My house-building dad is back from a winter away in the sun. We got into it over dinner regarding our current situation. His advice: you just have to get in the market. Don't wait. We have a regular father/son relationship where Daddy is always right and son is always arguing to be right, so I went at him good and hard. I pulled out all the stops. It was a good show.
In my search of facts to back up my points regarding the unsustainability of this market that has ignored the fundamentals for far too long (something Daddy taught me never to do), I found this dandy blog: Captain Capitalism.
I won't bore you with the familial details of the trials of the father/son interpersonal relationship, but I will say this: I had the stats, he had the emotion.
His argument: everyone wants to be here. No. Check that. The bubble-boomer generation wants to be here. They will keep coming and prices will keep going up. This time it is different. Victoria is different than Spain.
The statement that preceded the sweet sound of silence: you leave every winter because you can't stand the grey and the wet, and you're a boomer.
Then The National came on CBC after the hockey game. In their first few stories they had a segment on the troubles of the US market and the economists in Canada talking about rate hikes and whatnot to protect the Canadian economy. It was a balanced story, but definitely not a pump job on the RE, stock or consumer markets.