Tangents

Big Bucks

I guess it’s principal or just a renegade streak in me. I refuse to pay 1,200 big bucks for a down loadable report about housing trends in Canada published by the Conference Board of Canada. It’s actually more but I’m not here to quibble. I suspect some snark is taking over as I feel this is one way to keep information close and for insiders only.

There are however, alternatives! Instead we will rely on the interpretation of reporter Sunny Freeman of the Globe and Mail who fashioned a report today entitled “Canadian Home Prices Continue to Rise”.

I think this is what Mr. Freeman said…

Short Snappers

Liberally quoting Mr. Freeman:-

  • prices still on the rise though sales and demand fall
  • home sales down 25% since ’09 peak
  • hasn’t stopped price rise according to Michael Burt Associate Director, of the Conference Board who claims associated costs of ownership – mortgages, insurance are outstripping inflation and income
  • Result: affordability continues to deteriorate for next two years
  • Teranet says home prices up 13.6% in June YOY – Up 1.5% MOM
  • Blame it on the HST: reason for 1st quarter rush – that plus mortgage rates and rules
  • Real estate types say July sales down 30% with prices flat
  • Crossroads: more homes fewer buyers = balanced market that favors buyers.
  • Economists seem to be onside even suggesting market could take on a US housing flavor
  • An oops! – Marc Pinsonneault of National Bank says not sure price rises are a trend – thinks it might HST related
  • Housing starts slowed in June but expected to stay healthy. Conference Board calls it a “slowdown representing a shift to a more sustainable pace”
  • Economists predicting deceleration of price increases

Righteous Tangent

I was once told by an old sales manager now long retired, that if you ever wanted to feel good about yourself take a break and hang out with some losers.

Have you noticed that every time the conversation about Canadian real estate ensues it seems a requirement of the conversation that our ‘feel good’ friend from the south be invited.

Consider:

  • “Performance in the Canadian housing market is weakening, it is faring much better than the U.S. market, where the past three months have been the worst on record for new home sales.”
  • “Sales of new U.S. homes dropped sharply last month to the slowest pace on records going back nearly half a century, the latest sign that the economic recovery is fading.”

Tangent Moment

Is it nonsensical to suggest that every time our ‘feel good’ friend is called to attention as a rationalization for our good fortune, that we as Canadians, should be gracious and follow this procedure?

At the precise moment such words are spoken is the time you let go of your mouse, stop reading any post including this one, stand up raise your arms and with glee in your heart, shout a righteous Canadian ‘hell yeah!’

Respect

With reverence: Mr. Freeman – thanks for the report. With tongue tangent to cheek, I mostly wanted to thank you for making me feel better than your average American home owner.

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

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*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

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