Over the past few weeks the various media have inundated us with housing projections, prophecies and prognostications. The housing market is going up -- or going down! (compared to what?) What do those headlines even mean? Are housing starts up? Are housing prices up? Are the number of homes sold up? Or are more and more people building and living in concrete high rises?
On Sept 20th the Huffington Post produced an article, citing my research, about one of the most important sectors of the Canadian economy, that being the resale housing sector. The article reported on "claimed" errors currently taking place with national resale housing data. I'd like to correct these errors.
The Canadian Real Estate Association has concerns with the Huffington Post article about "phantom listings" on MLS Systems of Real estate Boards and Associations, specifically, allegations made by a third party that duplicate listings inflate monthly sales figures and average prices, as well as the figures presented as evidence of this.
Price declines in Vancouver dragged the national average home price lower in July, even as most markets saw slight increases compared to the same mont...