BRACE! BRACE! BRACE!
Now that the mainstream media has caught on to the story that property in Vancouver and other Canadian markets is in a meltdown, isn’t that supposed to signal that the story is through? The rule of thumb is that if a trend is in the popular press, it’s already passé. They were saying that on the way up, so why not on the way down?
Agreed … except that the mainstream media has not -yet- accepted a real estate meltdown. There’s been an evolution in the press from headlines refuting the possibility of a slowdown in the market about a year ago, to the “balanced market” perspective of some six months back, to the calls for a modest decline of 10 to 15 percent of recent we’ll know the story is through when Peter Mansbridge, the arbiter of popular Canadian sentiment, calls it.
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