An Adventure in the Bed and Breakfast Business, British Columbia Real Estate over the Years

William T Ziemba

Chapter 29 in The Adventures of a Modern Renaissance Academic in Investing and Gambling, 2017, pp 321-326 from World Scientific Publishing Co. Pte. Ltd.

Abstract: When I arrived in Vancouver in 1968, my salary at UBC, which was all my income, was C$12,000 per year less the taxes. Rochester offered more as did Northwestern in the US$13K range. In the first year I rented a house with a French psychiatrist, Pierre Flor Henry. The rent was $250/month or $125 each for a house that was way up Prospect Road in North Vancouver. The house we shared was a nice one and you could only see one house nearby with all the trees and shrubbery. At that time the lot next door was selling for $13,000, about the same as my salary. Lots at Whistler, the ski resort which was just opening up were $2,500 with $250 down and 3% interest. In those early days salaries were low but prices were too. A few of my colleagues bought houses in nice view areas near the university in the $30,000 area. Those houses in 2017 are worth about $3 million or more, a rise of more than 100 times in 48 years…

Keywords: Financial History; Risk Management; Investment Strategies; Mean Reversion; Risk Arbitrage; Management of Assets (search for similar items in EconPapers)
JEL-codes: G11 (search for similar items in EconPapers)
Date: 2017
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