Average house price drops 10% in one month

This bit of news courtesy of local Realtor Paul Boenisch who shares market statistics on his website. November 2008 just saw a very sharp drop in the average sales price of single family homes:

Prices are falling sharply. Believe it or not the average SFH price fell 10% this month. Yes in 1 month. $745,778 for November v. $825,206 for October. The average has dipped 19% since March. It will be interesting to see if the benchmarks also make a dramatic drop.

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hairywolf
hairywolf
11 years ago

quebeccorner.com

i must say these are samaller and more prcey than the one I lived back in downtown London, England. Joke.

I guess it will saell for waht these dumb people with bigger wallets than brains are willing to pay for !!!

other ted
other ted
11 years ago

"101 RJB Says:

December 2nd, 2008 at 8:51 am

Alex,

BioWare is owned by Electronic Arts."

And electronic arts bought Distinctive Software. Now known as EA Canada a subsidiary of California based EA.

Drachen
Drachen
11 years ago

4.2% drop in the benchmark, that makes nearly 8% in two months.

Wasn't Dave saying it would never hit 4% per month? All we need to do now is hit a total of 20% off peak and Dave will have been 100% wrong on everything he said.

Drachen
Drachen
11 years ago

other ted

"I think not."

Well that's obvious to anyone reading your posts and one of the only truly sensible things you've said.

Anonymous
Anonymous
11 years ago

Hi folks, be wary of michaelsteward et al, esp those who predicted gold at $5k just before it fell back to $700+. Their agenda is to get you the greater fools to buy when they are ready to dump their stocks. Too bad even honest VHB fell for the rues and congratulated the scammer on flipping his 14 houses/condos. Marco911 is the only smart one who saw through it.

NO -LYMPICS
NO -LYMPICS
11 years ago

Re : a Provinces resources.. I think it would be fair to say that Canada was basically a wilderness originally tapped into for its resources by the Hudson's Bay Co. et al. B.C. was basically founded by Gov. James Douglas UNauthorized pronouncement in Yale to claim BC for the Queen ("British" named for the Queen and "Columbia" named after the river )…to establish control /autonomy and head off rogue Americans flooding in for the B.C. Gold Rush at a time the Americans were outnumbering the BC citizenry. Subsurface rights (ie mining claims) were established in BC BEFORE surficial land rights (ie property ownership) and exist to this day as an overriding right( which many still don't quite understand why ) …but that goes back to BC 's specific history, and it is a right that is almost impossible to extinguish… Read more »

Anonymous
Anonymous
11 years ago

Cashisking: Lack of a link says you're not telling the truth. nice try though!

cashisking
cashisking
11 years ago

Benchmarks are out ….

Vancouver West … one year change … DOWN 18.5%

Thought it was immune

(o) (o)
(o) (o)
11 years ago

Bidding wars anyone? Come on..I offer 400K..you?

patriotz
patriotz
11 years ago

Wasn’t it true that at the time of Alberta becoming a Province in 1905 , many OTHER Canadian provinces already had retained ownership of their own natural resources and, in fact, many of the Eastern provinces had these resource rights since the 1800’s ? Correct, because they were already self-governing colonies at the time they joined Confederation. This was also true for BC. But Alberta, Sask, and Manitoba did not join Canada – they were created out of territories that were paid for by the Canadian government, just as the Western US states were created out of the Louisiana Purchase. And the US government retains the resource rights in those states to this day. As the federal government retains ownership of the resources in the Northern Territories. The turning over of resource rights was an act of goodwill by the… Read more »

Alex Curylo
11 years ago

"BioWare is owned by Electronic Arts."

Bioware was founded in 1995. The buyout went through in 2008. That EA had to buy Bioware out lock stock and barrel at a hugely inflated price since it couldn't compete with them fair and square actually makes the point that Alberta can indeed compete with EA more valid, I'd say.

RJB
RJB
11 years ago

Alex,

BioWare is owned by Electronic Arts.

NO -LYMPICS
NO -LYMPICS
11 years ago

Hey …..I'm #100 !!! I tink

NO -LYMPICS
NO -LYMPICS
11 years ago

So what if Dief (the Chief) "assisted" Alberta oil in 1950's/1960's ? Yeeessh? I seem to recall the Eastern auto industry ( aka autos ARE dependent on oil and its byproducts) and its high wages and benefits packages add fair bit to sticker shock to the resst of us. Let's not pick and choose our so called subsidies ,shall we ? Dief's assistance may have "primed the pump" to get Alberta going,.., but OPEC and the world market took over in the ealrly 1970's. We ended up with a more secure domestic oil supply and all the spin -offs, and Hibernia later on which the Maritimers must thank God for. Otherwise, we would be like the Americans who have to import a majority of their oil and be reliant on tankers and more pipelines which would result in even more… Read more »

Alex Curylo
11 years ago

"Alberta has nothing to compare with Electronic Arts, etc."

Yeah, they have companies that actually make original games instead of recycling the same sports pap over endlessly.

http://www.bioware.com/

Granted, after Bioware it does fall off quite quickly…

NO -LYMPICS
NO -LYMPICS
11 years ago

Re Alberta and resource rights. Wasn't it true that at the time of Alberta becoming a Province in 1905 , many OTHER Canadian provinces already had retained ownership of their own natural resources and, in fact, many of the Eastern provinces had these resource rights since the 1800's ? Alberta may have been a latecomer to Confederation,…but it took approx. 25 years before it had rights to its own resources, a right many other Provinces had already had for approx. 50 years in 1929. Perhaps Alberta has a right to be resentful. Otherwise, What's the point? Would we rather have Canada discriminate against a single Province and own its resources ? Trudeau tried doing that to Alberta with P.E.T.R.O. Canada..ie PETRO = Pierre Elliot Trudeau's Rip -Off . RE, Oil, whatever ……its all commodity which has boom -bust cycles. Have… Read more »

jesse
jesse
11 years ago

"Jobs spring up spontaneously. Wealth creates itself out of thin air. "

Ah yes, Alberta would still be where it is today without the oil. The oil was just sitting there so, you know, they had to pull it out. If the oil weren't there, Alberta would have cured cancer instead. 🙄

Anonymous
Anonymous
11 years ago

Hey Vansanity,

I saw that clip on BNN with the rep from ScotiaMcLeod. She also said that "good" debt included borrowing for assets that will go up in value like: mortgages, stocks.

Thanks for the advice, ScotiaMcLeod! 🙂

Vansanity
Vansanity
11 years ago

On bnn just now they were talking about debt. Probably just a reminder for some of you, but here's their numbers:

– Canadian household debt at all time high nearly $1 Trillion in 2006

– Personal savings fell from 20.2% in '82 to 1.2% in 2005

Says a lot about how we got here, money=debt.

macchiato
macchiato
11 years ago

Here's another one for that clown Mike Stewart:

Bloomberg link called: "China Is `Heart of Global Slowdown' as Property Slump Stalls Driver of GDP "

China Property Slump Threatens Global Economy as Growth Slows

Benjamin's Boss
11 years ago

84 Re-diculous Says:

December 1st, 2008 at 10:20 pm

Talk about being “almost behind the curve”….here’s Benjamin Tal:

“Housing Prices to drop 20% in B.C.” (Vancoucer Sun)
http://www.vancouversun.com/Ho…..story.html

Benji, you better call the press and take it back, or you will end up heading our Moose Jaw Branch.

Your job is to pump RE, Canadian Banks, and Natural Resources and you are to do it in a way that it coincides with the best place on earth, deal.

Anonymous
Anonymous
11 years ago

Former Lottery House for Rent:

http://vancouver.en.craigslist.ca/apa/941535560.h

patriotz
patriotz
11 years ago

Wow. I guess oil and gas extract themselves. Jobs spring up spontaneously. Wealth creates itself out of thin air.

The oil sitting underneath Alberta represents wealth that was created without human effort. Of course labour and capital is required to get it out, but the excess of the oil revenue over the cost of that represents a pure unearned windfall. This is called economic rent.

The plain fact is that there is hardly any industry in Alberta that creates and exports products other than that which come out of the ground.

I could not give a better example of the empty self-congratulation of Albertans than your post.

Vansanity
Vansanity
11 years ago

Nice find Re-diculous! That's worthy of Pope putting up for a seperate discussion, no? Maybe with some previous predictions from Tal. Quite the change in tone, is it not? 20% from what though? Peak? We're already there aren't we? Here's my favorite excerpt: 'However, given that the recession was caused by a buildup in American real estate markets that took 15 years to develop, "the recovery will not be strong," he said. "It will be a much more modest recovery, because you cannot undo 15 years of bad economic management in one or two years."' Remember the perfect storm we often-time discussed? Behold, the storm is just beginning. —- Anecdote: Engineer I know told me about how he had a small job to do and over 50 contractors turned up to bid just a week ago. 50! The job is… Read more »

anon
anon
11 years ago

#87, it does not need to cause the USD to "tank", "free fall", "put it in a hole" etc. It could be controlled descent (controlled inflation) since its obvious they are on the edge of deflation. Also, world may decide to buy the excess of USD, not because its economical, but because of what may happen if they don't (china). The only unknown is Russia, which has very populist government and too much control in the economic decisions. They could really dig a hole. My opinion is that there would be inflation but it would be controlled. The rest of the world would cooperate, including Russia, since they are not willing to cause major instability or change in the world order. How we (Canada) are going to deal with it is something that really worries me – I am currently… Read more »