It’s the end of another workweek and that means it’s Friday Free-for-all time!
This is our regular end of the week news roundup and open topic discussion thread for the weekend.
Let’s get to it!
Here are a few recent links to kick off the chat:
–Biggest new home price drop in Canada
–Average house price takes record fall
–Inflation adjusted HPI lower than 2008?
–New house prices lower than 2007?
–Condo owners ignore depreciation reports
–Cashback mortgages, great way to cash in on suckers
–Removed all 4’s from floors, Vegas tower still doomed
So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!
Teranet has released their latest numbers and they are down.
Vancouver house prices on the Teranet index are now down 2% over where they were the same time a year ago.
Prices would have to really start rocketing up to keep the YOY numbers from staying negative for a while since prices peaked around June 2012.
What does the RE industry report when they can no longer claim YOY price increases?
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.