Canadian Realestate Magazine forum is the place for positive industry interaction and welcomes your professional and informed opinion.

CBC admits Vancouver housing collapse!

Notify me of new replies via email
PatrickGunville | 28 Aug 2013, 05:40 AM Agree 0
[video width=425 height=344 type=youtube]gpEjV-mk-bQ[/video]


CBC and public perception begin to sense weakness in Vancouver's real estate market. It is no coincidence the media has always put a positive spin on the housing market news until now. This is a remarkable moment, as we are seeing the divergence of opinion between the mainstream media and the real estate board of Greater Vancouver. The REBGV is always putting a positive spin, and reporting only the most positive looking statistics, while it appears the public may be waking up to Canada's looming debt and residential mortgage problems. We already know the only reason sales were "up" last month was because buyers who were sitting on the fence decided to jump in before their locked in low interest rates expired. Not to mention sales were up on a "seasonally adjusted" basis, which basically means since July isn't necessarily the busiest month in real estate, comparatively, it was a busy month, because we had those buyers. So were are basically comparing apples to oranges. A government incentive to purchase is what drove sales, not actual free market decision making. And since July historically isn't that busy, when we compare this rare government encouragement to buy, we see an abnormal amount of sales for this "season," and so the real estate board makes a big deal about how for the "season" sales are up an incredible amount, on their "seasonally adjusted" basis.
Post a reply