Hip deep in the deep dip

http://flickr.com/photos/seabamirum/3120629689

In the ongoing struggle to curb negative speculation, a new word is taking hold as the preferred term of the real estate intelligentsia. I’m talking about dip.  As in Vancouver housing prices are expected to “dip” until 2010.

The press seized on the dip in October. Our first big taste of dip came on October 24 with the Sun headline “Housing may dip until 2010.” In November, another headline: “Bank adds to opinions on shallow housing dip.” Yesterday, this one: “Metro Vancouver to see deepest property-price dip nationally.”

For perspective, the dip is 14.8 per cent deep, which amounts to $84,000 in lost value for the benchmark home. This is a correction, not a crash, says Royal LePage.

Whatever this is, a dip this isn’t. Correction, crash, whatever. But to say it’s a dip is to imply it’s temporary, that the highest prices constitute the baseline. This thinking is backwards. Let’s talk about dips when prices return to historical norms.

Photo credit: Seabamirum

21 Responses to “Hip deep in the deep dip”

  1. womp Says:

    Negative speculation is the real enemy. Doublespeak and semantics will save us from these thoughtcrimes.

  2. anonymous Says:

    I have a friend who has eight different cute little words to describe his hunger. He’s still overweight, though.

  3. Larry Yatkowsky Says:

    Reminds me of dancing when you do the dip only to find out the partner is bigger than imagined and it becomes a drop.

  4. dingus Says:

    The consolation is that at some point in the past few months we blasted on past the “return to balanced conditions”.

    I thought perhaps “dip” was used because fits a headline better than “plummet”, “plunge” or “nose dive”. Though “drop”, “fall” and “tank” are pretty close and far more accurate than the benign sounding “dip”.

    And I think in recent years property price “gains” were more common than a “spike”. Of course “bubble” was pretty much unmentionable except among blog addled wackadoos.

  5. condohype Says:

    Dip is preferred because it suggests a temporary decline. To dip is “to drop suddenly before climbing.”

  6. Chilled Says:

    That greenish, fiberous concoction accurately reflects the probable ‘up-chuck’ for those foolish enough to do the dip. I’m just glad that it will be very difficult to get any of that on me, even with the mass amounts of projectile vomiting to come.

  7. SurreyJoe Says:

    The Vancouver benchmark has been falling $660/day since May. If that’s a mere ‘dip’ sure wouldn’t want to see anything worse.

  8. Ms.JonesSuburban Says:

    Flipping is over – and “dip” means negative, did anyone around receive their 2009 BCAssessment on their properties?

    As much as the developers and realtors spin their story – the real estate elevator is just going down. No Brakes.

  9. doug r Says:

    2010? More like 2012.

  10. Tippett Says:

    I’ve always found the term ‘correction’ the most annoying. Like the market just had to adjust a few ledgers but now we’ve got it right.

  11. mohican Says:

    I’m hungry now!

    No amount of special verbiage, adjectives, adverbs, nouns or otherwise will stop the market from returning to fundamentals based on local incomes and rents.

    Now to the nachos and guacamole.

  12. anon Says:

    I could tell you that people who believe that this is a dip are what the word dip is short for, and I could use the word, but it wouldn’t past the censor.

    Hopefully this will. 😉

  13. j6p Says:

    is it short for “dip”ression?

  14. blueskies Says:

    CH:
    excellent choice of topics

    how many dips equal a “plunge”?
    is a plunge equal to a “correction”?
    correction” + dip + dip + dip = “collapse”

    the mind boggles

  15. anon Says:

    “dip”ression…. close, but no cigar. Let’s see, I can get even closer. Back in the days when percolating coffeemakers were the rage, there was only one product that could clean them… it was called “Dip-it”.

    That’s a bit closer… 😉

  16. kansai_92 Says:

    If going over Niagra Falls in a wooden barrel is considered a dip, then YES, Vancouver has dipped!

  17. jesse Says:

    Maybe you’re dipping, but you’re coming up without most of your chip 😆

  18. Noz Says:

    Let’s hope Vancouver prices keeping dipping back to 2001 prices.

    I’m all for it.

  19. Valley Forge Says:

    These morons are actually projecting housing price INCREASES in Winnipeg! At a time of deepening recession, and rising unemployment!

    Incredible.

    I hope 6 or 8 months from now, the housing bubble bloggers make Soper eat crow.

  20. Valley Forge Says:

    And only a 9% drop in Vancouver?

    Maybe. If 9 is the new 20 😉

  21. Apparently we should buy while the buyings “good”. « an authentic aesthetic Says:

    […] good as it gets” implies that we are at the bottom of the market “dip“. Does anyone really believes this, Mr. Good of Mac Real Estate? (This is the same company […]

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