Saturday, August 21, 2010

OK back to RE...

I am not sure how many of you know about Landcor. It is a RE Data service Co, that produces an HPI for many areas separated into Attached, Detached and Condos.

Here's what there say on their HPI page:

The Housing Price Index

This product presents a constantly updated view of real estate market activity in British Columbia over the past two years. You can view trends in the real estate market for BC and areas or jurisdictions within BC that you select.

The Housing Price Index is a new product developed by Landcor Data Corporation. The purpose of the Housing Price Index is to track trends in the general level of residential property prices throughout British Columbia.

The Housing Price Index (HPI for short) covers price trends for detached houses, attached houses and apartment units. Detached houses include single-family detached buildings on lots of up to one acre. Attached houses include duplex, triplex, four-plex, row house and townhouse properties, mostly condominiums and other single unit ownership dwellings. Apartment units, including lofts and artist studios, are also mostly condominiums.

Choose a Jurisdiction and a Property Type and Click the Refresh button to see the graph


I cannot comment on the accuracy of their HPI, but I must admit they provide a lot more information than you would get from the RE boards. They also produce a quarterly up-date which I make sure to read. Their up-date just came out and is worth reading. Of course many of the comparisons are quarter to quarter.

They have noted what we see too, a major drop in sales but price stability so far, except for certain areas like the Okanagan, where some segments have taken major hits to the price.

Condos in particular have been 'savaged' in some areas, whereas SFH have held up. The start of a trend? We will have to wait and see. Here is a segment form their report:

In Q2 versus Q1 2010, condos in retiree-friendly Okanagan shed almost a fifth of value, off 18.55 percent or from $310,815 to $253,166. In the smaller BC North/Northwest region, the year-over-year drop in average price was 42.51 percent, from $127,339 to $73,206. In the Kootenay, the year-over-year condo plunge was almost 30 percent or from $279,767 to $198,489.

Conversely, SFD and Attached in the Okanagan, Kootenay and BC North/ NW regions have held their ground. Values in both product categories for all three regions posted good year-over-year and quarterly gains.

Condos have been savaged; the more traditional, homey residential product has not. Whether or not this changes depends on the regional economies and, good, bad or both, changes are coming

This link will take you to their HPI graphs. And you can flip through the different areas and segments. The graphs of Kelowna, especially condos, is worth looking at, Vernon doesn't look too hot either. Some areas have not been up-dated, so check the dates when you open the charts.

This is a site well worth book-marking. The more info we have the better.