The image may be attractive, but the reality sure is ugly when it comes to Vancouver real estate. New numbers for December show a bloodbath for residential sales.
Your property assessments are now in the mail. And for the first time in years, house values in some of the Province's hottest markets have actually declined. While most assessments will reflect a slight change from last year, others will come as a quite a shock, reflecting a definite 'cooling-off' of the real estate market in places that were once white-hot.Naturally the real estate 'experts' are trotted out to tell you prices are actually 'flat' and not falling... and that the 'fundamental's' mean real estate can only go up.
Curiously even our buddy Tsur Somerville let's slip that we are seeing a "slight easing of prices."
With Global TV now clearly highlighting the bearish style of the equation, it's clear the media can no longer simply gloss over what is going on.
(hat tip to GreenhornRET for the archiving of the video clips)
Click 'comments' below to contribute to this post.