Now you can bet your granite countertop the real estate industry wasn’t happy to see B.C. housing sales slow bursting across the cover, above the fold in Tuesday’s Vancouver Sun.
For the last half decade, the local news nursed the impression that Vancouver real estate only goes up. The exuberance in the reportage was so overwhelming, it became impossible to distinguish condo news from condo ads. But with the latest market figures so irrefutably negative — sales are down by over 30 per cent — the media find themselves with no choice but to be the bearers of bad news.
Don’t expect radical changes in what you read in the paper or watch on TV — the hype is far from dead. Instead, be on the lookout for a shift in tone. Expect editors to be more comfortable with sensationalizing the negative. For example, the Sun headline I’ve mentioned bluntly emphasizes slowing sales. In the old universe of real estate coverage, the headline could’ve been “B.C. returns to a balanced market” or some other lingo-laden horsepucky. Not anymore. This is what I mean by a shift in tone.
Going forward, I’ll be keeping a closer eye on the growing tension between media coverage and industry spin.