So CBC-TV ran a story yesterday titled "Vancouver home sales drop sharply in June" and is embedded above for your viewing pleasure. The central theme of CBC's piece is to determine if we will see lower real estate prices. Check out the very last portion of the story where the reporter closes by stating:
"So does all of this supply mean there are going to be bargains? An economist at the BC Real Estate Association says 'NO', that the price drops of 3.5% earlier this year are going to stay there."
"if the media picks up on this story, you can be sure the rest of the market will follow the west side (with declining sales and exploding inventory)."Well it certainly seems the BCREA is moving to quash this very outcome. After going through all that work to redefine the way the HPI benchmark price is calculated (twice this year, actually), it's clear they will brook no perceptions that house prices will go down.
You have to wonder how long before Roy receives a 'snot-a-gram' from the BCREA about his advice to clients.