“I moved to Vancouver in 2008 and despite being able to purchase, have held off due to the insane RE market. For now, I will continue to rent.”

“I moved to Vancouver in 2008 and despite being able to purchase, have held off due to the insane RE market. I rent a large beautiful home with a pool in the Dunbar area. Landscaping and pool maintennace are included in the rent, so needless to say, I have a very nice life style here. For now, I will continue to rent. If I ever consider purchasing a house here, I will offer well below market value. For now, I am having too much fun and can’t be bothered to look at the crappy homes listed for so much money.
The reason that I came to Vancouver is that my two children are attending UBC. They are now close to graduating and will likely have to leave Vancouver for a place with a more reasonable cost of living/RE. I will likely leave as well so that I will be in a better position to help them financially. This is too bad, as I like Vancouver, the people and lifestyle. I am afraid that many people are going to be seriously hurt by the artificial RE market here and will end up losing everything or become slaves to the bank for the rest of their lives.”

– DR, via two e-mails to VREAA, 24 Jun and 2 Jul 2012

3 responses to ““I moved to Vancouver in 2008 and despite being able to purchase, have held off due to the insane RE market. For now, I will continue to rent.”

  1. They were slaves to the bank before the downturn too. They were slaves as soon as they paid above equivalent rent. That’s the part that’s not clear to people until later (and the reason 40% of $1+ million prime borrowers in the U.S. walk away voluntarily). The difference between the pre and post crash are just: 1) psychological and 2) decreased mobility. That’s it. You’re on the hook for the labor to pay the mortgage either way but post crash it really grinds on the spirit relative to pre crash.

  2. Economist reporting on our governments effort to prick the bubble http://www.economist.com/node/21557731

    • It’s hit the main stream, and now it makes it to the global news.

      This morning, RBC came forward to distance themselves from the “Libor” collusion. o_O

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