Take a close look at the stat's package from the Real Estate Board of Greater Vancouver and you discover that the benchmark price of a single-detached house on Vancouver’s West Side is $2,070,200, a 6.1% decrease from a year ago.
“Like Vancouver, last June was when the bottom fell out of the market via a 13.2% m/m seasonally unadjusted drop compared to May 2012 that made it among the weakest months of June over recent years. Thus, the sharp shift lower in year-ago base effects is now containing the year-over-year changes but still leaving behind trend weakness in the resale volumes and a much cooler market than prior to the Spring of 2012. Now with Q2 data, we are transitioning toward comparing against the much weaker volumes that began to emerge last Spring. I therefore don’t buy the hype that the correction is bottoming or reversing just because the year-ago pace of decline is ebbing.”
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