December ’08 House prices drop again

Well the official stats are out for December 2008.  How did our local Vancouver real estate market fare?  You can probably detect the general direction of Vancouver house prices in the following graph:

The drop was slightly less than November ’08, falling $18,104 to a benchmark price of $648,421.  So far the benchmark has dropped $122,900 from the market peak last spring.

UPDATE: Bubble lad just posted a link to this story in today’s Sun: Metro Vancouver to see deepest property price dip.

Metro Vancouver’s home prices rose the highest in Canada’s property boom and will fall the furthest in its correction, real estate firm Royal LePage has forecast.  Royal LePage Real Estate Services, in its 2009 market survey forecast released Tuesday, predicted that Metro’s average home price will decline nine per cent in 2009 to $540,100 from a 2008 forecast of $593,500.

That will be almost three times deeper than the national average decline for 2009 of three per cent, which should bring the average home price down to $295,000 nationally.

Royal LePage CEO Phil Soper said that over the long term, home-price appreciation should rise in line with the rate that a city’s incomes rise.  “Over the last seven years, Vancouver prices increased at a rate significantly above the underlying appreciation of people’s incomes,” Soper said in an interview.

Don’t listen to the negativity.  Local incomes are irrelevant.  OUR market is different,it’s fueled by a special blend of upbeat naivety and magic pony-power.

Besides, it’s only money.

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Noname
Noname
11 years ago

realpaul:

$326000 @ 5% interest rate will generate interest $16300 per year and that is $1358 per month. They can give $1358 per month to those homeless person forever.

Anonymous
Anonymous
11 years ago
blueskies
blueskies
11 years ago

Lily pad:

real architecture!

i like visionary statements like that

stands out from the herd

but then a million dollars should

talk pretty loud unless you are in

Vancouver

Anonymous
Anonymous
11 years ago

anonymous: Actually, I have to agree. There is no way anyone would take him seriously after reading the crap on his blog.

Anonymous
Anonymous
11 years ago

asalvari: The problem is intermittent. Anyway, don't fret. There's nothing there worth reading anyway.

Lily pad
Lily pad
11 years ago

blueskies: OMG! That is an amazing house. Just amazing!!!!! I think I'm in love!

asalvari
asalvari
11 years ago

Anonymous:

Naaaah.. for moment you got me there, lol. anyways I did change the IP and still nothing. Are you guys saying that somebody can actually access the blog?

Except for the name
Except for the name
11 years ago

The damage Lereah caused, of course, was serious, especially for the many home buyers who bought the hype. Lereah said he now expects only a modest recovery in sales activity this year.

“I was wrong,” Lereah told Money. “I have to take responsibility for that.”

blueskies
blueskies
11 years ago

blueskies:

article title

can be searched through google news

Surrendering to the Landscape

anonymous
anonymous
11 years ago

No wonder he shut it down, dealing with you clowns every day. No clients coming out of the group, he was wasting his time.

blueskies
blueskies
11 years ago

Lily pad:

here it is through google news:

http://tinyurl.com/8x2v6y

Lily pad
Lily pad
11 years ago

blueskies: Blueskies: what is the title of the article? I just get a nyt sign up form.

Anonymous
Anonymous
11 years ago

For Sale, zero down: Yes, I agree. He probably can't pay his blog bills, either.

For Sale, zero down
For Sale, zero down
11 years ago

"Indeed, I am getting the 404 error on chipman blog as well".

I think the shameless pitchman is experimenting with some program which redirects posters from IPs which may challenge his bull.

NO -LYMPICS
NO -LYMPICS
11 years ago

Realpaul Re the cost of social housing. QUOTE: $326K for 250 sq.ft is $1304 per sq ft.!!!!!! Holy Christ!!! Talk about ripping off the Donors who financed this. New construction is less than $90. They probably have the same bean counters as the 2010 games. By the time they bring these things up to Gov't standards, the cost rolls up BIG time. In THEIR world , if they built it NEW up to Gov't standards, it is "only slightly more expensive"…….that is THEIR term of reference. Gov't tends to go Cadillac when Chevy will do. However, they have lots of SRO's the BC Gov't bought..maybe the Gov't envisions renovating these as make work projects in a slow economy. However, the 2010 Olympics are just over a year away, and no solution for the homeless etc, yet that I have heard… Read more »

blueskies
blueskies
11 years ago

a heart warming RE tale from NYT:

http://tinyurl.com/6varzk

gotta love it!

realpaul
realpaul
11 years ago

Real estate is in weak hands. We will have a 'double dip' if there is any sign of nascent recovery. The flippers will dump properties en masse and cause a double crash . “You don’t have it in strong hands, you have flippers,” said Shiller, who helped create the S&P/Case Shiller real estate price indexes. “These speculators are preventing the market from crashing now, and when they get out it could fall again.” Schiller is describing the 'dead cat bounce' which will sucker in new buyers when a first false bottom is percieved. In a crash, things crash and then crash again, then a recovery seems to be in the offing for a while unti wham, it crashes again. Bear markets are ugly, they want to take as many victims down as possible. "Oh momma can this really be the… Read more »

Anonymous
Anonymous
11 years ago

Just to levitate the situation here are some jokes.

http://www.realestatehumor.com/index.php?inl_them

Lily pad
Lily pad
11 years ago

realpaul:

Re: Dell transferring jobs from Ireland to Poland. Ya, depressing for the Irish, but think about how happy the Poles are!

Apparently Wall Street used a lot of computers during the roaring 2000's and now they don't need them, hence the layoffs of the Chinese firm.

asalvari
asalvari
11 years ago

blueskies:

Indeed, I am getting the 404 error on chipman blog as well.

realpaul
realpaul
11 years ago

More jobs cuts in tech. Is anyone keeping track?

http://www.itpro.co.uk/609476/dell-and-lenovo-cut

Van-zee
Van-zee
11 years ago

xurbia.ca = "The Whole Garth Catalog"

blueskies
blueskies
11 years ago

Anonymous:

no blog is still up 'n running….

why do you ask?

realpaul
realpaul
11 years ago

NO -LYMPICS: "Slightly more expensive than new construction"? Excuse me? Did they really say that? $326K for 250 sq.ft is $1304 per sq ft.!!!!!! Holy Christ!!! Talk about ripping off the Donors who financed this. New construction is less than $90. What is $1300 ? This amount of money away to some union contractor at 20 times the going rate for new construction. They could have given the homeless person an income of $1300 per month for 20 years !!!!! 326,000 divided by 1304 = 250 ( months) divided by 12 (months) equals 20.83 years. BTW the students at Emily carr had a presentation of housing designs of 250 sq.ft which had all the same amenities which could be built for $1000.00. Whoever donated money for this project will probably not do it again. No one likes to get ripped… Read more »

Lily pad
Lily pad
11 years ago

scullboy:

Hey Skullboy, it looks like squirrel is a delicacy now so it may not be around when the crunch hits! We'll have to eat rats!

http://www.iht.com/articles/2009/01/07/style/07sq