Yes. And this:i6s1 wrote: ↑ I called it just a few posts above - they're blaming the government. The speculative bubble doesn't exist, according to them. This is just the government bringing down a completely normal market.
And it's funny now how that fundamental economic factors seem to matter. Prices rising faster than the economic factors would predict? Completely normal. Activity down when unemployment numbers are fine? Something's wrong here now....
"Housing demand today isn’t aligning with our growing economy and low unemployment rates. The market trends we’re seeing are largely policy induced," Ashley Smith, REBGV president said. "For three years, governments at all levels have imposed new taxes and borrowing requirements on to the housing market.”
Earth to Ashley - housing demand and prices were not aligned with INCOME. That’s now gradually correcting. And that low unemployment rate means little when Vancouver has some of the lowest average incomes in the country, thanks in part to mass immigration pushing down wages.
Also did you notice in the communication they seemed to cite the unadjusted average price for detached and towns, but the BENCHMARK average for condos? Some creative obfuscation possibly. I don’t have an issue with using benchmarks in order to smooth out sales mix fluctuations, provided that the calculation to arrive at the benchmark is transparent, but they seem to be using it selectively.