Vancouver Condo Crash in the Making?

Totally agree. there are so many empty condos built and bought on spec by Foreign and domestic $ , and big $. The problem is that there is very little upside potential profit-wise and some serious downside potential and the myth that Vancouver is immune to international realities is wearing very thin. A good indicator is the number of rentals available with incentives from speculators trying to cover their fragile downside positions. This will only grow and a lot of speculators badly burned by the sub-prime fiasco and the markets, are staring to panic , for good reason. It's the first time that the consumer, who have been ripped off and underestimated by the big banks and markets who have been taking advantage of their sense of fiscal responsibilities and ethical obligations. The big $ gurus have been beaten at their own illusionary and manipulative games by the masses. Give me cheap $ and we will take it, but don't count on me to predicatably line your pockets. We have been ripped off enough by the so-called geniuses and all the hype and if we back off and not play the game then the stack of cards fall, and fall hard. It is so refreshing and liberating.

As for me, I sold everything I had about a year ago and am sitting on cash with my interest paying the rent , which is so much cheaper than the ridiculous cost of ownership. At some point I will take advantage of some gullible, greedy specualtor and buy a condo at 50% of the current market and a place in Costa Rica, which is getting real cheap. A lot of vacation home valuations are way down and dropping because a lot of the purchases are based on fictitious equity positions on primary residences especially US based purchases. It will be so satisfying, finally ripping off the hype mongers at their own game. After all , it is true capitalism and the power is with the consumer , finally.  It 's good times coming and we're in for a hell of a ride.

Power to the people and we are not that easily manipulated by the greedy propaganda and pretentious hype machine.

Good luck and maybe my sons can dream of ownership, finally and the decency and pride that comes with it. It's supposed to be a home not a speculative asset and that is the inevitable reality.