is wholesale destruction of wealth. Question is who took or will take the hit – the previous owner, the builders, or the next owner, or some combination of the above.
It’s doesn’t get any crazier than this.”
– patriotz at VCI 29 Jun 2012 1:01pm
“Wholesale destruction of wealth”, agreed.
Part of the terrible misallocation of resources that is part of a speculative mania.
It should be obvious to all that this is bad for our society.