Thanks REBGV for the HPI numbers.
YOY - HPI price drops...yes that's drops.
Detached 5.2%
Attached 3.7%
Apartments 3.2%
Over-all = 4.3%
Sales down significantly from last year.
Lets see if the media pick up on this. Anyone who bought property for investment (lets say with 100% cash) will be down 4% from May 2012 plus expenses 1% or so, and missed income on the investment 1-2%. Add in any rental income - which runs 3% or so now. So they are down 4% on their money.
No one is going to bail with that sort of drop, but if and when it gets to a 10% people will be starting to look at getting out. Especially if the investment was not 100% cash, but leveraged up with a mortgage.
Oversold enough for a bottom?
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*Mid-week market update: *I wrote on the weekend that conditions were
setting up for a panic bottom (see Here comes the sentiment flush), but one
final flu...
1 day ago
Look at the numbers. HPI negative for almost all areas over the last 5 years. Whistler, home-of-the-winter-Olympics TM, decimated.
ReplyDeleteAttached down over 5 years in many areas.
Detached down in more areas every month.
The FVREB needs to take a leaf out of the page of the REBGV when they come up with their HPI numbers.
435 new
ReplyDelete272 price change
299 sold
7645 detached
9210 attached