British Columbia’s Real-Estate Bubble:

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British Columbias Real-Estate Bubble
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I had to leave because I couldnt stand paying
more than I should for everything I love British
Columbia and I loved living there. Almost every
part of it, even out in the middle of nowhere,
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its Gods Country! But man oh man has God
priced a lot of people out of the market.
Everywhere you go, its expensive in B.C. B.C.
means Bring Cash! I have lived all over the
province from Fernie to
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to Victoria, Whistler to Smithers, sometimes only
for months at a time and sometimes for years. I
worked in and travelled around B.C. for about 10
years straight.
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Gas, food, rent, hydro, parking, a hair cut, a
labourer, a taxi, a ski pass, a pack of smokes or
a case of beer, no matter what you pay for in
B.C. its going to cost more than
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it does in many other parts of Canada and the
rest of the world. Some places, comparatively
more than others. It cant last. Some places
hold up to bubbles better than others and
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it seems that coastal or exquisitely beautiful
places with mountain views climb to ridiculous
price levels fastest, crash hardest, and then
resume upward price movement the quickest
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compared to less-sexy places like Winnipeg or
Milwaukee. So, maybe that means that B.C.
real-estate will blow off fast and furiously and
hurt speculators and over-extended first time
owners hardest.
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I dont know how to play it, but I would love
to one day own a killer penthouse condo with
ocean and mountain views in downtown Vancouver or
a mountain-side palace in Whistler.
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New York, the financial centre of the earth for a
century, has seen its share of wild price
fluctuations, so why would Vancouver be immune?
Over the long term, every big boom town gets
screwed,
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but this takes generations or longer sometimes.
One day New York will be a wasteland like mega
cities that were on the silk roadchange is the
rhythm we dance to whether we like it or not.
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With the rise of Asia and the boom in mining
companies (Vancouver is the mining Exploration
capital of the world), Vancouver is becoming a
world centre. If you look from the Lions Gate
Bridge toward
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the city, you see that it has room to grow and
grow as big as the population wants to grow. The
land mass is there for millions more, its not an
island. Long-term, Jim Rogers said,
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Vancouver will be the New York of the 21st
Century a major western centre. But, right
now, its still over priced. The average
familys income is 70 000 a year in Vancouver,
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but the average house is over 700 000. This is a
problem. As other living costs, like food, heat,
hydro, and gasoline, continue to rise fewer and
fewer people in this demographic will enter into
the
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market. Eventually, prices will have to come down
for homes to sell. So, hang tight, let the shit
hit the fan and prices fall and see what happens.
Maybe West Vancouver will become really
affordable!
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In the mean time, be nimble! Mentally prepare
yourself to go and do anything you need to make a
buck and be able to hit the road in a minute, in
search of greener pastures and
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friendlier neighbourhoods. Learn practical
skills, trade you paper dollars in for gold, Gold
Mining Stocks and silver bullion coins and be
prepared to hit the road with them if you have
to.
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Rent furnished sublet apartments so you only have
1 monthly bill to payrent--that includes hydro,
phone and internet, this way your land lord
shoulders all the risk of price increases.
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Create an online business in a niche you have
knowledge in or start learning how to do this. Be
prepared to move to a country where you dont
speak the language. Watch for all the
extraordinary opportunities
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that will emerge from all the chaos that results
from government meddling in the markets! Find a
place where every time you buy something,
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you shake you head at how cheap it is, and it
makes you smile and feel really, really smart.