If you bought property in Vancouver BC last year and were planning on flipping it this year for a profit, well…
Better luck next year.
Teranet has released their stats for September 2012. Prices are dropping across Canada, but still up Year over year.
This is not so in Vancouver, where prices dropped by 1.2% for the second month in a row, bringing Month over Month (MOM), Year over Year (YOY) and Year to Date (YTD) measures all negative according to Real Professional:
% change y/y: -1.42%
% change m/m: -1.19%
Year to date: -0.60%
The only market that saw a larger monthly drop in the Teranet Home Price Index was Victoria which saw a 1.3% drop. Together Vancouver and Victoria continue to drag down the national index.