The title of Shayne McGuire’s book leaves nothing to the imagination about his view of the financial future. He also goes through the details of the past decades, with particular emphasis on the overinflated housing market. An article in today’s paper goes as far as to state that the average house price in Vancouver BC has topped the $1 million mark. It also goes to show that the term “millionaire” doesn’t mean much anymore. There is no doubt that these prices are grossly overinflated; in fact it is suggested that prospective house buyers wait for prices to drop to ten percent of their peak values. (Note, that’s drop to ten percent, not drop by ten percent!)
The main function of bashing the real estate market is to show that it too is in a prolonged bubble, and it is going to pop, probably when a lot of these properties vacate themselves. Thus, property is unreliable as a long-term investment. This generally leaves precious metals as the last tangible form of investment that has value.