gse36 at RE Talks 9 May 2011 9:10am –
“All the below are building lots on same street in Richmond. [With sale prices and sale dates]:
8671 Pigott 66×133 $1.437M Feb6
8651 Pigott 66×133 $1.468M Mar6
8240 Pigott 66×133 $1.150M Apr7
8771 Pigott 66×133 $1.165M Apr13”
That’s a 20% hit in 1-2 months. Who says RE prices can’t move fast?
People are attributing these price drops to the effects of the Japanese earthquake and tsunami. That may be the case.
We would also hold them up as examples of the way prices are vulnerable to rapidly changing psychology.
The real ‘tsunami’ of price drops will come when a critical mass of current owners suddenly realize that Vancouver RE is very, very overvalued. – vreaa
Vancouver Real Estate Anecdote Archive 
“The real ‘tsunami’ of price drops will come when a critical mass of current owners suddenly realize that Vancouver RE is very, very overvalued”
I think that is happening now. I sold, two co-workers sold. Of course some bought our houses. Whew!
And I will consider rebuying later this summer.