Monday, February 6, 2012

Last Old Numbers Report on Vancouver House Prices, January 2012

Well, a few days ago someone posted to what appeared to be the REBGV press release with January's numbers. If it was fake, someone did a stunning job with it. I put the numbers into my spreadsheet and waited, figuring I'd check them when the official release came out. Well, it never did. Reality needed a good kick in the head apparently and REBGV was just the guy to do it. These are the graphs including the numbers off that release.

(The sales numbers from the "leaked" release are close enough to the real one that I'm strongly inclined to believe it. Sales were bad, btw. Only Jan 2007 and 2008 was worse, and inventory is looking to beat the record for the decade by April if it continues apace.)

According to these unofficial numbers, the detached MLS was $871,034, which is a $30,500 decline from the peak in June 2011, or a 3.4% decline. The All sales HPI dropped $19,000 from June for a decline of 3%.

Vancouver House Price Graph January 2012

Vancouver Year over Year House Price Change to Jan 2012

“We’re seeing trends emerge in our market that favour buyers, such as increased selection and more stability in pricing compared to this time last year,” Rosario Setticasi, REBGV president said. --january's official release
It doesn't benefit buyers when their equity is going to vanish and their debt is not. Picture Rosario here in a pink and green plaid suit, wingtip shoes, greased hair, and standing next to a grey spray painted Ford Pinto with a bondoed left quarter panel and drilled out trunk lock, cuz, that's what I'm doing right now.

You want to be trustworthy. You have to act trustworthy. Transparency would be a really good start. Means and medians, please. And, btw, the bubble dates to half a decade before you are deciding the world started.

No comments: