GVREB has been issuing month-end press releases in the style of the REBGV using entirely factual data and anecdotes, but without the same spin. You’ll find last months press release here.
As we near the end of the month the GVREB team is looking for information to be included in the press release for April. Here’s their message:
April is almost over. As the GVREB will release the monthly stats promptly on May 1, we are seeking industry insiders to give factual and unbiased stories of the market.
You will not be named and you don’t have to identify yourself. The release is not intended to be biased but to state the facts. In order for this to continue to be more useful to the public than the biased release from REBGV (they are not to be confused with GVREB) we need to have these stories.
I would prefer these to come directly from people in the industry with real stories. The most important is to say what they see is changing. It is the changes that are interesting.
Preferred industries are:
1.) Mortgage Brokers 2.) Bank Mortgage loan officers / credit risk managers 3.) Real estate agents (your factual and unbiased opinions are helpful). 4.) Builders of single family homes (professional or one-off amateurs) 5.) Condo project mass marketing agents (standard or groupon model acceptable) 6.) Helicopter Pilots (preferred if colour is yellow).
Press release will be completed on Sunday night so please send your stories as soon as possible so they can be vetted for truth.
An Observer has started up a new Vancouver RE blog focused specifically on tracking price drops!
Right now at vancouverpricedrop you’ll find number of asking price drops by area and a ‘top eleven’ list of price drops in the Vancouver and Fraser Valley region.
These drops are all over the map, some have dropped asking price by a million and are still a million over assesment. There are a couple that seem serious though with new asking prices several hundred thousand dollars under assessed value.
It’s fantastic to see a new addition to the Vancouver bubble blog crowd, especially one that is focused on specific data. Looking forward to watching this one in the future!
Another great post by Piggington. Apply it to you know where.
The bubble beneficiary sectors, so named because they grew like weeds as a result of the housing boom, are: construction, finance (which includes real estate transactions), and retail (not directly related to housing like the other two, but a bubble beneficiary nonetheless as a result of vigorous home equity-financed consumer spending). In the graphs below, I have grouped these three sectors together as the “Housing Bubble Sectors” and charted the change in their size alongside that of the non-bubble private sector industries and government.
Those excess jobs are gone for good, now that the bubble is no longer with us. They never should have existed to begin with. We would have been far better off if all the labor and resources that were squandered on the housing bubble were instead put to uses that could have generated a sustainable increase in society’s long-term prosperity. As a bonus, we would have avoided a big crash, too.