It's a mixed bag out there, but negative across the board.
A whopping 10% decline in Metchosin, but who cares about those farmers, here in Oak Bay we are insulated. Yep, a paltry $2000/month decline in value for the standard house there.
Our assessment is down 4.6%. Interestingly enough, the bank assessment done in June 2013, was 5% higher than the 2013 BC assessed value which is supposed to reflect value as of July 2013. Seems like quite the variation. Either banks like higher assessments, or the appraisal procedure consists of taking the current BC assessment and adding or subtracting a random small number (Just Jack are you offended yet?). Also apparently the land lost value, while the building increased. Didn't know that buildings age like wine... Or maybe they noticed that I scraped the moss off the roof?
The more sophisticated measures of price have made it clear that despite static medians and averages, the market continues to decline. Assessments down 2% to 5%, and MLS HPI and Teranet both down 2.4%. As you can see, the median price declines have flattened out due to changes in the sales mix, while the months of inventory has recovered from our little government meddling last year. I would expect median prices to start declining again in 2014.
The VREB continues to expand the information they provide, which is great to see. Many real estate boards are very secretive with information, so despite the interesting spin in their summaries, I commend whoever is crunching the numbers over there for making them all public. Now please archive the full news release every month, not just the price summaries :)
Thanks to everyone for your contributions and comments on the blog last year. It'd be a boring place without your input.