"Home sales this summer have been lower than we’ve seen for most of the past 10 years, yet we continue to see relative stability when it comes to prices."
I really enjoy reading your blog and I read it every week.
This is a note about that the Real Estate Board of Greater Vancouver incorrectly stating that the MLSLink Housing Price Index DROPPED 0.5%. THIS IS INCORRECT, IT SHOULD BE A 2.5% decline. Media outlets have followed the REBGV's "party line" of a 0.5% price drop.
I am basing the MLSLink® Housing Price Index (HPI) benchmark prices from pages published by the REBGV's own website in 2011 and 2012.
These websites mention that the August 2012 MLSLink® Housing Price Index (HPI) benchmark price was $609,500 while the Aug. 2011 MLSLink® Housing Price Index (HPI) benchmark price was $625,578.
So a simple calculation of $609,500 divided by $625,578 yields 0.9743 or a price decline of 2.5% NOT 0.5%.
I have contacted the REBGV people to ask them to issue a correction about this incorrect fact. I hope you and your readers will press them to correct their figures and pressure them to issue a news correction. Housing price numbers should be published correctly.
Thank you for your interesting articles, and keep up the good work!
Click 'comments' below to contribute to this post.