Drop From Peak Chart – February 2013
March 8, 2013
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Here is an updated chart showing the pace of the Lower Mainlands detached home price drop from peak compared to other regions. In this chart I have combined the data from Vancouver West, Vancouver East, North Vancouver, West Vancouver, Richmond and Burnaby. HPI data is being grabbed from MLS HPI
As you can see, after 9 months we are still only above Miami. Our HPI drop from single family homes is now 7.38% after an increase in February of 0.19%. This is the first monthly increase since descending from the peak back in May of 2012 and mainly due to seasonal pricing it is quite possible we’ll see a couple more months of small increases or flat levels in the HPI before, I believe, we begin to show signs of the Year 2 death drop that so many american markets saw. One thing to note is that 9 of the 14 American markets being tracked here did see at least 1 month of gains during the first 12 months dropping from the peak and 4 markets (San Diego, San Francisco, Chicago and Boston) had multiple positive months in the first year.
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