@Vote Down The Facts/Annonymouse: “So why is it being quoted here if it shows a price drop? What’s good for the goose should be good for the gander, right?” There are hundreds of posters on this site, each with their own opinions on the significance of the avg price…we are not all the same. Those that have been following this site for years understand that AVG is but one metric among many that needs to be analyzed to get a full picture. The past 6 months avg price had been dropping, but the bearishness of this metric was backed up by other bearish metrics. In August, the avg price was the only non-bearish metric…everything else was extrememly bearish, which lead some to dig deaper and the explanation was simple. We are seeking the truth. The board is only interested in… Read more »

@an observer: if you remove the top 1% of SFH sales then the average for the month was a not so hot $1.065 million…

That’s ridiculous, you cant just arbitrarily remove the top 1% of a stat. Real experts know you have to remove the top 20%! 😀

@Anonymous:

S/L ratio around 25% so far for today

I’d be cautious about interpreting this as a harbinger of things given the relatively large number of new listings that we’ll see over the next couple of days.

@Bag it and tag it:

“Agreed…they’ve been telling us the avg should be ignored because it can be skewed by sales mix”

So why is it being quoted here if it shows a price drop? What’s good for the goose should be good for the gander, right?

@an observer: “it will be funny to see the real estate boards and MSM quoting the massive increase in average price this month, a metric they have abandoned so far this year”

Agreed…they’ve been telling us the avg should be ignored because it can be skewed by sales mix, and that we should be looking at the benchmark…so will be interesting. I have a feeling they’ll downplay the avg increase, since there has been a bit of a push lately to set seller’s expectations lower. It would be a mistake to spread the word prices are rising as it may lead to an unwillingness of sellers to lower prices causing sales to decrease further.

S/L ratio around 25% so far for today

To show how flawed average price is (both on the way up and the way down), if you remove the top 1% of SFH sales then the average for the month was a not so hot $1.065 million…

HPI will likely be down in August – it will be funny to see the real estate boards and MSM quoting the massive increase in average price this month, a metric they have abandoned so far this year!

@wallnut grove: ….What some don’t understand about Mainland Chinese, is that they are acting rationally. If the Vancouver market corrected 50%, they would be perfectly happy…

So, I guess they’d be ecstatic if they invested in RE in a place where there was no correction (or God forbid, prices went up), or is that contrary to come Confucius based investment plan?

I almost wish sales would pick up so all the Realtards trolling this blog would have something to do. Go wash your Beemers boys, it’ll make it easier to sell.

I’m not sure why so many Caucasian-Canadians on this blog, want to see a real estate collapse. It’s the Caucasian-Canadian community that will be hurt the most. What some don’t understand about Mainland Chinese, is that they are acting rationally. If the Vancouver market corrected 50%, they would be perfectly happy. If they leave their money at home it will be stolen one way or another by the sons and daughters of party members. So they are perfectly happy to have property, in a safe place, and don’t really care if the price goes up or down. High priced real estate, for Caucasian-Canadians, is their retirment plan. Once that’s gone, they will be destitute. A real estate collapse will be the death blow to the Caucasian-Canadian community in Vancouver. Other than a few bed-bug infested enclaves, the city will be… Read more »

re: Romney senior

Actually a big deal was made of George Romney being born in Mexico – he initially lied about where he was born, insisting he was born in the U.S. (he was attempting to gain the presidential nomination at the time) and then, when he was forced to release his birth certificate, just withdrew. He was born on a Mormon compound in Mexico because his family were on the run to avoid bigamy charges. He realized it was better to just quietly slink away from the national glare and position his son to try for the center stage rather than answer embarrassing questions.

It’s tracking 2008! And we all know what happened to the market after 2008. Soar like an eagle!

@patriotz: “Yes do, that will show you how far right the GOP has moved since George Romney sought its nomination in 1968. If someone ran for president on George Romney’s platform today he would be considered to the left of Obama.” How so? The GOP was historically the anti slavery party while the Dems garnered most of their support in the Jim Crow South. As for Romeny Sr, he was devoutly religious, a businessman and CEO. Sure, he ramped up spending but, again, that makes him more like the GOP today, not less. And is Romney Jr a birther? Funny how that association is so freely thrown around but associations likethe following are not: Obama attended Jeremiah Wright’s church for 20 years and gave him $50 grand in the year before becoming president. Wright is famous for, among other things,… Read more »

Anonymous – I agree. Prices are super hot, I figure people will want to make money and will list at ever higher prices to take advantage of the hot markets.

Hopefully the August “price increase” causes people thinking about selling to list. And it could very well act as a bull trap.

Why do actual sale prices keep rising while MOI are rising?