Gazette business columnist Jay Bryan ushered out 2010 with an excellent column that explains in clear, simple terms why all the hysterical talk about the bursting of the Canadian housing bubble is so much nonsense.
He's right, of course. The Globe and Mail regularly ran stories in the Report of Business about the imminent collapse of the housing market here. Any day now. Any... day... now. . . I guess it made a nice change from those stories about whether there was going to be a snap federal election zzzzzzzz. Sorry, the thought of an election is so boring, I must have dozed off.
I ran into several buyers in 2010 who were poised to invest in real estate because they were certain that the market was about to collapse and they would be able to swoop in and buy up distressed properties at deep discounts. With clients like that, I listen politely and then gently disagree. Prices are rising, not by leaps and bounds but they are rising. Anybody who thinks they are going to get a great deal and pay less than they did a year ago, or even two years ago, is mistaken.
Here's the column, which I can't help but notice is being widely reposted in the blogosphere. Skeptical bloggers are taking aim at Jay Bryan and accusing him of drinking Canadian Real Estate Association Kool-Aid.
I think we should let those bloggers get back to stocking up their bomb shelters.