Letters to the Editor
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The Bell Tolls for Vancouver
We're temporarily protected from the housing/credit collapse up here in Vancouver BC by the upcoming 2010 Winter Olympics. Whether the games will actually generate a single penny of revenue for British Columbia remains to be seen of course, but we're still in the midst of real estate speculation and condo-flipping frenzy.
I knew we were in serious trouble when they started showing no-money-down mortgage ads in the local theaters that were clearly aimed at a 20-something hipster demographic - a segment of the workforce that has trouble making RENT on a consistent basis. Our crash will come and we're basically watching a global preview unfold in front of our eyes.