[b5baxter]

re: "we are running out of land"

- I am sure people were saying the same thing about San Diego 5 years ago. International border to the south, ocean to the west, mountains to the east and a large military reserve to the north. No room to expand in any direction. Yet, the bubble burst and there were declines of > 40%.

- Another example is Tokyo. They have densities that are much higher than Vancouver. And yet their real estate bubble exploded dramatically and 20 years later prices have still not recovered.