Thursday, 15 September 2011
sept. 15 2011
This is a prime example of what has been happening to the once great city of vancouver. This house is right in the heart of the real estate bubble .... 20th and vine. The house was sold for 2.1 million in march 2011 , up 1 million from the previous year. The house rented for $2400 for the past 7 years. The tenants were a family of 3 , hard working , earning a decent living and contributing to the economy. The house was bought by "foreign speculators" on one of those "day buying trips". The tenants were asked to leave within the month of the sale. Here we are 6 months later and nobody lives there, the yard is overgrown, garbage piled in the backyard ..... A once nice place turned into a cold , soulless lot. These houses are littered around this city. This particular hood sits abt 20 percent empty yet fully owned. Sad - soon this hood will sit 50 percent empty and they will all be for sale.
We have been in the biggest real estate spec. bubble this city has ever seen and it has already popped- did you hear it?