Greater Vancouver Real Estate Charts

Take a look at this chart to see what the growth of real estate in Greater Vancouver has been like. (Click on picture for a bigger view)

If you are looking for statistics in RE of Greater Vancouver, REALTYLINK is a good site to check out. I personally was quite intrigued with their listed vs sold graphs of detached, attached and apartments (click here).

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Now let's look at how Canada is doing.

The effect in the Okanagan on RV sales, and every part of the tourist economy is huge, forestry is in the toilet for interior cities. Alberta has already felt some pressure especially since the price of oil plunged dramatically. Alberta has been supporting a large part of the Canadian economy, now some of the oil developers are saying they will delay development in Fort McMurray and Edmonton. The effect has already been felt in B.C. as rich Albertans dump their recreational or investment properties.

At this point, with every country in a serious crunch, it has already transcended the state of "real estate correction" into a global correction. While there are reports of optimism (governments still in denial), fact be told, the Canadian economy relies heavily on foreign support, be it trade or tourism.

The collapse of public confidence is probably the worst crisis of all. It will be reflected on the real estate activities or the lack of. When the RE dies, so do the banks and then there will be people losing their jobs and before you know it, the domino effect will spiral out of control. So it is not that I do not understand why the government has to keep a positive outlook or instill confidence. However, given the circumstances, I seriously question if anyone still believes.