An excerpt from Timothy Taylor’s column “The City: A biweekly look at life in Vancouver” on page L5 of the B.C. edition of The Globe and Mail:
Gallows humour, but no denying it: The bubble has now burst. And in B.C. real estate, it’s almost certainly not finished deflating. In a December, 2008, economic update, Royal Bank of Canada described the B.C. real estate market as being in “full-blown correction mode” and “unravelling fast.”
After the Real Estate Board of Greater Vancouver called off its 2009 conference and trade show two weeks ago because of the downturn, the blogger-in-chief of Condohype wrote, “Too bad the party’s canceled because that activity sounds awesome. In my book, it’s an invitation to show up in my ‘The Blogger Was Right’ T-shirt with my dogs Case and Shiller. I’m devastated this can’t happen now.”
The sarcasm is perhaps a little undignified, but you can hardly blame them for feeling satisfied. They diagnosed market madness. And, with varying degrees of insight and eloquence, they were correct.
For the record, I agree with Mr. Taylor’s assessment except for one thing: I’m not sure if seeing the collapse has left me feeling satisfied. At least not on a personal level. (Personally, I wish the whole bubble never happened.) Sure, my blogger persona has nothing but self-appreciation pumping through his veins, but that’s part of the joke.
From the first post, Condohype has offered exuberant criticism in response to irrational exuberance.
I encourage everyone to read Mr. Taylor’s column. He’s a fine writer.
Image: Adapted from a photo by kootenayvolcano