Item from Ian:
Even one of the most seasoned veteran observers of the real estate industry has been shaken by this phenomenon. Economist Tsur Somerville, who holds UBC’s Real Estate Foundation professorship, admits he is in a quandary: “The world up to a year ago had a structure I understood,” he told me as he went on about a fixed supply and an excessive amount of demand. But not all prices should be escalating everywhere. It is “reflective of some kind of hysteria,” people panicking and rushing to get into the market — anywhere.