Vancouver Real Estate 'Bubble' at 30-year Peak

[phesto]

^And find something that isn't 3 years old???

I personally believe we are in for much steeper price drops, but in terms of bubble talk, we simply aren't seeing big declines in average prices yet and it won't occur evenly across the region, so to suggest the entire region is in a bubble is an inaccurate and simplistic view.

For those who bother to actually look into the stats, it's pretty obvious that some submarkets were seeing completely unsustainable price gains that are/were firmly in bubble territory; just look at the 3 biggest submarket benchmark price drops over the past 6 months:

Vancouver Westside Single Family -6.3%
Richmond Single Family -6.0%
Richmond Condo -5.3%

Conversely some markets like Maple Ridge, Pitt Meadows, Port Moody that showed sub-inflationary growth over the past 5 years have actually increased in price over the past 3-12 months despite slowing sales.

This is why I find it laughable when the Real Estate Board president blames the tightened mortgage rules on the slowdown despite the fact that the 3-month price stats do not support this assertion whatsoever.