It's so important.
How's this for spin:
Edmonton soars 15.1% YOY
Edmonton average house prices plummet a whopping $100,or 20% in just 6 months. May 2007, $426K. November 2007, $325K. I guess a lot of Edmontonians dreams of selling and moving west must be over.
Calgary up 13.3% YOY
Calgary home prices falling faster than a shooting star. May 2007, $487K. November 2007, $409K. That's $78K folks. Or 16%. But I know, I know, it's just 6 months. The use of average price information can be useful in establishing trends when applied over a period of time, i.e. six months or longer. The Calgary Real Estate Board cautions that an average price does not indicate the actual value of any particular property.
Yes, I cherry picked these stats. Yes, these cities rose fast and furious. Yes, their rates of increases were higher than Victoria's. But they didn't rise anywhere near as far. Nor did they account for the fact that more people, with more money, live and move to these two towns, more frequently and at a higher rate than ever they did come to Victoria.
I can't help but wonder if we'll see the same panic selling here, like we do there, when we get 2-3 months of consecutive declines here?