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Tsur Sommerville Says:
12-28-2012, 06:31 PM,
Tsur Sommerville Says:
December 28 2012 - In the Vancouver Sun looking forward into 2013:

Quote:“To get prices to really tank, you’ve got to have something happen. Either you’ve got to have overbuilding, or you’ve got to have some big change in the world of finance, such as large movement in interest rates or a financial disruption, or you’ve got to have a real negative economic shock,” Somerville said. “You’ve got to have some combination of those, or one of those to make prices drop dramatically.”

Full article here.
12-28-2012, 08:50 PM,
RE: Tsur Sommerville Says:
“If over the next year prices fell by 10 per cent I wouldn’t be shocked, but I think [prices] would rebound,” [Tsur] Somerville said. “China slowing down dramatically and causing dropping commodity prices would be dramatic for B.C. But I don’t see anything out there right now, to push us into major price declines.”

-Tsur Sommerville, October 23rd 2012 in the Vancouver Province.
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03-06-2013, 08:50 PM,
RE: Tsur Sommerville Says:
“A lot depends on where interest rates go over the next few years,” explains Sommerville. “[If] interest rates three, four, five years from now are substantially higher than what they are now then housing prices will correct.”
Sommerville adds local home values could drop even more than the 15 per cent predicted by Fitch.
“If there was to be a correction, you might expect to see a bigger correction in house prices than in condos,” he explains.
“It’s the land. Land is a bigger component of the value of a detatched house than it is in an individual condo unit.”
Sommerville says large changes in real estate prices tend to be reflections of land value, not of the home itself.
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