May 7th, Book Updates E-mail this blog post to a friend. Real estate, I said heroically young women like certainty , will fall by a third in this city. This place is in serious trouble. And it is. Sales and prices are growing weaker by the month. June emailed me yesterday. I have found you to be right on the money regarding Vancouver, Toronto and Vancouver Island. We were shocked!! Anyone who bought on the fabled west side for example in the last 18 months, deserves a GreaterFool wedgie of recognition.
After all, where would this sad world be without people who always buy at the top, rescuing the lesser fools? In case you doe-eyed provincials in Toronto missed it, Van was hot. Bidding wars. Yellow helicopters full of horny mainland Chinese. Serious street envy. Seven-figure crackshacks. Rock star realtors.
Naturally it was different there. Mortgage lenders now want verification of income and assets before handing over a few million, no matter how many peasants you employ in Guangzhou. As a result, deals are falling through, and those greedy Vancouver homeowners who waited for prices to crest before listing, waited too long.
Worse, the city has just incurred some serious collateral damage. All that mindless real estate humping and pumping done by local promoters, politicians and media fostered a global impression that Vancouver is a unaffordable and b nuts. In a regional city, to boot, where people actually watch Global. Seems a safe bet to say that all of the Lower Mainland is going to pay for this foolishness. And those who bought in the last two years could be a decade or more getting their money back.
My question to you is, could recommend me one or more areas in Canada that might fit us? And maybe that the weather is not too bad. And maybe not too many rednecks either. We are open to pretty much all of Canada. Would you recommend me some places to check out this summer? Over to you, blog dogs. A nice erudite small town, cheap, clean and trendy with good weather, killer scenery and high family values.
