When was the last time you saw an article like this in the Vancouver Sun? It’s not written by a developer or a real estate marketer, and it doesn’t get all breathless about granite countertops or make vague promises about constant price increases. Indeed, it’s the first one I’ve seen in that paper to come outright and call this a property bubble. It mentions price to income ratios, the lesson of other property bubbles and the fact that the lower mainland market is currently sagging from the outside in:
So why do real estate agents continue to advocate the opposite? Because real estate agents are just that – real estate agents. They are salespeople. They make money when you buy or sell a home using their services. They are not financial advisers. They possess no great knowledge, they do not have access to either a crystal ball or reams of facts and figures that are inaccessible to the average person, and they will not be there three years from now when your financial burden is slowly killing you. But their overtly rosy picture, unfortunately, dominates media headlines.
Interesting to see this perspective in the Sun, it’s a nice thoughtful counterpoint to the empty Goodisms. If it sounds familiar, it’s because one of you wrote it. Gordholio explains his perspective here, and here’s the original story he refers to that was published on VCI last October.