Re: The housing market is teetering. Happy now?, Pete McMartin, June 23
I'd like to thank Pete McMartin for mentioning us in his Saturday column, though I think he's assigned us too much credit in referring to us as always being "sunny."
The Real Estate Board of Greater Vancouver reports each month on the previous month's housing market statistics. If we say the statistics indicate that the housing market experienced balanced market conditions in the previous month, that's just fact. Economists will confirm that's what the numbers indicate.
Each month, we track the sales to active listings ratio as well as other indicators. Whatever the ratio indicates - balanced, sellers' or buyers' market - that's what we report. We do and have reported when the facts indicate the ratio has dipped into buyers' market territory. A look at our press releases over time or a chat with reporters who follow the housing market would tell you this is so.
We don't forecast the future. We look to the opinions of respected economists from a number of organizations that track the housing market. Rarely do we ever rely solely on the opinion of one person or organization. We agree with McMartin that it's irresponsible to be alarmist, so we take the time and the effort to ensure we report the facts.
Eugen Klein President Real Estate Board of Greater Vancouver
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