August 2, 2013
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Here is an updated chart showing the pace of the Lower Mainland’s 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
I figured I would post the June graph and then next week when the July numbers come out I will post again. June was up from 95.00 in May (100.0 being the peak) to 95.03. A slight increase but that makes it 5 straight months and it’s true that no other comparison city had 5 straight months of increases at this point. Boston had 5 straight during year 2 of their drop and many had 5 straight up months in year 3 before continued drops. I do doubt the HPI numbers for single family homes – they are not jiving with the teranet numbers and the sale prices that I am seeing on repeat sale homes aren’t reflecting this either although of course my sample is very small.
Compared to the US city sample Vancouver is now 10th out of 15 in terms of the total amount dropped from peak after 13 months. The average US city dropped 11.6% in months 14 through 19 but we’ll have to wait and see what happens here.
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