Monday, January 6, 2014

Vancouver's Average Price hits new high



Happy New Year gang.

First real post of the year and we defer to Larry Yatkowsky who, once again, brings us the latest statistics for real estate.

The big news is that Vancouver’s detached home average price is $1,276,073, the highest price ever recorded for a single family home in this city.

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8 comments:

  1. AnonymousJanuary 6, 2014 at 10:50 PM

    Of course it is, the real estate board has changed their method of valuing homes, as of last year. The new system is totally opaque, totally subjective, and they admit should not be used to compare to previous years.

    2013 saw the fall of home sales and home prices, sending the real estate board into a panic. Realtylink explains how the boards of a few provinces got together to discuss a new method of valuing homes, and of course we should believe this is in the interest of our greater good.

    Anyone else wonder how home sales could drop off a cliff, but prices keep climbing or stay the same? They didn't, the board fudged the numbers, just like everyone is fudging numbers these days, manipulating data, and engaging in fraud.

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    1. AnonymousJanuary 7, 2014 at 12:54 PM

      Well Said. But there are many lemmings taking the RE board's preaching at face-value and making decisions based on it.... after-all, if its on media, its must be real. So Sad.

      Delete
  2. AnonymousJanuary 7, 2014 at 9:24 AM

    Thanks poster #1. The real estate board is trying to keep the illusion alive and dupe some buyers along the way. Shame on them.

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  3. Burnaby ResidentJanuary 7, 2014 at 11:44 AM

    I just got my 2014 property assessment from the City of Burnaby and the assessed value decreased from $1,8M to $1.5M. I wife checked posted values online and all the house in our neighborhood (Deer Lake) is down. Somebody is playing with the numbers and it's not the City because that's what property taxes are based on!

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  4. davidJanuary 7, 2014 at 1:06 PM

    Vancouver is fascinating. I do not know of anywhere else --- at least, nowhere that is not totally disconnected and isolated from outside information or news or influences --- where virtually everyone has collectively bought into and embraced the idea of real estate appreciation as their society's primary value, driver, and activity. Someday --- some time after the tears are shed --- future researchers in sociology, economics and psychology will have full careers reviewing and dissecting this. It really is nothing short of phenomenal.

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    1. AnonymousJanuary 7, 2014 at 4:00 PM

      Well said. Consider yourself lucky living in the vortex of the illusion. The mindset in Vancouver is oblivious to even the slightest doubt or empathy to other parts of the world.

      Delete
  5. kabloonaJanuary 7, 2014 at 5:15 PM

    Not so fast.... it ain't just Vancouver.

    Consider my old 'hood of Richmond Hill...the Globe and Mail certainly has.....

    http://www.theglobeandmail.com/news/toronto/the-changing-demographics-of-richmond-hill/article16192871/

    Looks like the CMHC has socialized risk to such an extent that Persian immigrants can bid house prices up past a million dollars in crappy Richmond Hill.

    I ask you, is this a great country, or what?!!

    "...In the South Richvale and Langstaff neighbourhoods of Richmond Hill, which are just south of the Yonge and 16th intersection, the median price of the detached homes sold last quarter was $1.3-million, according to the Toronto Real Estate Board."

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  6. AnonymousJanuary 7, 2014 at 6:19 PM

    Real Estate is getting to be the only thing we have left as a country. We've sold off everything else. I'm glad to be living in this time and bearing witness to this circus first hand.

    ReplyDelete

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