Hell Yeah!! Clcik the link. It shows the decline from the peak for a bunch of US city and Vancouver.
http://www.flickr.com/photos/29638096@N08/3077522731/
The words sink and stone spring to mind.

November press release for The Real Estate Board of Greater Vanvouver. Look at the graph on page 6
http://www.robchipman.net/blog/images/2008...tatsRelease.pdf

Thanks Bog. What a rapid rate of decline ..... "Sunk & Stoned" might be even more appropriate?

WOW!! Read em and weep, Straight Talk, Economist, and Realtor or hey are they the same person.
Looking at that graph reminds me of a CLIFF. Housing prices are tanking and no amount of spin by these so called optimist is going to change it.

Haha and what a joke by the realestate board, saying Slow home sales create window of opportunity!! hahah bunch of lying SHILLS!!

The realestate board is a joke! It could fall 1% and they would tell you its a great time to buy now. Its a BUYER MARKET they would tell you. lol. They say the fall has improved affordibility, what a joke! This market needs to tank 60% for it to be affordable!

Actually .. According to a REALTOR (!?!?!) ... The prices in vancouver dropped 10% November (i.e. 10% IN ONE MONTH!!)! Scary! That's REALLY gonna f**k the economy!


http://paul-northvancouverhomes.blogspot.com/

You want to know whats really scary!! if you take that further say 10% on an average house is 500 grand, then you just lost $1600 a DAY for that month of November!! WOW!!!

Give it a few more months and its really going to go NUTS!! As more and more inventory come on line as in more condos that are being constructed get finished, and worse as the jobs dry up from the slowdown in construction those people are going to leave town. Major major price reductions both in prices and rent!!

I have always been with you two that property prices will drop drastically & steadily for the next 1 - 2 years (bottoming likely in spring 2010)

but, let's be sure we read the data correctly .... and correct me if I'm wrong here, that drop is May to November, not a one month drop

Residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 12.8 per cent between May and November 2008, amounting to an 8.3 per cent year-to-date price reduction for detached, attached and apartment properties in Greater Vancouver between November 2007 and 2008. In May 2008, the overall residential benchmark price was $568,411, compared to $495,704 in November 2008.

http://www.robchipman.net/blog/images/2008...tatsRelease.pdf

Don'tchya just love the headline: Slow home sales create window of opportunity

wasn't there something about "can't make a purse from a sow's ear?" Attention: REGISTER / LOGIN to view the image! This guy just tried to do that

I don't follow these things, but it appears that we are worse off than the Americans were. Should I be frightened by the potential economic implications?

I believe Paul (see realtor's website above) was refering to detached houses, and yes he was refering to November only, not May to Nov.

Here you go;

and here's the stats;
http://www.nvhomes.ca/aPage.jsp?aPageId=10

According to the figures we are WAAY worse off than america was at this point 2 years ago.

But then vancouver has always been higher than most places..

So its hard to tell..

if things keep up- then yeah.. we're screwed... too many idiots (like straighttalk) have been using houses as piggy banks. If they keep dropping in price our economy is fecked.

You have to remember that vancouver didnt just have one of the highest affordability issue in Canada but in the world! So yes we could be worse off than some american cities!

I'm not, I 'll be able to buy the house of my dreams. I have a recession proof job too.

You are correct Bog. Keep in mind, this seems to refer to "Average"

Average = 835,000 > 745 = -90,000

Benchmark = 695 > 665 = -30,000

I'm guessing, but maybe the really high price ones are not being put for sale due to sales / price conditions? which would drastically affect the "average" price,

whereas "median" would reflect the actual difference more closely?


+, looking at it, Sept was crazy high which throws it all outa whack - maybe the smart ones dumped while the gettin was good?

No job is "recession proof".

im pretty sure you're just at risk as the rest of us are.. Unless I guess if you're a debt collector...

Attention: REGISTER / LOGIN to view the image!

I imagine there are a few jobs out there that are completely recession proof. Not alot but some. maybe like doctors, teachers, police and etc.

I tell you its going to be an epic fall. Housing prices are going back to 2002 levels or even 2001. Thats my prediction. I could be very wrong.

Don't forget government employees. Attention: REGISTER / LOGIN to view the image!

I hope you do buy the house of your dreams. I think everyone deserves it without the stress of having most of your paycheck going to your mortgage. Although I ownI got sick and tired of going to parties and all they would talk about is how high their house is worth. For a while thats is all people in vancouver talked about. I wonder what they will be talking about now.

Erm.. Gov employees will be pretty much the first people to lose their jobs...

Tell me why is that? I have a very difficult time believing it. ICBC, BC Ferries, Translink, Cupe, Doctors, Cops......none of them are going anywhere.

Well , I looked at that graph.

It confirmed what I have said over and over again:

• Since 2002 an unusually high spike , if not to say abnormal , in hose prices developed - driven by demand and greed.
• The discrepancy between available disposable income and voluntary and involuntary obligations spread too far apart , like a rubber band , it has to snap at some point .
• More and more of disposable income gets funnelled longer and longer towards the banks , this in turn siphens off needed spending capital from the rest of the economy - to the detriment of the rest of the economy = everybody.
• You will see, that banks made this year even more obscene profit on Canadians than in the last 5 or 6 banner years.
• My house is *worth* well over 600k , but I welcome it going down in price : it gives the next young generation the same opportunity as was given to me. I have no problem if it goes down to 2002 levels.

No such thing - recession resistant may be better.

Still , your best bet to wheather economic winds and storms , is to be frugal in good times to carry you over inevitable bad times.

Unless people get so desparate they have to sell their kids to people in other countries I should be ok. I am an elementary teacher.

I would say most teachers are pretty much safe from any downturn. Are you currently renting.

Yes, we are. But, to be honest, by the time this market bottoms out we probably won't be living in BC anyway, so I don't know when or where we will buy. Still, it makes me feel good to know that the enormous amount of people who have been shut out of the market for the last few years will get what they want in the end.

even though im a home owner i actually wanted the house prices to go down...... before the drop there were way too many speculators/off shore investors in the market looking for to make a fast buck who dont even live in here...... hopefully families that want to live in thier houses will be buying more so that there will be a closer community feel to our neighborhoods in Vancouver