Real Estate BUBBLE POPPING SOON
It's not every day that you see a Black Swan flying at you. You might even say that if you can see it, it's not a Black Swan. However, I live in Vancouver, BC and every day I'm wondering how much longer can this continue. I am not an investor, of course. This is not any sort of advice. I just want to write this down right now to see my ego flourishing when it actually happens. This is really off-topic related to what I usually write about.
I asked myself today whether the Real Estate bubble would be popping anytime soon. And look what I came across: Real Estate Board of Greater Vancouver states in its report for June that the supply of homes for sale has reached a three-year high.
What does this mean? It means that the Real Estate market in Vancouver is peaking very soon. If the supply is growing, the prices will decline. If the supply is suddenly the highest in three years and the prices are over-inflated, you know it will take the tiniest distress to make the beautiful bubble burst.
I was searching for some meme to put here. The only semi-relevant thing was this:
If I really bought tickets to the first row and the Vancouver Real Estate crash is real, we can look forward to a domino effect. Real Estate bubble bursts are the detonators of larger market crashes. I won't be surprised if the historic books will actually record one of the largest economy crises of 21st century under Trump's name, even though he has only very little power to influence the market movements.
Is Steemit broken? Why do I suddenly have so many followers?
Oh, it's the bots. Nevermind.
I've tried Amoxicillin, it does nothing for the bots.
The houses are priced like that due to all of the lying Americans who claimed they would move to Canada if President Trump was elected. He was elected and reality slapped them in the face and they never left, just all talk............lol.
Get on that steel bird and nest somewhere else, unless you want to stay and watch it with a smile on your face.
Actually, in Vancouver, it's the rich Chinese who buy mostly condos for themselves and their kids because they believe the prices will continue to grow indefinetely... Many of them have never had any intention to live in Vancouver, they just get fooled by Vancouver being marketed as the Place-To-Go for everybody choosing to move to another country.
Real talk, many of the Vancouver Real Estate companies capitalize on this Vancouver overhype to sell apartments as "assets" to various foreigners and then rent it to other foreigners, who are actually moving to Vancouver, for ridicuous prices. That will be no longer possible when the market corrects itself and many realtors will have to find new sources of income...
I'm actually wondering if I'll have the honor of seeing the local economy collapse before I catch that steel bird : )
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