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Vancouver debt crisis - Your home is a liability!

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PatrickGunville | 19 Aug 2013, 02:08 AM Agree 0
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Vancouverites are being lied to! Perhaps not intentionally, but the media has everyone convinced that Vancouver is only in for a "soft landing," or that perhaps "this" is the bottom! We have already fallen off the cliff, and this is simply our "dead cat bounce." The Vancouver market is purely speculative, and absolutely no underlying fundamentals truly justify our home values. Our incomes have technically gone DOWN the past 30 years, while home prices have increased twenty-fold! It is a given that most of this demand comes from China, but when things cool off there, Vancouver is going to take a hit. Combined with interest rate hikes and stricter lending policy, Vancouver is in for a financial tsunami. As soon as we realize our homes are liabilities and not, in fact, assets, everybody is going to flood out of the market.
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