(try saying that 3 times fast)
To hear some people talk, one of the hottest housing markets in the world is experiencing a serious course correction. Prices are down significantly over last year. But what does that mean?
Tsur Somerville, the oft-quoted real-estate economist from the University of B.C., doesn’t see signs of a major real-estate story brewing. He actually holds a refreshing perspective on the local scene. He won’t even go so far as to say that buyers hold the advantage at the moment, even though supply far exceeds demand.
Although the Vancouver housing market may be out of equilibrium, a significant correction is not expected, said Tsur Somerville, director at the University of B.C. Centre for Urban Economics and Real Estate at the Sauder School of Business.
So is all the criticism of Somerville simply sour grapes from the real estate bear blogosphere because the man, an expert in his field, won't come out supporting the outcome they foresee?
It's the website for the Sauder School of Business. Specifically the sponsorship page acknowledging those companies who provide significant funding to the Centre for Urban Economics and Real Estate.
- Commerce 307 - Real Estate Investment
- Commerce 408 - Real Estate Development
Besides... if he's telling you the market is in serious trouble, who's going to sign up to take his courses?
I suspect in a poll of the bear blogopshere, the answer is all too obvious.
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