“I think Phoenix and Vancouver can’t really be compared.” – comment by ‘Homeslice’, VREAA, 2 Oct 2011
2001 – 110 [Case Shiller Index; from SFH data]
2006 – 228 [peak, May 2006]; run up 108%
2011 – 100 [July 2011: 99.8]
2001 – $385K [ave detached home price, REBGV data]
2011 – $1,223K [peak, May 2011]; run up 218%
2016 – ?
‘Homeslice’ is correct, it is unfair to compare Vancouver with markets like Phoenix or Las Vegas – Our speculative mania is far WORSE than anything that happened in Phoenix or Vegas, the price run up has been TWICE as great here as it was there. – vreaa
‘LAS VANCAS’: Click Chart to see large version:
REBGV average nominal price chart 1977-2011, for detached, attached and apartments, overlaid with a semi-opaque insert of this Las Vegas house price chart, for the purpose of absolute price comparisons 1987-2009 (scales are the same; but there is no correction for currency exchange fluctuation).
The Vegas chart was overlaid such that the y axes were identical in absolute dollars (such that the curves could be compared/contrasted: there was no attempt to fit the curves).
The whole exercise (imperfect, because of the lack of currency fluctuation effect) was to show how small the Vegas bubble was, in absolute terms, compared to ours.
- from ‘Vegas Versus Vancouver, 1987-Present’, VREAA, 11 Mar 2011