If you caught last night’s Global BC News Hour, you may have witnessed a turning point in mainstream media coverage of Vancouver real estate.
If you missed it, allow me to treat you to an excerpt from the reporter’s script. Ladies and gentlemen, what you are about to read is real:
The hot housing market has cooled off… According to the Real Estate Board of Greater Vancouver, condo sales have dropped by 30 per cent since last May. Nervous investors who bought pre-sales recently hoping to turn a huge profit are now trying to get rid of them. Dozens of properties that have not even completed yet are selling on Craigslist and BuildingDigger.com.
A cooling market. Sales off 30 per cent. Nervous investors.
Think about these words. They are not the usual terms to describe the Vancouver market, at least not where the mainstream media is concerned. Yet here they are, spewed from the mouth of a reporter broadcast on the most watched newscast in British Columbia.
Of course, things can only change so quickly. Leave it to Deborra Hope to put it into context:
Does that mean we’re headed for a foreclosure disaster like in the U.S.? Most experts here say no; Canadian banks are much more conservative than American banks when it comes to lending and fewer Canadians are at risk of being buried at a rise in interest rates.
The more things change, the more they stay the same.
I think I’ll be writing for some time longer.