“In a city where this house is assessed for more than $1.3 Million, it’s understandable why some British Columbians feel rich. More than any other province, people here have been borrowing against their homes, running up lines of credit, and credit card debt. …
The average British Columbian has $38,837 in consumer debt, that’s an increase of 6.2% compared with a year ago. And it doesn’t even include what they may owe on their mortgage. And what have they been spending it on… renovations, and tearing down and starting from scratch. And vehicles.. lots of vehicles.. sales of luxury cars have seen double digit increases.
But what if prices fall? Neighbourhoods like Vancouver’s West Side have already seen that happen, and sales have slowed down considerably just about everywhere.”
– from ‘B.C. personal debts increase sharply’, CBC, 14 Nov 2012
See what’s happening?
Concerns long held by the bears are rising in public consciousness.