Tag Archives: falling prices

Open Topic

Friday Free-for-all!

186
186 Comments

It’s the end of another work week and that means its time for another free-for-all post.  This is our regular end of the week news round-up and open topic discussion thread for the weekend.  Here are a few recent links to kick off the chat:

–Why falling house prices aren’t bad
–What impact from the new rules?
–OSFI Credit Union loop-hole
–Absurd property of the week
–‘Just under a million’ price drops
–Expert rips Mayors housing report
–Fellow realtors complain to Keith Roy
–What does Cameron Muir think?
–Canada house prices not sustainable
–Affordable housing needs replacement
–Will we always have leaky condos?
–We ain’t Paris

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

..And if you’re interested in signing up for an account at Vancouverpeak.com, here are 10 first-come first-served invite codes:

kpzk-i5r8-v326                                  nuvi-7mmm-frra
pssw-zaks-5ses                                  hjld-lzkk-0g9u
f9yq-szx6-tyu9                                    19×5-z7hp-bi6j
wvis-aj38-nioa                                   wrjh-z7nz-tlb9
mdlv-5bdu-x52y                                 x4fz-s6tv-p5de

BC, economy, prices

Average Vancouver selling price down 9.8%

65
65 Comments

The problem with using averages is they can look terrific on the way up and horrible on the way down.  Remember all that talk about the ‘average’ Vancouver house now being worth $1 million?  One year later it’s apparently worth $735,315.  What will it be worth next year?

The average home price in Canada in April was up 0.9 per cent from a year ago at $375,810.

“It bears repeating that the national average price was skewed higher last spring by record level high-end home sales in Vancouver’s priciest neighbourhoods, and that a replay of this phenomenon was not expected this year,” said Gregory Klump, CREA’s chief economist.

Sales in Canada’s largest markets are having opposite effects on the national average, with slowing sales in Vancouver dragging, and soaring sales and prices in Toronto exerting upward pressure.

The average selling price in Vancouver was down 9.8 per cent compared with a year ago at $735,315, while the average price in Toronto was up 8.4 per cent at $517,556.

Read the full article is in the Vancouver Sun.