They had to put up job ads and brought in government IT workers to fill the position.

Yeah because they want to pay below market rates to save money. Below market rates for temporary position no less, not a permanent full-time position. Good luck filling those positions with quality applicants.

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Local buyers are in the game partly because of propaganda perpetuated by 'the developers'. True, no one is holding a gun to their heads, but the 'fear of loss' pitch is scaring people into never being able to buy if they don't do it now.

Scullboy, good luck back east! I grew up in Ottawa and have also lived for 2 years in Toronto, and 2 years in Montreal. There's nothing bad whatsoever about living back there IMO. It's a totally different lifestyle than Vancouver, that's all. The only reason I'm still here is due to my ties to the music and film biz. Oh, and I rent by the way. I would never buy here unless prices dropped dramatically. Nice city, but best in the world? Not likely.

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But what’s funny…is that with all these layoffs and high tech workers being idle in Vancouver….and we have a shortage of high tech volunteers for 2010 Olympics. They had to put up job ads and brought in government IT workers to fill the position. Strange…

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Why would anybody work for free while others are making big bucks off the Olympics? Nobody wants to be a sucker (not intentionally).

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Ultraman

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"Having said this, I disagree with you about the steep price. If you are willing to rent…"

Totally agree with you as many have demonstrated on this blog before, renting is the way to go. This is why I sold my condo. Moving this weekend in a brand new apart at the Woodward's. About $700-$800 cheaper than owning, worry free, cash in the bank and like I said 1 month notice away from moving. I find the transition to renters to be very liberating. This consumable desire to buy that so many people are obsessed with is making them slaves.

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I don't agree with you that the tail is wagging the dog. There is no scarcity of housing in Vancouver and yet there is a plenitude of people — under no duress — willing to take out significant levels of debt to be owners. The developers would have no power if there were no buyers. Just witness last year when sales fell through the floor and projects were canceled left right and centre.

The real reason for high prices isn't rich foreigners or even record low interest rates. It's the locals who buy at the high prices. Nobody, especially the developers, is holding a gun to their heads and there are thousands of places available for rent every month if they don't want to buy.

But go ahead and run your expose on the Real Estate Industrial Complex. IMO the real story are the buyers willing to make bad investment decisions. But nobody wants to read about that.

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Chumpdog if you look at the history of Vancouver it is one of speculation.

“You or your agent hold on to it till property rises, then sell out and buy more land further out of town and repeat the process. I do not quite see how this sort of thing helps the growth of a town, but the English Boy says that it is the 'essence of speculation,' so it must be all right."

Rudyard Kipling writing about his investment about 100 years ago.

Vancouver "is suffering in a special degree from haphazard growth and speculation in real estate, notwithstanding the progress that has taken place in the last few years in regard to the control of sanitary matters and local improvements."

Thomas Adams urban planner in 1915.

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Good luck and wish you success. I will definitely miss your rants – one of the kind. In a way, I envy you – you are getting out of the madness and going back to the real world.

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