Condo Line-Ups in Vancouver, BC; Professor Pavlov Comments.

[Doug N.]

I read this today about Vancouver BC, and though it was worth a lazy post. 

A finance professor by the name of Pavlov comments on the frothiness of it all. That name rings a bell for sure, and something else seems really familiar as well... 

Comments or thoughts on our friendly neighbors to the north???

This past week, hundreds of people spent days in line ahead of the Saturday pre-sale for a new condo development on the waterfront in the False Creek (Vancouver BC) area.

Those who couldn't commit to camping out themselves hired somebody to do the waiting for them.

Chris Malkin and his team camped out for a week, representing out-of-town buyers and those who didn't have the time to stand in line.

Malkin, who says he has clients from Victoria, Seattle, and even mainland China, described the condo-buying frenzy as "fun, exciting, but insane."

With the average detached Vancouver house now costing more than $1.9 million, condo prices—and competition—are also expected to increase.

Andrey Pavlov, a professor of finance at Simon Fraser University, said that housing and the industries associated with it could account for up to 25 per cent of the provincial economy.

If his estimates are correct, that would make housing B.C.'s largest industry, beating out other areas such as tourism and natural resources.

Eric Tang, one of the condo customers, said he's looking to downsize, but also wants to make a smart financial move.

When asked if he thinks condos are a good investment, he glanced at the line and said, "I hope so. Otherwise, I wouldn't be here."

http://www.ctvnews.ca/canada/buyers-line-up-for-da...