Province: Vancouver prices up 16% YOY

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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jesse
Member

Well we'll see if they plate with the same headline. Was the editor awake?

yoword
Guest
yoword

No, that editor was on crack to miss that. Anyways, prices have gone up since January. Lets see where we are at in December.

Mold city
Guest
Mold city

Wow. I didn't know they used glue to put together an online newspaper, but they're obviously huffing something.

Mold city
Guest
Mold city

yoword: Are there any years where prices didn't rise between January and May?

Bilbo Bloggins
Guest
Bilbo Bloggins

Anyone care to post the Canwest stock price chart again?

Falling
Guest
Falling

WHAT DO YOU THINK ABOUT THIS GUYS?

THE PROVINCE "Recession's worst blows still to come

Sharply shrinking economy will knock wind out of B.C. businesses' sails"
http://www.theprovince.com/business/Recession+wor

Anonymous
Guest
Anonymous

Oh my god I'm going to be priced out forever!!!!

read on
Guest
read on

too. damn. funny.

journalism really is dead.

Vansanity
Guest
Vansanity

Bilbo Bloggins:
http://www.google.com/finance?q=TSE%3ACGS

I know you said that tongue in cheek, but there it is. Their share price is down to $0.19 from an all time high of $21.00 hit on Sep 15,2000.

"CanWest Media missed a $30.4 million interest payment on the notes in mid-March, putting the noteholders in a position to demand repayment of the about $761 million principal amount outstanding plus interest."

That excerpt was from a WSJ article from April, reporting that their noteholders agreed to allow them more time before demanding payment.

They're hanging on by a thread.

hovering
Guest
hovering

Some here seem to be assuming this article is an error. I (and others here I think) beleive it is not a mistake at all. The editor is not "on crack". Rather it is a deliberate attempt by the newspaper to appease a large hunk of its advertisers (real estate agents and developers) by printing positve headlines in a negative environment.

Obviously they are trying to maintain some hint of journalistic integrity (I beleive they have none) by having the article include some accurate facts.

If a store lied like this at a sale, e.g. TV's for 1 cent !!, one could get at least one low priced tv.

If a contract was drafted this way someone would get sued.

But the only thing we can do is loudly protest, tell all our friends, and swear to never buy the newspaper again.

Vansanity
Guest
Vansanity

http://www.cbc.ca/canada/british-columbia/story/2

"More cost overruns at Vancouver Olympic Village"

http://www.vancouversun.com/Business/Olympic+vill

"Olympic village fiasco cited as S&P trims credit rating"

"City of Vancouver took another hit Friday as Standard and Poor's lowered the city's credit rating from AA+ to AA.

However, S&P noted that 'the Vancouver real estate market has declined considerably in the past six months [and] assuming the real estate market downturn continues, it is uncertain whether the project revenues or the security taken by the city will be sufficient for Vancouver to recoup all its investment.'"

Anonymous
Guest
Anonymous

Vansanity: The affordable housing component of the development, 252 units in total, was originally budgeted to cost about $95 million and will now cost $110 million.

Let's see… $110,000,000 / 252 = $436,000. Now that's what I call affordable housing!!!!

Vansanity
Guest
Vansanity

Anonymous:

It's beyond stupidity, it was just bullshit, plain and simple. We all know they never truly intended on those units to be handed over for affordable housing. I mean, a luxury waterfront condominium, to be used for affordable housing… give me a f***ing break.

vendetta
Guest
vendetta

How to buy the Sun/Province.

Step 1: Go to a newspaper box.

Step 2: Insert correct change.

Step 3: Open door.

Step 4: Remove ALL newspapers and put in stack on top so everyone can enjoy the paper for free.

Step 5: Put a heavy brick or something on the stack so they don't blow away.

jesse
Member

Man this forum is funny. It's obviously a typo. Sales are up 16%. Read the line above: "House sales hit a high". Of all the conspiracies to write about, there are way better ones out there than one about an editor thinking she can pass a false headline off to gullible readers and save the company from bankruptcy. Next story, please.

Dr. No
Guest
Dr. No

"Of all the conspiracies to write about, there are way better ones out there than one about an editor thinking she can pass a false headline off to gullible readers and save the company from bankruptcy. Next story, please"

How desperate would you be if your were on the verge of collapse? The last several years have seen an uninterrupted stream of complete and utter nonsense from the SUN on the state of the local RE market. Why should this particular ridiculous statement be viewed in any other Light?

Spectrum
Guest
Spectrum

Sounds to me like everyone that was pre approved for a mortgage at 3.65% is buying because their 90 days is almost up. What are 5 year fixed rates at now, 4.1% (just checked ING which normally has good rates and their at 4.49%). June through Nov, sales will fall off a cliff, I expect 5 year rates to jump to 5.5% soon.

jesse
Member

"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.

realpaul
Guest
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.

yoword
Guest
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 🙂

Warren
Guest
Warren

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

Supraboy
Guest

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

exx
Guest
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.

Anonymous
Guest
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 »
I voted NO
Guest
I voted NO

Does Canwest qualify for doctor assisted suicide?

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