“I was in Vancouver last year and we went hiking near Deep Cove (lovely area). During our hike, we met two 16 yr old kids from Van who were hiking on the same trail. We hiked together for over an hour, just chatting. We ended up giving them a ride all the way back to Van because they didn’t have a car, or a drivers licence, they were going to take 2 or 3 buses to get back. Anyway, in the car the most talkative and assured of the two told us : “There’s a lot of money to be made in Vancouver. Just buy a house, rent it out, and in a few years you can buy another one, or maybe a condo. It’s a great investment. You should definitely look into it.” The kid was great but I couldn’t help seeing this as a perfect “shoeshine boy” moment. When a high school kid is giving you unprompted investing advice, just do the exact opposite and you’ll do just fine.”
– Nick at VREAA 20 Sep 2012 12:20pm
Agreed, a shoeshine-boy moment.
In fact, this is the most extreme such example we’ve heard from our bubble.
(Who is there left to recommend housing? Toddlers? Pets?)
This comment followed Nick’s:
“This is pretty much how most under-25 born and raised in Vancouverites seem to think. Conceptually, they can’t ever imagine leaving Vancouver (best place on earth syndrome) but they also recognize it’s far too expensive a city to live in, especially if you’re starting out in life (even with rich boomer parents to subsidize a real estate purchase.) They have to buy in to the real estate bull mindset otherwise prospects are very depressing.”
– Cranston Snord at VREAA 20 Sep 2012 3:39pm