“It is impossible to get honest information on the RE market. Even the analyses coming from a reputable university are manipulated by people who have vested interests in that industry.”

El Magnifico at VREAA 15 April 2011 3:21am. Excerpts – “I had a very interested conversation yesterday with the “boss” of Tsur Summerville (the RE guru at UBC). I asked a few questions about the RE market in Vancouver and his views are interesting:
– He [the “boss”] genuinely doesn’t believe that a RE crash will happen in Vancouver. He definitely thinks that the RE won’t go up anymore but he said we can expect a slight correction (maybe 5-10%) and then a flat market for years (basically until salaries/economy catch up)
– He acknowledges that there has been a massive inflow of mainland Chinese buyers in Vancouver but also told me there are no serious studies conducted regarding their impact on the market (like say % of transactions made by mainland Chinese). He said such a study won’t be conducted because it is too politically sensitive…
– The most interesting thing he said is that Tsur is definitely aware that the RE market in Vancouver is in bubble territory. He issued a few statements about that and got some heat back from the RE industry (who by the way finance most of his research). So anything that comes out of his office is being made not to offend the RE industry at large, and his sponsors… It is sad that it is impossible to get honest and genuine information on the RE market. Even the analyses coming from a reputable university are manipulated by people who have vested interests in that industry…

4 responses to ““It is impossible to get honest information on the RE market. Even the analyses coming from a reputable university are manipulated by people who have vested interests in that industry.”

  1. Is the blogosphere seen as being biased? Just wondering… Is there some bit of research that, if done, would change how the MSM and the public think of real estate?

    As an amateur “analyst” I am interested to hear people’s thoughts.

    • “Is the blogosphere seen as being biased?”

      Blogosphere = lunatic fringe. Unless it’s an approved realtor blog.

    • As an amateur “analyst” I am interested to hear people’s thoughts.

      You’re probably doing a better job than the “professional” analysts out there. After all: You want to figure out what’s going on, not draw a paycheque.

      [Excellently put. -ed.]

  2. vreaa, did you just delete a post?

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