The rush to do deals in Vancouver prior to hosting the 2010 Winter Olympics led to "an assessor being overly aggressive in pricing" said Paul Sullivan, Burgess Cawley Sullivan & Associates Appraisers as quoted in the BIV.com report "Anatomy of a deal: the sale of Vancouver's Olympic Village"
The remaining units for sale in total have dropped in assessed value by 20% between 2011 and 2014 and some units have plunged over 30% easily and we haven't even started the real correction yet. We're not even at the EXTREME FEAR or GET ME OUT levels.
It's no wonder that my Vancouver Housing Chart has been underlining the reality that strata units in this town are trading in some cases at 2007 prices.
History, Charts & Curated Readings
"Progress, far from consisting in change, depends on retentiveness. When change is absolute there remains no being to improve and no direction is set for possible improvement; and when experience is not retained, as among savages, infancy is perpetual. Those who cannot remember the past are condemned to repeat it." George Santayana Vol. I, Reason in Common Sense
"History, real solemn history, I cannot be interested in.... I read it a little as a duty; but it tells me nothing that does not either vex or weary me. The quarrels of popes and kings, with wars and pestilences in every page; the men all so good for nothing, and hardly any women at all - it is very tiresome." Jane Austen spoken by Catherine Morland in 'Northanger Abbey'