“Sitting at YVR waiting for my flight to Calgary tonight. Had a pleasant ride with a taxi to the Nanaimo airport with a driver who has sold real estate in the Nanaimo/Parksville area for 29 years. This is the 3rd downturn in his career and the first time he has had to find another income stream. “

“Sitting at YVR waiting for my flight to Calgary tonight. Had a pleasant ride with a taxi to the Nanaimo airport with a driver who tells me that he has sold real estate in the Nanaimo/Parksville area for 29 years.
He is driving cab to supplement his income. Says he had plans to retire and bought a house 5 years ago on one of the islands. Ready to retire and move in and he ends up with his granddaughter on his doorstep 4 years ago. She is now 14 with no sign of leaving until she graduates. Gotta take care of family, he says, but I miss my island property which he gets to once a month without his wife who hasn’t quite accepted their present personal financial state.
He says this is the 3rd downturn in his career and the first time he has had to find another income stream. Says he’s not sure when this slide will end….. here’s my card he says, just in case you decide to buy anytime in the future.”

Anonymous at whispersfromtheedgeoftherainforest.blogspot.ca at 2:34am [hat-tip Whisperer]

28 responses to ““Sitting at YVR waiting for my flight to Calgary tonight. Had a pleasant ride with a taxi to the Nanaimo airport with a driver who has sold real estate in the Nanaimo/Parksville area for 29 years. This is the 3rd downturn in his career and the first time he has had to find another income stream. “

    • Always someone else’s fault. Spending nearly a million dollars on a house you’re going to pay only $565 to get some random stranger with a pickup truck to inspect it?! You get what you pay for, and do your own due diligence!

    • “I’ve borrowed $40,000 and I’ve spent more, and I’m looking for another $100,000 to fix my suite because […]”

      … getting ripped off by the home inspector wasn’t enough, so now I’m going to get ripped off by a contractor.

  1. Dimitri Tishchenko

    This looks cross posted from HHV.
    http://househuntvictoria.blogspot.ca/2013/02/feb-18-market-update.html?showComment=1361347426622#c7756737982920756253

    If any bears are reading on the island, come back to HHV. It’s not just a bull circle jerk any more. We’ve ousted the bulls (mostly).

  2. Wait, there is an expectation of a 14-year-oild leaving home?

  3. This really ramps up the old adage about how it’s time to sell a stock when your cabbie is giving you tips about it.

  4. There are thousands of people who live on the Island and commute to their jobs via the airplane. Not particularly Sustainable, if you ask me. Private Schools are the new invasive species.

  5. And in the “they aren’t making any more space” category, have you bumped into this: http://thetyee.ca/ArtsAndCulture/2013/02/20/Cube-Living/

    Quote:

    ‘In the back production area of Vancouver’s 221A Artist Run Centre, Alex Grunenfelder is selling real estate, and it’s going fast. His Cube Living: Buy Small installation project has been open for just an hour when The Tyee stops by on Tuesday afternoon, but he’s already pre-sold many units, each one cubic foot in size. We are Grunenfelder’s first walk-in customers, and we’ve purchased two units for $3. We feel lucky to have invested at such a good time.

    “You got your first one for $1. They’re going to be selling at $3 each after your two are gone,” Grunenfelder tells us. He finishes assembling the six-sided cardboard cube containing our purchased space in about three minutes.

    “This is a construction process that would normally take at least two years. And that’s why they can be so cheap because the efficiencies are unbelievable,” he says. This is what Grunenfelder refers to as real estate 3.0, or the micro-real-estate revolution.’

    • Oh, and the “real estate” site for the “project” is hilarious: http://cubeliving.ca/

    • UBCghettodweller

      This was posted a while back. I think it was an entry in a competition the city was having for proposals to make housing more affordable… I think the narrow streets idea came out of the same competition.

      Either way, a brilliant and rather biting commentary on the current state of affairs with respect to real estate in Vancouver.

  6. I’m waiting for the QuantumCUBE to go on sale before pulling the trigger…..

  7. I am sitting at the bar in the White Spot restaurant in YYJ (Victoria International………LOL !! They wish.) right now waiting for my flight back to YYC after a 3 day bizz trip out here.

    It rained all 3 days……..I don’t see what drives the economy in Victoria as my client I was visiting said that business has sucked since the “RE bubble burst in 2008” (his words)…….etc……..etc…….it is going to be a slaughter here compared to Vancouver when RE hits the bottom.

    • 4SlicesofCheese

      “I don’t see what drives the economy in Victoria as my client I was visiting said that business has sucked since the “RE bubble burst in 2008″”

      Um, the new H&M opening today? Now Victoria is an “international” city.

  8. Isn’t there an adage about bubbles topping when taxi drivers are giving investment advice?

    • ‘Shoe-shine boy’ moments.

      “For those of you that don’t know the meaning of the shoeshine boy reference, JFK’s father, Joe Kennedy claimed that he knew it was time to get out of stocks in 1929 when he received investing tips from a shoeshine boy. Ever since, the shoeshine boy has been the metaphor for “time to get out”; for the end of the mania phase in which everyone, even the shoeshine boy, wants in.
      Joe Kennedy’s credibility on this “bubble top calling” issue is bolstered by the fact that from 1929 to 1935 his fortune went from $50 million to $2.85 Billion in today’s purchasing power. And the take-home lesson in this story is that it is time to sell ANYTHING once the shoeshine boy is recommending it. Because the next phase is the blow off phase where the item in question comes crashing back down.”
      – from http://fofoa.blogspot.ca

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