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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: dara who wrote (13585)5/10/2004 5:49:32 PM
From: Proud Deplorable  Read Replies (1) of 110194
 
What kind of IDIOT would make a comment like this?

"Does that mean it's a good time to sell and not a good time to buy? "It's definitely a seller's market, but given the afordability, it's still a good time to buy," he says."

Only a stinking realtor that doesn't know how to tell the truth would do this kind of double talk. Why Macleans uses realtors quotes makes me wonder if this isn't one of those paid industry ads that look like an objective article.

The fact is that everyone I talk to is putting off buying EXCEPT the Asians who have always been the cause of unafordability in Vancouver and Toronto. Hey let them get killed when it crashes...good riddance as they are stupid investors most of them.

Michael Campbell was on TV 4 weeks ago and said that this is NOT a good time to buy because the market was being fueled by realtors and offshore speculators who buy in advance of opening day for sales and then flip them off to unsuspecting first time buyers (This dirty market manipulation got its start with Victor Li and Stanley Ho after Expo86). He said its definitely a bubble.

Now I spoke with a realtor in Victoria yesterday and he told me things are slowing down now. I spoke with another in Whistler who said it was now dead as the prices have peaked.

BEWARE Canadians: The same Americans and Brits and other offshore speculators who have bought one or more condos for investment purposes will flood the market with these units just as soon as the rates go up and they realize that they can't make the payments on their own homes much less carry condos that are depreciating. Don't be taken in by the industry BS regarding the 2010 Olympics. No one can predict a week from now much less 6 years from now. Realty insiders have told me that this is just another ploy aimed at stampeding the buffalo out there into making emotional decisions.

Believe me, there is an adequate supply of expensive homes for sale on Vancouvers west side as it is the SMART money that is selling now and the dumb buffalo that are buying. Rennie was on the radio a week ago denying that there is a bubble and saying that there os no supply out there. This is an absolute lie. Richmond is awash in condos for sale and for sale signs are everywhere. Vancouver's west side has lots of homes for sale. People are being victimized by shady marketing schemes.

Some young people are about to learn a very bitter lesson in why you don't trust the real estate industry.

This should be required reading by anyone considering buying a home now:
HOME OWNERSHIP IN A BUBBLE---THE FAST PATH TO POVERTY
cepr.net
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