Whoa! Where did the time go?
It’s the end of another week and that means it’s time for another Friday Free-for-all!
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:
–IMF cuts Canada on oil slump
–BOC warns of housing correction
–$43 million discount
–Teranet goes up
–Calgary goes down
–Faith based financial advice
–Cheap condo goes under asking
–2015 Bowen / Gulf island stats
–$1 mill sunshine coast sales
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.