Quote:
Originally Posted by Carl Johnson
. This doesn't just go back 1 year or 5 years but since the beginning of this city.
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go look at real estate prices in 2000 - prices were dirt cheap, they were normal, they were livable. vancouver was a much nicer city not full of people telling everyone that they lived in the best place on earth. people then didn't talk about real estate only, they had lives.
that statement is exactly what the MSM wants everyone to think. this is a recent phenomenon, in my opinion, based on cheap money - yes the top end is full of foreign money, many cities have these same factors, but i've been through this, and it's my opinion only.
as for best investment ever and only investment you should have - no way in hell. risk adjusted return stinks - it's such a huge risk to put all your net worth in real estate in one city (especially if you're taking on 90% debt), if you're really rich and this is part of a portfolio, fine, your risk is less, but for joe average, it's such a risky move, just ask americans circa 2005.
let's not forget that the NASDAQ is at all time highs, and has quadrupled since it's low of 2009 (though that is a STUPID way of looking at it and no one can time the market like that), and that is a much more diversified asset holding than 1 house.
so, no, i don't think it's the best investment ever, i'm not saying put all your money in the NASDAQ (it's expensive), just the same as i wouldn't buy vancouver real estate because it is at all time highs. these assets are all driven by cheap money, difference is the NASDAQ is backed by growing earnings of its holdings, though multiples are a bit lofty.
So, from one piece of BS media drivel to another (can't actually open on my work computer, so click the link, if you want to read a shitty piece of journalism):
Miserable Vancouverites fed up with housing costs, want to move away: survey | Metro