"BC Housing Market Down 17%" ...NOT

This was a heading quoted in "Real Estate Professional", an online magazine quoting the BC Real Estate Association statistics for October. This has been one of my biggest pet peeves with how the major Real Estate organizations in Canada report their statistics. Real Estate is very local. I think the reporting should reflect this. It is iresponsible for the BC Real Estate Association or the Real Estate Professional to quote statistics with no regard as to the public's typical response and perception of those statistics. Essentially, the quote is true. Provincial housing sales in BC are down 16.7 % in October campared to last October. Prices are also down 9.1% in October compared to the same month last year. However, many consumers all over the province read this and assume the price of their house has dropped either 17% or 9.1%. Neither of these assumptions are true. Every market is different. For instance, the entire Okanagan Shuswap from Penticton to Revelstoke is far ahead of last years statistics both in average price and sales activity. Vancouver is down substantially. Becuase the population of Vancouver is so much greater than the rest of the province it dramatically skews our statistics. We forget that for the years of 2008 to 2013 Vancouver was essentially in a boom and the Okanagan Shuswap was in a bust. The assumption made at that time is that all of the province was in a boom. That assumption was just as inaccurate as the one a majority of consumers will make now.  

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Bill Hubbard

Bill Hubbard

CENTURY 21 Executives Realty Ltd.
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