– Month Over Month Price Changes, Home Price Index, Greater Vancouver
The chart care of Canadian Watchdog at VREAA 15 Apr 2012 at 6:07pm
Watchdog adds: “Let’s remember these are the new HPI stats that are quality adjusted to smooth out volatility. I just started analyzing Van stats and can already say REBGV’s prices are sustaining because sales are low. When sales are low, the sample size is smaller. Average prices are only as strong as the sales volume to back them up, or in other words, the market has not been tested to handle higher sales volume yet. If/when the trend reverses, it is likely that sales will increase and prices will fall due to slashed prices. As for that heatmap, what amazes me is how square the 2008 crises sell-off was. It goes to show how sensitive RE is to stocks.”
Click the chart to enlarge it.
Nice work, Canadian Watchdog, thanks for sharing.
The homogeneity of the 2008 decline is indeed remarkable. It’s the kind of pattern that will manifest in any earnest decline; we anticipate we’ll see it again, perhaps soon.
The 2010 and 2011 weakness can be seen to be more pronounced in attached properties, less in detached. We’d also expect that pattern to be lost in an earnest decline.
We look forward to updates of this chart in future.
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