“We are in fact like a mini Manhattan/.. Yaletown, one of the boroughs within downtown Vancouver/.. Vancouver is the Swiss bank account of international real estate/.. Just too strong for any sort of bubble circumstance to happen/…In Vancouver you can today buy a condo, and have 40 people lining up to try to rent that condo.”

CAMERON McNEILL: “Whenever the market goes near the top part of the cycle we always do hear pessimistic economists talking about bubble, et cetera. But the reality is that the fundamentals that are driving the market below the surface are just too strong for any sort of bubble circumstance to happen.”

CAMERON McNEILL: “We are in a, in fact, like a mini Manhattan and people want to live in this dense population.”

CHRIS BROWN: “There’s been a culture shift in Vancouver, he says. Living in smaller spaces is seen as okay. For many people, including families, getting along with less space is expected, even desirable.”

CAMERON McNEILL: “In Yaletown, one of the boroughs within downtown Vancouver over my shoulder here, just 10 years ago you wouldn’t see a baby carriage. Today they have six or seven daycare with waiting list and they’re happy to have the coffee shop as their living room, they’re happy to have the park as their backyard and they’re happy to have the seawall as their playground.”

CAMERON McNEILL: “The fact of the matter is in Vancouver you can today buy a condominium, you can rent it out and you will have 40 people lining up to try to rent that condominium. They’ll be paying a very, very high and a fair rent. If you have that much desire for people to — to live in a condominium, you know, I think that the market’s got no problem sustaining itself.”

CAMERON McNEILL: “I always say Vancouver is the Swiss bank account of international real estate. It’s a — it’s a funny little quote that I say because sophisticated people, whether they live in Vancouver or they’re international, they — they recognize Vancouver as a safe, long-term place to park some money when it comes to real estate.”

CHRIS BROWN: “In the months to come that assertion will be tested. Are we looking at a bubble that’s bursting or a boom that’s just had a little hiccup?”

– excerpted from ‘Vancouver Housing: Bubble or Bust?’, The National, 20 Sep 2012. [Transcription generously provided by ‘AP’.]

Other excerpts from this CBC previously archived.
These quotes headlined here, for posterity.
– vreaa

23 responses to ““We are in fact like a mini Manhattan/.. Yaletown, one of the boroughs within downtown Vancouver/.. Vancouver is the Swiss bank account of international real estate/.. Just too strong for any sort of bubble circumstance to happen/…In Vancouver you can today buy a condo, and have 40 people lining up to try to rent that condo.”

  1. I can haz sofistikatid?

  2. pricedoutfornow

    Ok, I hate this guy. He’s an idiot. I’m not usually one to throw words like that around but I have to say this. Sure, you MAY have SOME people lined up to rent your condo (if you advertise it really cheap on craigslist, for a lot less than what your mortgage + strata + property taxes are), but you WILL NOT have 40 people lined up to rent the damn thing! Sure, maybe if you buy a condo for $1 million but try to rent it for $1000 a month, SURE! But not if you buy a condo for $ 1 million then try to rent it out for what your expenses actually are. It’s ridiculous to make such proclamations publicly, because they are just NOT TRUE! Does nobody ever call these guys out on these so-called “facts” they throw around in the MSM??
    Sorry. End of rant.I just had to say.

  3. Why is it every Cameron in Vancouver seems to be a real estate [expletive deleted, again. -ed.] ?

  4. This mini-Swiss Manhattan guy is terrific. No data, no information – everyone is encouraged to act on HIS emotions. Where, again, does his authority come from? A better question yet: How deranged are his employers?

  5. Let’s all be diligent about stuffing these words down his throat, as well as the numerous other liars and delusional, greed infested con artists.

    • Can someone figure out where this guy lives. A year or two from now we need to picket his house. Maybe slip bold printed quotes of this interview in his mailbox on random intervals.

      In every legal way possible, we need to make creeps like this live in fear.

  6. Vancouver in the Rearview

    This is why salespeople are hated. Self-serving claptrap.

    Just as bad as the loan sharks that advertise on CKNW…

    “Why can’t I keep my mortgage at my bank, and just get the money I want?”

    The language these guys use really needs to be archived and parsed…I wish I had the time but I believe the whole “home equity loan” advertising needs to be archived…any time a loan shark says that “Bankers, lawyers, and other professionals turn to Capital Direct when they need money” you’ve got to wonder about who these ‘other professionals’.

    Also reminds me of this exchange when Homer Simpson needs a loan to buy Lisa a pony.

    Mr. Burns: Are you acquainted with our state’s stringent usury laws?
    Homer: (Unsure) U…sury?
    Mr. Burns: Silly me! I must have just made up a word that doesn’t exist.

  7. Mac Marketing – incorporated in Las Vegas?

  8. “Sophisticated people” think that Vancouver real estate is a safe, long-term place to park money? Am I supposed to trust that because my ego tells me I am or should be sophisticated? “Oo, Oo, Me, Me too! I’m Sophisticated! I’m Sophisticated!”.

    What garbage.

    • The couple very rich people I know (millionaires several times over in liquid assets) avoid real estate as anything but a way to purchase a stable house in which to raise a family and renovate in a way that makes it a customized location to live in. Even someone who used to buy, renovate, and flip houses has stopped; he stopped about five years ago. He figured that the return for the amount of time and headaches was too low.

  9. Well that’s a lot of sophistry to be sure.

  10. when he says ‘sophisticated’ my impression is he’s appealing to the people who have leveraged out of the English (UK) FIRE (finance, insurance and real estate) economy. There’s quite a few of them around.

  11. Anyone notice how developments like Dolce and Vita are still flogging units months after the development opened? And yet it is just steps from our uberhot borough of Yaletown (or was that “burrow”)?

  12. I live in Switzerland, understand what Swiss banking means and I have been to New York many many times. I can tell you that nobody from either of those places would share the same views of Vancouver and make sense of his comments. They are terrible comparisons. In fact most people outside of Vancouver don’t see the place as anything other than a nice place to visit and are somewhat shocked by the housing prices.

  13. As any YaleTown SophistiCat could tell ya… Doggy’Daycare’ facilities in TheBurough™ outnumber those dedicated to child incarceration by more than TwoToOne!… [NoteToEd: Even the ‘ChiChi’ RugRat facilities come off as ‘dingy’ vs. the better SupervisedPoochiePalaces. Of course, there are some drawbacks… Dogs, unlike toddlers/infants, must be tethered oustide certain establishments… On the other hand, there are entire parks dedicated to the social opportunities attendant upon the OutdoorRelief of CanineWaste.]

  14. just by comparing Vancouver to Manhattan in any respect is ridiculous…..I lived in Vancouver and have worked in New York…….this guy is drinking his own koolaid.

  15. Carioca Canuck

    Having been to Zurich a few times and Manhattan more than most, all I can say is WOW !!!! In no way shape or form is Vancouver even comparable in ANY SENSE of the word to any of those two places, or many of the worlds “other” premier megacities.

    And, even those places he mentioned have had their RE bubbles that have burst before.

    Having said that, if this LIAR, CHEAT, and THIEF was a car salesman or an investment dealer he could be civily and perhaps even criminally prosectued for making such public proclamations and be barred from partaking in his chosen occupation. (I almost typed “profession” but nothing about these azzholes is professional).

    Why is there no public backlash against the criminals in the REAL ESTATE INDUSTRIAL COMPLEX (REIC) ? Why are they not heavily regulated like other industries yet ? Do we have to wait for this mess to hurt hundreds of thousands before something finally gets done by the politicians who are on their payrolls ?

  16. While some of Vancouver’s cheerleaders haven’t traveled the world, and so have an uninformed view of the city, we must admit that a sub-set of Vancouverites have traveled and, despite their experience, still consider Vancouver to be better. These are people who like constant rain, and think the Grouse grind is just the coolest thing ever. I personally don’t get them–to me Vancouver is a depressing, average city with certain very undesirable attributes. But the fact remains that they are some folks who genuinely believe it is better than NYC, or anywhere else. It will be interesting to see how perceptions change once the city enters economic depression.

    • To say New York is better than Vancouver, or the reverse, doesn’t make much sense to me. (Big) apples and oranges. People have their preferences. On my one visit to New York (so far), riding the trains into the city from Brooklyn, where we were staying with friends, I thought the place was great, and we really made the most of our time there. I feel the same way about London, which I once saw described as “a high-powered Porsche.” By comparison, or using those sorts of criteria (speed, energy, massiveness, clout, drive, pressure, stress, excitement, opportunity), Vancouver is maybe not a horse-and-buggy, but it’s closer to that mode of transportation than to the finely tuned German machine. And yet, there are certain quiet pleasures I associate with Vancouver — under threat from the events of the last decade, to be sure — that I suspect I wouldn’t find in those other places. Our preferences may also have a lot to do with our stage of life. When I was 20 I thought I’d go insane if I had to spend one more week in Victoria. Now, when I travel back there, I think, “Hey, Victoria’s pretty nice. I could (almost) see myself living here again one day.” Perhaps that’s a shameful admission, but there it is…

  17. I enjoyed the double meaning of “dense population”

  18. Vanhouseorrent

    It irked me when this marketing guy talked about the fact that you can buy a condo and have 40 people lined up to rent it out. What he doesn’t mention is that many condominiums have strict rules about the number of rentals allowed and that strata councils can change those rules after you have bought a condo in their complex. We bought a slightly overpriced condo in Kits that didn’t have any rules about the number of rentals and then shortly after we moved in, the strata changed the rules to only allow a certain percentage of rentals and there was nothing we could do about it. We sold our condo this summer and are now taking our time to look for a house in this oh so strange housing market!

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