China... or so we have been told by the media and Cameron Muir, Chief Economist of the BC Real Estate Association (BCREA) as this Global clip from June 12, 2010 attests to:
But wait! The tune from the likes of Cameron Muir has changed dramatically.
CTV's story notes that our astronomical real estate prices combined with global instability have many locals wondering if the bubble is about to burst in Metro Vancouver.
Naturally CTV pops by to have a chat with Mr. Muir.
A result of 'hot asian money', right?
Gee Cameron... and where would these 'rumours' have gotten started to begin with?
First off HAM is a myth, and now you're telling us that because the bubble hasn't popped yet, there isn't one?
We also had an ensuing global recession.
But as the mainstream is starting to appreciate, that recession is nowhere near being over.
Up until now our government has moved heaven and earth to forstall its effects by slashing interest rates and coaxing our citizens to plunge themselves into record levels of debt by buying real estate and delaying the consequences of that financial crisis.
But the global recession marches on and we can't hide from what's coming.
Muir says, "if that wasn't a trigger or a tipping point for any kind of over-inflated market to see a major correction, I don't know what is."
Again, he's right. But the problem is that the trigger hasn't been pulled yet. Muir makes it sound as though the time for the trigger to be pulled has past us by.
It hasn't. And when it does get pulled, we will see that tipping point.
It may already be upon us.
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