Vancouver home sales plunge, posting second-worst August since 1998
The Vancouver housing market gradually loses more steam before its ultimate implosion.
$942,000 for a detached property?
Let's get real!
Median family income is only $63,800 according to Demographia while house prices are nearly a million bucks?!
Based on normal affordability ratios, Vancouver's prices are due for a massive pullback to the $290,000 level or lower.
Get ready for a 50% plus drop in prices Vancouverites.
Sales activity in the country’s most expensive housing market continues to tumble but the Real Estate Board of Greater Vancouver maintains prices are not being impacted.
The board says sales of detached, attached and apartment properties were 1,649 in August, a 30.7% drop compared to the 2,378 sales in August 2011 and a 21.4% decline compared to the 2,098 sales in July 2012.
It was the second worst August since 1998 for sales and 39.2% below the 10-year average.
In individual market segments, detached property sales were down 38.8% in August from a year ago and 30.1% from two years ago. The benchmark price for detached properties rose 0.2% from a year ago to $942,100.My view:
The Vancouver housing market gradually loses more steam before its ultimate implosion.
$942,000 for a detached property?
Let's get real!
Median family income is only $63,800 according to Demographia while house prices are nearly a million bucks?!
Based on normal affordability ratios, Vancouver's prices are due for a massive pullback to the $290,000 level or lower.
Get ready for a 50% plus drop in prices Vancouverites.
C'est différent cette fois
ReplyDelete:)
Bill
Well said Bill.
ReplyDeleteThe level of denial amongst Canadians is unbelievable!