"Although he could afford any house, he now lives in a rented condo overlooking the ocean north of Victoria. His strategy is simple: Wait a year or two and buy a lot more house for a lot less money in a post-bubble world."

This from Garth Turner, on his own blog, greaterfool.ca, 14 Feb 2010 -

“Sunday afternoon [14 Feb 2010] I sat on a leather couch in the Empress Hotel speaking with a millionaire exile from the US. The guy now lives in a rented condo overlooking the ocean north of Victoria because – although he could afford any house – “I’ve seen this movie before.” He laughed as he said, “I would never have imagined before I came here that Canadians could be stupid enough to make exactly the same mistakes Americans did five years ago. I tell ya, this is like watching an old, familiar train wreck.” His strategy is simple: Wait a year or two and buy a lot more house for a lot less money in a post-bubble world.”

[Via http://vreaa.wordpress.com]