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Volume has tanked. Prices are unclear. Everybody's waiting to see what happened. My intuition, as well as pretty much everybody else's, is that prices will f
by jewbacca 10y ago
Volume has tanked. Prices are unclear. Everybody's waiting to see what happened.
My intuition, as well as pretty much everybody else's, is that prices will fall, when things start moving again. But it's far from certain yet, because that hasn't happened yet.
http://www.theglobeandmail.com/real-estate/the-market/vancouver-home-sales-drop-nearly-33-in-september/article32229083/ http://www.theglobeandmail.com/real-estate/the-market/vancou...
- soperj 10y agoPrice seems pretty clear to have tanked. Just look at the actual statistics package from the Vancouver real estate board[0]. The last page of that pdf shows a massive drop of about $300000 for the average price of a SFH. [0]http://www.rebgv.org/sites/default/files/9.%20REBGV%20Stats%20Pkg%20September%202016%20%28Updated%20HPI%29.pdf http://www.rebgv.org/sites/default/files/9.%20REBGV%20Stats%...
- jewbacca 10y agoI have no idea how to read the tables in there, so maybe they cover this, but: Too much information is lost, in the "average selling price" statistic that graph is using, to be able to use it to definitively claim anything like "an equivalent house is selling for less than it would have before". For example, that graph could just as well be caused by fewer high-end houses being sold, but the houses that are being sold going for the same amount they would have before. Again, I think it's very likely bordering on totally inevitable that prices will drop, and that that graph is probably showing that. But it's not enough information by itself to make that claim.
- soperj 10y agoAgreed, but it's the same tables they're using to say the price is going up, with the same flaws.