Question #6. How is Vancouver’s housing market performing?
a) Declining prices, reduced activity
b) Stable prices, activity off sharply
c) Declining prices, heavy volume
d) Rising prices, thin volume
When we last checked, only 26% of respondents to the G&M quiz got the answer that the G&M was seeking, namely (b). This is almost precisely the result you’d expect from completely random guessing (25%), meaning that one could be led to conclude that respondents know absolutely nothing about the Vancouver RE market. Statistically, they appear to know as much as chimps making random choices. Actually, the poor results are not random, they are due to a ‘little-knowledge-being-a-bad-thing’ effect, as most respondents would probably guess that prices are declining, given all the press. Prices are almost definitely declining, but not yet by enough for ‘official’ numbers to reflect any substantial decline.
Ultimately, the question was a bit more complex than the Globe intended.
We’ll file the event under Category 22 ‘RE References In Popular Culture’.