An abundance of houses and a glut of condos coming our way. And people are paying over 300,000 for one bedroom condos. Of course, the real estate board tries to mask the fact that the last quarter saw a 11% drop in residential values. You need to be very picky about what you buy now. And it boils down to the adage of location. The amount of money people are spending in the farthest reaches of the four quadrants is not using brilliant foresight. Here's the scariest food for thought. In 20 years, when all the boomers hit their 70's and 80's, there is gonna be a fire sale on 2000-3000 sq feet houses. More exciting news from Bear-Stearns today. JP Morgan Chase just bought them out for $2 per stock. Down from only $175 last year.Addin 30 billion dollars from the fed in discounted loans to help the sale. This being the fifth largest investment bank in the US. The US fed is gonna drop rates another point. They are running out of interest points to give out. People's debt to asset ratio is gonna catch up to us soon too. Alberta does not live in a vacuum.
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