“Last night in Vancouver I told people the correction now decimating homeowners’ equity is real, and just starting. The 15% price correction and 30% collapse in sales foreshadows what is yet to come. By the time things trough the average price will likely be forty per cent lower, with a return to 2005 levels. The impact on people who bought in the 28-month delusional period between late-2009 and last March, when I told you what was coming, will be substantial. Maybe life-altering.”
– Garth Turner, well-known blogger and housing bear (greaterfool.ca).
The crowd at Garth’s presentation was larger than at his last appearance here, a fact that likely reflects changing Vancouver RE sentiment. See here for Garth’s own account of the event.
If any readers were present, please share your perspectives on the meeting.
This from ‘Poorboy’ in the comment section at greaterfool [21 Aug 2012]:
“My favourite part of the event: the self-professed financial advisor in the audience who didn’t get where the downward pressure on prices would come from since he wouldn’t sell his million dollar home for 300,000 less.”