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Province: Vancouver prices up 16% YOY

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Here’s a fascinating bit of info for those of you that have been surprised by the spring bounce in the Vancouver real estate market.  The Province is reporting that house prices in Vancouver have jumped an astounding 16% since last May!

..Or at least their headline is.  Those that read the article may be dissapointed by the actual number:

The average house price for the city and surrounding area was $583,674, down 6.6 per cent from a year earlier.

Nationally, the housing market continued to rebound in May with a fourth consecutive increase in monthly sales, the association said. The Ottawa-based group said the average sale price of a home sold through the multiple listing service reached a record of $319,757.

That’s up 0.4 per cent from May 2008, when the previous record was set. The association said the market is now returning to what it called “pre-recession levels” of activity.

It’s a very bouncy spring bounce indeed.

Hat-tip to Beau for finding this gem.

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^^ retard

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Franco

Bear are still in consistent denial.

Let's take a walk in your neighborhood,and you will find out that every single house with sale sign in the past few months has been sold. People are casting their vote for Van RE with real money. Don't be a loser and face the reality. RE in Vancouver won't be cheap because it is well supported by Chinese. Sick and tire of bear's gloomy since 2002 and they failed miserably since. Hop in now or you will be left in the wild.

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Brain

I give up. Planning my move to another city.

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Noz

Note to lying real estate economist, brokers, and the lot…anything divided by zero seems HUGE.

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Anonymous

jesse: I agree; if every reporter were like Mr. Baines, I'd purchase a subscription to that newspaper.

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Anonymous

When only the best will do…

http://realadtors.wordpress.com/

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jesse

The Sun has some decent reporters working for it. I only wish they would treat other reporters' articles to the same high standard. I enjoy reading David Baines articles. Now all they have to do is hire 20 other David Bainses and the paper would be a great read.

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Anon

Canwest has destroyed journalism in my opinion.

They have the party line which no one can cross.

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Not Saying...

[ring…. ring….]

SomewhereInSurrey: "Hello?"

Caller: "Hello, I'm calling from the Vancouver Sun. Our records show that you currently do not have a Vancouver Sun subscription. Would you be interested in subscribing to the Vancouver Sun at 50% off the regular subscription cost for one year? This offer is only available this week."

SomewhereInSurrey: "I don't read very good. They keep calling me illegitimate."

Caller: "I think you mean "illiterate""?

SomewhereInSurrey: "Ya. They say that too…"

Caller: "Well then, I understand. Perhaps then you would prefer a subscription to the Province?"

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realpaul

More BS from the MSM debunked.

"WASHINGTON – The total number of people on the unemployment insurance rolls dropped for the first time since early January, the government said Thursday, while new claims for benefits rose slightly.

The report shows that job losses are easing after companies made deep cuts earlier this year. But it's not clear whether recipients of unemployment insurance are finding new jobs or simply using up all their benefits, which typically last 26 weeks.

"It is unlikely that new hiring has picked up in any meaningful fashion," Joshua Shapiro, chief economist with MFR Inc., a consulting firm, wrote in a note to clients. "More probable is that long-term unemployed are starting to fall off the rolls."

http://news.yahoo.com/s/ap/20090618/ap_on_bi_ge/u…

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dingus

"Rather it is a deliberate attempt by the newspaper to appease a large hunk of its advertisers" Oh, puhleeeeze. The Province has sucked since time immemorial. How sophisticated an operation do you think this is? The copy editor and headline writer probably make like 40k a year and likely do most of their work on autopilot. Sales, prices, prices, sales it's all just confusing business mumbo jumbo. It's so hard to cut and paste news releases and stay awake! The suckingness of this housing market is not a big ol' conspiracy by a cabal of big business to keep the little guy down. Maybe it would be comforting if there was some calculated intent behind it all, but no, there isn't. Journalistic bias towards optimism, well OK. Deliberate errors in a headline to spin a story that are then contradticted… Read more »

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realpaul

Strong arm tactics and thuggery the hallmark of Vision Vancouver strategy. Homeless harrassment from the bunch who dummied up to the mike on a 'save the homeless' platform, what hyprocrisy! http://www.vancouversun.com/news/Homeless+drug+us… 'Shitty of Vancouver' beats down an independant buisness man over a desperate cash grab for liquor bucks. http://www.vancouversun.com/business/fp/Vancouver… Finally, yesterday there was a story about the 'Shitty Council' refusing to make room for the 'Dragon Boat festival'. I say good, I was worried about all those unwitting dupes splashing around in that feces laden and uber polluted water way that the 'Shitty Council' continues to 'unrecognize'. I guess the feces carpet in False Creek wouldn't do their condo sales campaign much good. Anyone seeing a pettern forming here in the No Vision camp. Is the little retarded boy in the mayors seat proving to be nothing more than another… Read more »

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Vansanity

exx:

That's interesting you say that, I'm over near the drive and have been for 3.5 years and our building has 2 vacancies right now. The funny thing is, we never have vacancies, in my time there I've seen an apartment here or there come up but it's filled by the first of the next month, every time. We've got 2 apts open and the sign has been up for about a month now.

Makes sense when you look at the amount of units coming online out there. It's like musical chairs only you add a condo and remove a renter.

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realpaul

The Pope:

#27, Great wit, nicely written word play, Tolstoy-esque.

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No Longer Looking

The Pope,

You and Jesse are correct. I'm working in place where everybody is about to get laid off. Apathy reigns supreme.

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admin

jesse: I don't know why your comment has been voted down, I think you have a good point. If CanWest was organized enough to operate a conspiracy I don't think they'd be facing bankruptcy. I suspect it's more likely that that attention to detail suffers when an copy editor is searching through help wanted ads while on the job.

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pricedoutfornow

This Olympics thing is so overrated. I can't believe landlords think they're going to cash in on the Olympics. Someone I know is renting out his studio suite in Whistler for the month of the Olympics. Total amount of revenue to be received (negotiated by the property management company) = a whopping $7000. Whooppee. Those who think this is going to be some sort of jackpot will be sorely disappointed, I think. I would say…good luck to them!

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I voted NO

Does Canwest qualify for doctor assisted suicide?

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Anonymous

exx: But most landlords are still not aware of a recession. There's one guy/girl/group, who has been advertising the same renovated bachelor in the West End for $1200 for about two months now. While it is an admittedly very nice renovation, $1200 for a bachelor (it is in an older, not very nice three-story building) is too much. Once again, I think that many landlords are trying to hit a double, in the hopes that the grand slam of the Olympics will more than make up for not renting the place out right now. Unfortunately for them, they do not know their history and Vancouver will be a repeat of Salt Lake, Beijing, Torino, etc., with respect to cashing in on the boom. In each of these places, there was an avalanche of supply and landlords didn't make anywhere near… Read more »

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exx

I noticed something very unusual coming home today. In the 5 years I've lived in this West End building, this is the first time that there has been a vacancy during this time of the year. No wait, make that "several vacancies" according to the building manager.

Hmm.. nearly 1300 rental ads on Craigslist for yesterday.

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Supraboy

hey boys and girls, markets holding up really well. Better buy before it´s too late.

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Warren

Did anybody honestly expect better from the Province? They are a tabloid, nothing new.

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yoword

mold city, I dont know, I cant find the graph, can you post one for me? I'm assuming never, let me see if im right 🙂

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realpaul

It used to be expensive to buy a full page ad in the newspaper. No one could buy the front page, it was reserved for 'news'. Journalists took some pride in their work. Thats all gone now.

I've just faxed The Province a photocopy of my ass and a promisory note for one dollar. I expect my ass to be front page news tommorrow. Edward R. Murrow, the journalist who said no to the biggest creep going at the time, Joe Mccarthy , at the risk of his reputation and possibly his freedom must be spinning in his grave.

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jesse

"How desperate would you be if your were on the verge of collapse?"

I'd print a story like "Stephen Harper caught killing kitten. Pictures on page 2" before subtly slipping in some inadvertent typo. Also I'd add more half-naked pics of celebrities like in the rags in England. Maybe more full-page exposees on Holly Wood. She's a hottie.

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