"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'
Thanks to The Vancouver Price Drop
Over at the The Vancouver Price Drop, "An Observer" documents Vancouver real estate price movements.
Their unique overlay of the initial Vancouver drop onto the Case Shiller long term U.S. cities Price Index drop shows that Vancouver is so far tracking Miami's descent which after 28 months from their peak was down in price nearly 50%.
The Vancouver Price Drop Observer uses a compilation overlay of the Price Index data for Vancouver West, Vancouver East, North Vancouver, West Vancouver, Richmond, Burnaby and New Westminster as a good representation of metro Vancouver and this select area is down 11% on the overlay chart in 8 months.
On the CHPC chart (Dec 2012 data) in the greater metro Vancouver area, average SFD's are down 15%, Townhouses are down 14% and Condos are down 12% from their peaks.
The Vancouver Price Drop, Observer remarks: "We are currently entering month 9 from the peak and can probably expect similar monthly drops (to U.S. cities) of over 1% per month. After 12 months of that, reality seems to set in that the bubble is popping and prices could potentially free fall. In the US the average city price descent tripled its pace for 18 months before their “soft (not) landing”.
Read the full report by "An Observer" over at The Vancouver Price Drop: Chart Here and Data Analysis Here (ps... the original Vancouver Price Drop chart on their site is in landscape aspect with conventional left-right and up-down axes. I portrait-ized the chart to fit this narrow CHPC blog template... the path remains the same)
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