Sunday, March 18, 2012

Coffee Shop Story - No. 2

This time we joined a fellow who was reading the weekend edition of the Globe & Mail. He generously shared sections of his newspaper with us. While John was in the washroom, another guy sat at our table, making it very difficult for John to reclaim his seat. Without hesitation, he took the business section of the newspaper, tucked it under his arm, and headed toward the washroom. When he returned, he said "Here is the article that you were looking for" and handed me the paper. For obvious reasons I was reluctant to handle the paper.

The article was an analysis of house prices in Vancouver with the author concluding that the current situation was unsustainable. This launched us into a half hour discussion with our new acquaintance, a realty advisor, who invests in properties around the world. He made many sound arguments for the fact that despite what the media was claiming, it is definitely foreign investment that is driving the real estate market in Vancouver. According to him, it is impossible for the local economy to push the market so high. The percentage of local investors with the financial means to drive the market is too small. It is only a matter of time before interest rates rise along with foreclosures.

When we were leaving, he gave us his card. Apparently he is available for Consulting, Appraisals, Sales & Management, Projects & Investments, Acquisitions & Financing. Who knows!...maybe one day we'll need someone to handle our multi-million dollar lottery win!!

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