There are a lot of quotes in the media these days from local developers and politicians with variations on the theme ‘nobody saw the Vancouver housing bust coming‘. This is surprising when you consider how many blogs we have out there dedicated to the concept that Vancouver house prices got way out of hand and are in for the mother of all corrections.
But lets not blame the experts too much, perhaps the extent of their research was a Google search for the term ‘Vancouver house prices‘ which yields this reassuring CBC article as the first result: Vancouver house prices expected to rise 9 percent in 2008. If you’re expecting a 9 percent increase in house prices, I suppose a 15% drop from market peak could really catch you off guard.
So this is my ‘told you so‘ moment. Not that the real estate market would see a sharp correction. Nope, I certainly wasn’t the only one to predict that. Most of the long-time readers here at vancouvercondo.info made the same prediction, as did many other local bloggers, so that’s no unique feat. I do believe however, that I was the only one to correctly call the Vancouver Bubble Blog Bubble at the beginning of 2007. Here’s the updated version of that chart along with my count of local bubble blogs:
1. March 2005: Vancouver Housing Blog – the original, closed in Feb 2007
2. Nov 2005: Rob Chipmans – gets a half point for being moderately bearish
3. June 2006: VancouverCondo.Info – Hey that’s us right here!
4. Oct 2006: Vancouver Unrealestate – Looks to be closing down January 2009
5. Dec 2006: BC Housing -Uncertainbuyer closed down end of 2008
6. Jan 2007: Financial Planning and Personal Sanity -now Housing Analysis
7. March 2007: Condohype – Still disowning the lifestyle
8. Dec 2007: North Vancouver Homes – stats and housing market data
9. Feb 2008: Vancouver Real Estate Anecdote Archive – just as the title says
10. Jan 2008: Fishy Real Estate – FishRE closed down the blog in 2008 Q3
11. Feb 2008: Coco News – shared economic news stories, closed 2008 Q3
12. Feb 2008: Vancouver Housing Crash – last post September 2008
Have I missed your favorite Vancouver housing market blog? Add it to the Wiki!