At ETB2's request, I quoted only the MLS benchmark prices for SFHs in Greater Vancouver. In fairness, if old numbers weren't frequently revised, they have the potential to be a far more accurate gauge than averages or medians which can be severely misleading. It's unfortunate that MLS has resorted to mathematical alchemy in its method of calculation.Sounds like a good sample size. Geyser, how do you explain this?
And Relocation BC was using the same MLS numbers:The benchmark price for detached properties increased 6.3 per cent from April 2011 to $1,064,800. (in 2012)
http://www.macmarketingsolutions.com/ma ... ring-pace/
So was this Realtor and a whole bunch of others.MLS Detached Benchmark Prices
Greater Vancouver $1,064,800
http://www.relocation2bc.com/blog/2012/ ... -round-up/
So, once again, the MLS benchmark price for SFHs in Vancouver was higher in 2012 than it is today, provided you check what they actually reported back then rather than the much lower number they are now reporting for 2012.Vancouver and North Shore Real Estate Trends
Bench Mark price for April 2012
Detached (Single Family) Greater Vancouver $1,064,800
http://kevinlynchrealtor.blogspot.ca/20 ... s-for.html
Saw this one from Greaterfool.ca (Garth Turner)... makes you wonder whether the drop was 0.5, 2.5 or 9.2%!
"Vancouver’s real estate board is the home of the original Frankenumber, the MLSLink® Housing Price Index (HPI) composite benchmark price, blatantly intended to smooth out peaks and valleys, giving the impression of an eternally stable market. So while the average detached SFH has lost $200,000 in value in recent months, the Frankenumber stays serene. In August, for example, “the decline of 0.5% compared to this time last year and a decline of 1.1% compared to last month.”
Could this be because the Real Estate Board of Greater Vancouver secretly did an organ transplant when nobody was watching? Well, nobody except for the poster called Canadian Watchdog. “REBGV revised last year’s benchmark prices lower again. I had all their website data copied from earlier this year and sure enough, when I checked today’s detached home price for last August, it was revised below $1M, otherwise it would have posted a 9.2% decline, not -0.5%. It’s useless. They’re doing everything they can to smooth out data before the coming cliff in Q1 2013.”
http://whispersfromtheedgeoftherainfore ... e-for.html
Bad news. Geezer is worst than Taipan. At least, taipan has the sense to run for it.Just admit it, your statements about current prices being lower than the "peak" of April 2012 were wrong. Don't go Taipan on us.
My statement was "the MLS benchmark price for SFHs in Vancouver was higher in 2012 than it is today". That statement is correct."Just admit it, your statements about current prices being lower than the "peak" of April 2012 were wrong."
There are a number of areas which are more expensive now than in they were back when the Greater Vancouver SFH benchmark price reached its peak in 2012 when it briefly went over the million dollar mark. Of course it's hard to know for sure unless you have an independent record of the original (unrevised) benchmark numbers which were published in the past.You can split hair whatever you want, Geyser, all I know the SFH prices are all time high now in Coquitlam, Port Coquitlam, and all the way to Mission.
No I can't. I'm not sure what these prices represent but they don't match any stats for Vancouver single family dwellings I've seen. Can you please send the data source?Average prices are extremely volatile and are not a reliable indicator. You can see them here:
Okay, then please simply respond. What is the data source? No, I don't mean the dramatic ad-crazy website URL.LOL..... danny, open your eyes. It is all right there for you to see.