Quote:
Originally Posted by Hehe
If you don't live in GVR, your comment is valid to a certain extent.
Nevertheless, as a resident here, it scares me the thought that RE accounts for majority of our GDP and even with RE at red hot level our economy is still sluggish at best.
It's not the pricing that scares me. It's what happen when it stops. Think Alberta for example. It too relied on a single industry (natural resources) for most of its GDP. When oil tanked, it's in a recession with no end in sight.
Now if RE stops growing (not even tanking, just stop growing), it would mean the start of a recession which would only end until it recovers or some other major industry takes over RE's contribution to the GDP. And that will affect my life even though I'm not the one losing money. It would mean less job opportunities, less vibrant commercial scene (think less new shops/restaurants would be opening, with a few that I enjoy closing)... and more.
A recession is never a good thing whether or not you are financially attached to it. It affects every resident in the area.
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people have been talking down B.C. for years, yet it is the best province to be in Canada: socially, economically and geographically.