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jimtan
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LePage Expects Vancouver Housing Correction in 2017

Thu Dec 22, 2016 12:49 am

It's official. The drop so far, plus another 10% = bear market.  8)

"Vancouver’s long-awaited housing correction may be around the corner: prices are headed for a double-digit decline in 2017 as buyers drop out of the market, according to the head of Canada’s largest real estate services company.

“Home prices had gotten so out of whack with the growth in underlying wages and salaries that there had to be a correction," said Phil Soper, chief executive officer of Royal LePage, a unit of Brookfield Real Estate Services Inc. “And it’ll happen in 2017."

https://www.bloomberg.com/news/articles ... 017-lepage


Sorry, Moon people.  :mrgreen:
 
tdma800
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Re: LePage Expects Vancouver Housing Correction in 2017

Thu Dec 22, 2016 7:41 am

that company nor person isnt even based in Vancouver

To the moon!
 
jimtan
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Re: LePage Expects Vancouver Housing Correction in 2017

Thu Dec 22, 2016 8:02 am

Facts, just the facts, madam...

"... Royal LePage is preparing a formal forecast for release in early January based on data from Brookfield, which also runs the nation’s biggest property valuation company. Those appraisals are used by banks, insurance companies and mortgage underwriters."

:!:
 
tdma800
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Re: LePage Expects Vancouver Housing Correction in 2017

Thu Dec 22, 2016 8:04 am

The writer/author etc aren't even working in Vancouver, and that company isn't a particularly big one in Vancouver.  Any educated person knows that remax, royal pacific, century21 and so on are more related 
 
jimtan
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Re: LePage Expects Vancouver Housing Correction in 2017

Thu Dec 22, 2016 8:24 am

Only uneducated people can think that Remax is more trustworthy than professional valuers.  :mrgreen:
 
tdma800
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Re: LePage Expects Vancouver Housing Correction in 2017

Thu Dec 22, 2016 8:26 am

the writer doesnt even live here and remax is a more popular company out west
 
jimtan
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Re: LePage Expects Vancouver Housing Correction in 2017

Thu Dec 22, 2016 8:38 am

Right! Valuation and unbias analysis is a matter of popularity. :!:

To the stars for you  :mrgreen:
 
tdma800
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Re: LePage Expects Vancouver Housing Correction in 2017

Thu Dec 22, 2016 8:47 am

Royal Pacific and C21 are the most popular in vancouver
 
eyesthebye2
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Re: LePage Expects Vancouver Housing Correction in 2017

Thu Dec 22, 2016 10:04 am

Sorry, I dont see that happening. If recent history has taught us anything, its that a lack of sales creates a backlog of demand. Buyers have sat out the last 3 months...almost entirely. This pent up demand will most certainly halt the 2016 slide in prices.
 
Geyser
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Location: In a van down by the river

Re: LePage Expects Vancouver Housing Correction in 2017

Thu Dec 22, 2016 12:08 pm

eyesthebye2 wrote:
Sorry, I dont see that happening. If recent history has taught us anything, its that a lack of sales creates a backlog of demand.  Buyers have sat out the last 3 months...almost entirely. This pent up demand will most certainly halt the 2016 slide in prices.


Recorded for future mockery. :lol:
 
tdma800
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Joined: Wed Jan 23, 2008 9:12 am

Re: LePage Expects Vancouver Housing Correction in 2017

Thu Dec 22, 2016 12:10 pm

eyesthebye2 wrote:
Sorry, I dont see that happening. If recent history has taught us anything, its that a lack of sales creates a backlog of demand.  Buyers have sat out the last 3 months...almost entirely. This pent up demand will most certainly halt the 2016 slide in prices.


well once in a while the negativity comes out . meanwhile in Vancouver, To the moon!
 
reallyreal2
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Re: LePage Expects Vancouver Housing Correction in 2017

Thu Dec 22, 2016 12:42 pm

eyesthebye2 wrote:
Sorry, I dont see that happening. If recent history has taught us anything, its that a lack of sales creates a backlog of demand.  Buyers have sat out the last 3 months...almost entirely. This pent up demand will most certainly halt the 2016 slide in prices.

Sooooo... if the demand is there, why aren't they buying?   :lol:
It's been a completely disastrous end of the year.  But I guess you can always take comfort in the sporadic "over-ask" sale or your "logic" when a house sells for too cheap.

Like I said, I'd hate to be realtor right now... mind you, I'd hate to be a realtor at any time... you have to deal with other realtors which I have to consider cruel and unusual punishment.   :mrgreen:
 
Justice
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Re: LePage Expects Vancouver Housing Correction in 2017

Thu Dec 22, 2016 12:49 pm

To the moonshine!  ('Cause you're going to have to start drinking to deal with the plunging prices)
 
tdma800
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Re: LePage Expects Vancouver Housing Correction in 2017

Thu Dec 22, 2016 12:54 pm

More simply, to the moon!   Lepage isnt related in Vancouver
 
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jesse1
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Re: LePage Expects Vancouver Housing Correction in 2017

Thu Dec 22, 2016 6:15 pm

Inventory is still very low. If there is to be a "correction" it will require significant listings AND very slow sales. I'm not convinced 2017 is the year for that. eyesthebye is right - there is still demand. And it's not like sales are insanely slow. They may be slow in some very specific areas but overall this is by no means a 2012.
There is no shame in overpaying
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