Home Prices Slip for the First Time in 9 Years

Olives · by **Olives** on Tue Jul 15, 2008 9:20 am

Prices in Victoria finally down year-over-year:

http://www.reportonbusiness.com/servlet ... iness/home

Canadian home prices fell in June for the first time since January, 1999, as the number of houses for sale remained at record levels.

Of the 25 major markets included in the statistics, average home prices declined on a year-over-year basis in Calgary, Edmonton, Victoria and Windsor-Essex.

In June, Mr. Porter said it was “unnerving” to note that Canada's housing market performance appears to be tracking that of the U.S. but with a two-year lag, although he also sees a number of differences between the two markets.

Markets with the greatest year-over-year decrease in unit sales in June

-Greater Vancouver - down 42.9 per cent

-Regina - down 33.8 per cent

-Saskatoon - down 32.7 per cent

-Victoria - down 24.4 per cent

Markets with greatest year-over-year price declines in June

-Edmonton - down 2.6 per cent

-Calgary - down 2 per cent

-Victoria - down 1.1 per cent

-Windsor-Essex - down 0.5 per cent

OnceHarmony · by **OnceHarmony** on Tue Jul 15, 2008 9:24 am

Hey, Olives. Great minds think alike. I posted the Financial Post article about this in the Articles section.

Hey, you going for beers? We'll be there if a babysitter can be found.

Olives · by **Olives** on Tue Jul 15, 2008 10:02 am

I dunno, I'm curious but shy :oops:

I wonder who will show up, any guesses?

If Sitting Pretty was going, I would go FOR SURE

OnceHarmony · by **OnceHarmony** on Tue Jul 15, 2008 10:51 am

Awwww, don't be shy. I'm far from shy but just afraid of being pelted with tomatoes or booed and hissed at. :lol:

Olives · by **Olives** on Tue Jul 15, 2008 11:03 am

OnceHarmony wrote:Awwww, don't be shy. I'm far from shy but just afraid of being pelted with tomatoes or booed and hissed at.

Ha! I'm calling you on that one - I think you like the tomatoes!

If I did go it would only be so I could chat with you :wink:

OnceHarmony · by **OnceHarmony** on Tue Jul 15, 2008 11:21 am

Flattery will get you no where. :lol:

I'm afraid to chat with you. My lack of being as knowledgable as you will shine through.

Olives · by **Olives** on Tue Jul 15, 2008 1:20 pm

whatever

well if you can't get babysitter I will come pick you up and EH ( :twisted:

) can stay home with the crumpet.

OnceHarmony · by **OnceHarmony** on Tue Jul 15, 2008 1:26 pm

You come pick me up and we go have a couple of drinks first to get up our guts and then go meet the other bears. My email is harmonious@live.ca. (dare ya

)

OnceHarmony · by **OnceHarmony** on Tue Jul 15, 2008 2:06 pm

stormy. If you are out there somewhere are you coming for beers for bears?

Janey · by **Janey** on Wed Jul 16, 2008 6:46 am

Markets with greatest year-over-year price declines in June :

Victoria: 1.1%

Not much to be calling home about :lol:

Trouble could be coming, but it's not here yet!

Olives · by **Olives** on Wed Jul 16, 2008 7:20 am

It's trouble if you purchased a year ago and need to sell now because you have been transferred or are getting divorced, and have to take into account taxes, realtor fees, etc. etc., or if you work in an industry directly related to it (ie construction), or if you are trying to flip a condo you recently purchased.

Happyasamomma · by **Happyasamomma** on Wed Jul 16, 2008 9:49 am

hmm. I dunno about that stat ebing average.I know people that bought a little condo last year and just sold it for 20,000 more then they paid. I think the markets crowded right now...but im none to worried

I will keep paying my 500$ mortgage (we bought our first home last year) and let the renters pay the rest! Thanks for keeping the rental market busy

Olives · by **Olives** on Wed Jul 16, 2008 9:57 am

I think your friends are lucky to have made money on a condo in Victoria in the last year - good for them.

Thank you to landlords for providing reasonably-priced rentals to tenants while the market drops and until prices become affordable.

Happyasamomma · by **Happyasamomma** on Wed Jul 16, 2008 10:07 am

lol...who said our rent was reasonable
:twisted:

Island Mummy · by **Island Mummy** on Wed Jul 16, 2008 10:08 am

Vancouver prices have NOT fallen that much. We have family there who would love to buy, but prices have not really fallen at all.

For $700K you get a "fixer-upper"... of the "gut and start fresh" variety.
They have sure not seen any drop in price at all.

Oh yes, and when it comes to "reasonable rental" they pay as much for one floor of an old run down house (in a nice area) as we do on our mortgage...
Not my idea of reasonable, but their place (which has 3 units and has had nothing done to it in 40 years) would sell for several million.