“Talking with my dad the other day. He speaks a lot to my uncle, a retired nurse who really is clueless about a lot of things. He bought a 2br condo in Coquitlam last year and is now renting it out for 1500 a month, which will barely cover his mortgage plus fees.. He is convinced that he can sell it for a profit at anytime. Wonder if he can make any profit on it. Meanwhile, my dad says my uncle knows nothing about real investments (my portfolio is up 40% this year not including dividends that are reinvested) and is just buying into this bs about how real estate never goes down. There are still idiots out there.”
– Dave at VREAA 18 Oct 2012 at 7:06pm
A large percentage of the local population have been led by recent experience to believe that RE is the only asset class that is safe and performs well. Contrarians know that this is a reason for caution.