Quote:
Originally Posted by cc85
it took 26 years for the market to recover from the crash of 1981...vancouver is not a world class city; we are not a financial hub, nor are we even a head office hub - both of which are the primary reasons that world class cities develop and can afford to create high market rents and property values. Think tokyo, london, paris, new york, shanghai, hong kong, fair enough?
Are you know aware of the impending global recession? Oil at $99 a barrel, sky high commodity prices, high liquidation of american currency, climate change, terrorism?? the world is not doing too well all cause of your generation. thanks!
|
In the UK we are lightyears ahead of Canada in terms of market insight. What has yet to happen in Canada has happened to us over the past several hundreds of years. We have learned a great deal from these experiences. Economies adapt to cater for changes such as world oil prices and high commodity costs, they don't have to cause recessions.
The UK was in turmoil after World Wars I & II, but no recession occurred. Indeed the opposite happened, there was massive economical growth. This despite construction costs being 300% higher then pre-war prices and fuel prices over 400% higher. This equates to construction costs in Vancouver rising from $280 sqft to a staggering $1,120 sqft. Terrorism has been a daily part of our lives in the UK since the 1970's, it's only "new" to you here in North America. And so on and so on.
You have hit the nail right on the head my friend when you say "Vancouver is not a world class city" because to those of us in the UK and Europe that's exactly why we are prepared to invest so much in this wonderful and beautiful part of the world that you are privileged to live in. Through our long history of charted and documented growth we are able to see what it is that you can't see..............Vancouver is a world class city WAITING TO BE DISCOVERED. The answer is staring you in the face and sadly so many here are too blind to see it. Mark my word, this place will move from strength to strength, whether you like it or not. The vast trade with Europe opened up the East coast of the USA to immense wealth (as it also did to a lesser degree for Toronto and Montreal). The same will now happen to the West coast as massive trade grows with the Far East and Asia and, guess what, Vancouver sits in the most strategic position imaginable. I would go far as to say that if recession hit Canada (which it won't), the Vancouver area could probably remain immune to its effects.
We always have a chuckle in London when we hear of Quebec wanting to separate from Canada (into almost instant bankruptcy), the real situation should be Alberta and BC threatening to separate as that's where the whole future of Canada lies. Not only do you have the Pacific Rim potential economic explosion waiting to happen, you also have vast natural resources that the US will be begging you for in the next 20 years.
Stop looking at real estate for a moment and take the time to explore how many shipping companies are racing to expand their container fleets and container holdings to cope with the Pacific Rim trade that will happen over the next few decades, it will make your eyes bulge. Do you think they have it wrong as well?
You are some of the luckiest people on the planet. You have a strong economy, your national debt is rapidly disappearing, you have control on your interest rates (which are just about to be lowered again) and you are blessed to have some of the best real estate potential available in the world today. CONGRATULATIONS.