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This is a garbage article when compared with the headline. The “experts” is two property managers who don’t even agree on what’s happening or why. The 20% figur
by ryanwaggoner 8y ago
This is a garbage article when compared with the headline. The “experts” is two property managers who don’t even agree on what’s happening or why. The 20% figure comes from a quote that sounds like an off-the-too-of-my-head assessment from one of them:
”What we’re seeing is that rental rates have decreased up to 20 per cent from the spring of 2017, and it’s getting even worse.”
They also say they’ve never seen anything like this in their TEN whole years of property management!!
Rents might be dropping by this much, or even more, but this is hardly even evidence of that, let alone data from “experts”.
Better title: “One property manager estimates that some luxury property rents in Vancouver have declined by up to 20% over the past year.”
- sk5t 8y agoTen whole years—almost one market cycle...
- friedman23 8y agoThis belief that market cycles are 10 years is the gamblers fallacy in action. Just because there is a "trend" of economic cycles occurring in 10 year periods doesn't mean the next one will occur 10 years after the last. Also the entire purpose of laws an regulations like Dodd Frank is to prevent debt bubbles. Whenever someone says that we are "Due" for a correction they are falling for the gambler's fallacy.
- sk5t 8y agoI agree--my comment was tongue-in-cheek. Whether there is or isn't a market cycle, these folks haven't been around long enough to see it.
- reaperducer 8y agoThis is a garbage article when compared with the headline. The “experts” is two property managers who don’t even agree on what’s happening or why. I read real estate press almost every day, and this is pretty much a universal constant. For every bull, there is a bear. For every person predicting a market crash, there is a person predicting things will get even better. Even articles that should be straight forward statistical pieces are usually based on data from some startup web site nobody's every heard of that pushed out an infographic to get clicks. The more I observe the real estate industry, the more I'm convinced that it's mostly made up of people too damaged to sell used cars anymore.
- krausejj 8y agosometimes qualitative information precedes quantitative. that's why speculative prices move ahead of fundamentals. it's definitely subjective, but that doesn't mean it might not be valuable or indicative of an noteworthy change.