You'll remember that CREA recently told us that the average home price jumped over 16% in the last month.
Repeat sale prices for Canadian homes fell for a fifth straight month in April, dropping 6.7 percent from the same month a year earlier, a report on Wednesday showed.The National Post had an OK discussion of methodology and what that might mean to the numbers:
With the economy in recession and unemployment increasing, Millan Mulraine, an economics strategist at TD Securities, said it was hard to justify a rise in house prices, as suggested by the CREA survey. But he was not convinced prices had fallen as sharply as the Teranet-National Bank survey had found.Here's what I think: the numbers really don't matter. If you're a first time buyer, you're buying products in Victoria that are clearly in a sellers market, haven't experienced any kind of price correction at all and you can likely only afford them because of hyper-low interest rates. You may think you're getting a deal, but that's only because you're looking at it based on a monthly payment. I wonder how that will end up looking for you in five years time?