Talking Heads
Posted December 10th, 2008 in Real Estate, Sharing the Experience | 
RBC Speaks
Logo Courtesy of the Royal Bank of Canada
British Columbia “In full-blown correction mode”
Can This Be?
“By the first quarter of this year, RBC’s housing afford-ability measures for British Columbia ranged from 38% to 50% above long-term averages — the most inflated ownership costs of all provinces (the higher the measure, the least affordable is home ownership) and clearly an unsustainable position.”
Say What?
“Demand has subsequently dried up, while elevated prices have attracted more sellers, swiftly shifting pricing power to buyers.”
Really
“Prices began to decline in the spring, a trend that gathered speed through the early fall.”
Do Yah Think?
“levels in British Columbia still suggest that further price correction should be expected in the near term.”
Talking Heads
If you live in Vancouver, or any other city in Canada, reports such as these are nothing more than empty rhetoric of facts well known.
It would be nice, really nice, if influential prognosticators were not just talking heads. It would be good thing for them to get down on the street and check it’s pulse. More helpful would these sages be if they were pro-active in determining cause before death.
Want to know what’s going on in your Vancouver real estate market area? Ever heard the phrase speak with your Realtor. They always check the market’s pulse.
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I’m always happy to answer your Vancouver Real Estate question? Call or send me an email Twitter or Skype me at YatterMatters.
Larry
**Quotes from RBC Economic Report December 2008
