Helmut Pastrick, trapped in a Proustian cross-fade
“This is not, in my view, the beginning of a major correction, or recession, or decline in housing prices of 15% or 25% as some predict, mainly because we’re not seeing an economic recession play out at the same time.”
– Helmut Pastrick, on Global TV News, 2 or 3 Nov 2012 (‘Deflating Vancouver Real Estate Bubble’)
We don’t need an “economic recession” for our speculative mania to collapse, it will do so, and is doing so, under its own weight.
Pastricks’s words of comfort are filed in the ‘It’s Only A Flesh Wound‘ sidebar collection. We fully anticipate that some market participants, like the Black Knight, will insist on the market’s strength all the way down, as it is hacked to pieces chunk by chunk.
Alleyway dashcam to prime-time
“Back then, it was more like a stock or commodity that you would day-trade… you’ve made a small percentage, pass it on to the next person, and they will make more, and they will make more, it always happened… (laughs) it was a bit of a scam going on, and somebody was left holding the pot at the very end…”
– Ian Watt, local realtor, on Global TV News, 3 Nov 2012 (‘Death of the Pre-Sales Condo Market’)
Ian Watt might as well be describing the entire Vancouver market.
The horse-trading is less obvious with other property types, but the crucial buying-premised-on-future-price-appreciation, is identical.
[hat-tip to Greenhorn, as always, for the archived videos.]