(Source: Vancouver Sun)
On the question of where house prices are going compared with where they’ve come from, the measure National Bank Financial has devised hints at continuing declines in Metro Vancouver, at least until sales volumes climb more substantially.
Metro Vancouver house prices dipped 1.7 per cent in March from February on the Teranet—National Bank Composite House Price Index, which was released Wednesday.
Between January and March, Vancouver prices fell 6.4 per cent, and the March drop was the ninth consecutive month of decline on the financial institution’s measure.
The Teranet—National Bank index pegs Vancouver’s market peak at June of 2008, from which it has declined almost 12 per cent.
“I’m not making a forecast,” Simon Cote, managing director of property derivatives for National Bank Financial, said in an interview. “But if we look to previous business cycles, very seldom do we see the house-price index turn around in a direct V shape.”
Read Derrick Penner’s full article “Vancouver house prices show ninth consecutive month of decline” in the Vancouver Sun (May 27, 2009).