Tuesday, 8 March 2011

talked to a realtor today......

this professional told me that 95 out of 100 of their recent sales were from mainland china. the vancouver real estate market is being traded around like high flying stocks. this is not because people want to move here , as many who buy the homes are not even moving here. the homes are being bought on speculation from mainland china and flipped out within a year or sooner for large profits . there is a house on my block , a 1960's bungalow on a 50 ft. lot , that sold for 1.6 million  seven weeks ago.... the orange fence is set up around the trees - ready for demo ,  it has now been listed again - for 2.2 million!!!!!! hello !!! wake up out there. this is rampant speculation and it will end poorly. those of us who actually live and work in the city will be left to pick up the pieces.....hot money moves on very quickly . so many people who are buying into this market are stretching their budgets - they are going to lose everything when this pops . be careful .

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