“I’m a Canadian living in L.A. and to me the bubble as been clearly visible for many years. I’m fascinated by the ‘cultural’ aspects of the Canadian bubble.”

“I’m a Canadian living in L.A. and to me the bubble as been clearly visible for many years. Now, my interest has evolved, and I’m more fascinated by the ‘cultural’ aspects of the Canadian bubble. Like real estate people being invited as ‘guests’ on the evening news. To my eye, that alone screams overvaluation and speculative mania. Believe me, in a couple of years, that’s the kind of details that will go in the “what were we thinking” category.
I flew to Montreal recently and *everyone* there has something to say about real estate. I wasn’t the one who it brought up. They talk about how this condo sold for X amount, how holding on to a (bubbly) property is the best investment known to man. Greed permeates every one of theses judgments, but greed is never acknowledged. It’s just ‘common sense’.”

Nick at VREAA 9 Feb 2013 11:37am

7 responses to ““I’m a Canadian living in L.A. and to me the bubble as been clearly visible for many years. I’m fascinated by the ‘cultural’ aspects of the Canadian bubble.”

  1. The flipside to greed is fear. Fear of being in debt the rest of your life, or being a debt slave. Margaret Atwood wrote a pretty good book on paying back what you owe.. http://en.wikipedia.org/wiki/Payback:_Debt_and_the_Shadow_Side_of_Wealth

  2. Given the rigged nature of our current economic system, it does not surprise me that people are drawn to financial games of every sort.

  3. hey its not a bubble, for example in Los Angeles you cant go skiing in the morning and golfing, in the same day or something…..

  4. It will be the most memorable day when everyone suddenly smartens up and realizes that we have been in one heck of a real estate bubble. Will we see the wholesale destruction of wealth and the obliteration of the middle class, as seen in many other parts of the world?

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