Blog by Tom Everitt

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I don't hear a pop

I guess this is one of those blogs that might come back to haunt me (perhaps in 2013) but I don't care.  I've been involved with this 'bubble' argument for so long, it is inevitable that the naysayers will be right one day.  One day....but not now, nosiree...not a chance folks.  Once again, during the lull that was August, everyone started throwing the 'bubble' word around again.  'Ohhh, it's coming this time'.  'Ohhhh, all those people shouldn't have bought'....'Ohhh, blah, blah, blah'.  The keyboard warriors out there who insist on this phenomenon are killing me.  You know, I had a client who sold his/her house in '03 never to purchase again because of the 'bubble'.  And yet, here we are again with a rockin' September, sales everywhere, open house madness sweeping the city again and our market swoops into the fall.  Not only that, with troublesome news coming from the US and our own slight job decreases, the decrease in interest rates has started yet again.  This will once more lead our real estate industry through another year and even closer to the Olympics.  Oh sure, that nasty bubble is gonna' pop one day, or at least hiss like my nasty bike tire leak yesterday, but I'll stick to my guns and say this YET AGAIN.  Prices will never go back down to 1999-2000.  Waaaayyyy too many changes to the game now.  Buying a home always makes sense because you can lock in for 10 years at 6.0% (soon to be 5,5% again) and ride out any bubble known to mankind.  If you are buying for investment, just be careful and either float till your broker tells you to lock in or lock in right away at insanely cheap prices.  So, be sure to save this article and throw it in my face in 2015 when the market tanks.  I'll be either dead or retired and living in Revelstoke with my mother.  Yikes, come to think of it, I think I'd rather watch the bubble.