Crawl Across the Ocean

Monday, January 05, 2009

Symmetry Watch #2

Mohican links to the end of year press release(pdf) from the Vancouver Real Estate Board. It is headlined, "2008 brought improved housing affordability to Greater Vancouver"

Somehow, even though prices rise most years, I doubt they have ever titled their year end report, "Year X Brought Deteriorating Housing Affordability to Vancouver!"

To be fair, nobody says the real estate board has to be objective about real estate, improved housing affordability is legitimately a good thing, and it's not a bad press release as these things go.

Anyways, sales were down 35.3% (to 24,626) in 2008 vs. 2007 while listings were up 13.9% (to 62,561).

The average one year change in prices for the greater Vancouver benchmark property was -10.9%, which isn't very good when you consider that prices were still rising one year ago, so the drop from the peak would be that much higher.

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