“We rent in a very nice Vancouver Condo Highrise – average for one bedroom is around a million. (gulp).
Three Open Houses in our Building last weekend.
NOT ONE SHOWING. (The concierge and I are pals).
Today – anecdotal evidence of how business is in D/T Vancouver. The ONLY place I saw that was busy is Sears – going out of business – a new tenant is rumoured to be Target. The rest of the stores in the area are DEAD as Stephen Harper’s eyes.
I have a friend I literally begged to sell his condo a year ago. Instead he poured in 50 K worth of Miele and Granite and teak floors. He lost his job on Tuesday.
He called this morning, and he sounded terrible. I dropped in on the way back home (he lives in Yaletown) – and when I got to his shoebox, he looked like he hadn’t slept in a month.
He was nearly in tears. I asked him to tell me what was going on and I just listened.
Maxed credit cards. Leased Land Rover. 60 inch TV – all the toys.
He has one bank account that has $123 bucks in it, and a two week severance check worth $1190.
He was frantic. His Mortgage payment is coming up at the end of the month, $2350.
What could I do for this guy? He can try and list his shoebox – but he owes 412 K on it and it won’t sell.
His student loans total? $45 K – he has an MA in Fine Arts. His animation job was chopped.
I have a sinking feeling that my poor pal is in a crowded boat.
The whole mess makes me sick.
This is just starting.
What is coming is a disaster. I am very concerned that we have a generation of folks that will be destroyed. Maybe two.
DEBT. Easy credit. It’s like Oxycontin. Once you get on it – you are finished.”
– Bill Gable at greaterfool.ca 20 July 2012 6:45pm