Once again CREA states that Canadian real estate ( home) prices have risen and because of that adjustments upward are required for the next 6 months. They say that these adjustments are due to the recent solid price gains in Vancouver. Now I am astonished at the studpidity of that statement. CREA is fighting to maintain a certain amount of respectability from all the backlash from recent changes to commission structures, so why would they issue such a mis-leading statement to the press?
Does it help local real estate agents who can now go to their clients and say "see, look at the stats, prices have gone up again....".
Misleading public statements from CREA only diminishes their respectability. Yet these statements make great headlines so I guess the press announces it.
I am stating this only because as many of you know I claim ( as do many, many, real estate professionals) that property values are local. What happens in Vancouver has little consequence to my ( or my clients) investment properties in Barrie or Orillia. So when I read the headline in the paper that touts "Housing Prices Showing Stronger then Expected Gains" ( National Post May 10 2011) I cringe because the real estate association that I am a part of do not present all the facts and are not clearly explained to the average home owner or investor. What good is price averaging if it has no relative bearing on my listings in Simcoe County?
CREA would be a lot further ahead if it were to reflect accurate information in such press releases by showing local gains or losses in home values, not averages.
Yes it makes for great news headlines, too bad it's not really true.
For Real Estate Investing in Midland, Barrie, Innisfil and Orillia contact Mark Vosylius direct at 416-779-2897 or visit his web site Mana Investments
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