October Market Not As Bad As Media Reports
While CBC is busy telling us that the market is down 39% in October (I will look further into how they cherry picked numbers for click-bait at the bottom of this report), the market is actually down 0.9% in sales volume compared to September, and down 0.8% in price. That sounds a lot less scary now, doesn’t it? Now let’s take a look at the actual numbers shall we?
The Quick Numbers (Greater Vancouver)
Real Estate Board of Greater Vancouver Video Update
The Depressing Media Landscape We Find Ourselves In..
Continuing from the top of this report where I warned you of a CBC article titled ‘Vancouver home sales down 39% in October’ which uses an October 2015 to 2016 comparison, not September to October. To show you just how flawed that is, the same article could also have been titled ‘Vancouver home prices up 28% in October’ and still be true in comparing October 2015 to 2016. I wonder if they feel any uneasiness in using such a title when 55% of readers will stop reading an article after the first few lines. The change from September to October of 2016 is less than one percent drop, the problem is that most readers will infer from the title that sales were down 39% compared to last month. It just seems so irresponsible and misleading when the real story about October is that sales to active listings is still at a healthy 24% (sellers can still do well in this market). Prices are down a slight 0.8% from last month, and sales numbers are down 0.9% from last month. It is sad how hard the media tries to bend reality into a narrative they prefer. It is apparent in the above CBC article, and it is apparent in the collective surprise of the US election results. Quite simply our media has to do better.