Similar to Vancouver, sales have evaporated - down 20% MOM and 26% YOY. Over-all Average price down YOY Detached median down, but average and benchmark are still up YOY. MOI has moved up briskly to 12 The news release blames the Federal Government's changes.
All this blame going the way of the feds but for all the wrong reasons. They finally do the responsible thing and force us all to be a little more prudent and everyone is up in arms.
They should get a good chunk of the blame for this, but that blame should be for opening up the credit markets in the first place, not for trying to tighten them up when we all tried to borrow too much.
I was watching this video on BNN before I left for work in the morning - Ian Lee at Sprott School of Business at Carleton University, tells BNN. "Averages overvalue the cheaper properties and undervalue the more expensive properties in that zone." http://www.bnn.ca/News/2012/10/11/Is-CMHCs-home-valuation-system-creating-risk-.aspx
Educated realtors will not insult their clients' intelligence. Unfortunately there are too many bad eggs in that industry, some of which were schooled in fancy universities.
The housing downturn is here. People have stopped spending lavishly in restaurants. Weird news take the stage when panics hit the street. http://blogs.theprovince.com/2012/10/15/letters-alice-wong-shark-fin-soup-translink-gun-crime-carbon-tax/
All this blame going the way of the feds but for all the wrong reasons. They finally do the responsible thing and force us all to be a little more prudent and everyone is up in arms.
ReplyDeleteThey should get a good chunk of the blame for this, but that blame should be for opening up the credit markets in the first place, not for trying to tighten them up when we all tried to borrow too much.
I was watching this video on BNN before I left for work in the morning - Ian Lee at Sprott School of Business at Carleton University, tells BNN. "Averages overvalue the cheaper properties and undervalue the more expensive properties in that zone."
ReplyDeletehttp://www.bnn.ca/News/2012/10/11/Is-CMHCs-home-valuation-system-creating-risk-.aspx
They sure need all the luck.
ReplyDeletehttp://slightly0bsessed.blogspot.ca/2012/09/wish-us-luck.html
Big drop is sales volume in the Okanagan esp SFH. Due to:
ReplyDelete1) Aberration. Ignore it.
2) Government's fault
http://www.omreb.com/files/09%20-%20OMREB%20September%202012%20Stats%20Media%20Release.pdf
Educated realtors will not insult their clients' intelligence. Unfortunately there are too many bad eggs in that industry, some of which were schooled in fancy universities.
ReplyDeleteThe housing downturn is here. People have stopped spending lavishly in restaurants. Weird news take the stage when panics hit the street.
http://blogs.theprovince.com/2012/10/15/letters-alice-wong-shark-fin-soup-translink-gun-crime-carbon-tax/