In November, the benchmark price of a detached home in the Fraser Valley was $532,086, an increase of 5.4 per cent compared to $504,848 in November 2010 and an increase of 0.3 per cent compared to October.
For townhouses, the benchmark price in November was $327,764, an increase of 2.5 per cent compared to the same month last year when it was $319,623 and up 0.7 per cent compared to October.
The benchmark price of apartments in November was $238,461, a decrease of 1.6 per cent compared to November 2010 and a decrease of 2.2 per cent compared to October.
Basically pretty flat prices YOY in the FV- up or down a couple of %. Probably a good place to get deals if you need to buy. Median prices are even flatter. Up less than inflation or down a tiny bit. Not much HAM money there.
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Had an interesting discussion with a health economist this week-end which may explain why we accept HOT money from anywhere so readily.
He says that the Boomers who head into retirement will be taking out $3 in pensions, health benefits, drug benefits, seniors housing and medical costs for every $1 they put in, that's inflation adjusted dollars.
If his numbers are correct, where is the rest going to come from?
Our taxes are already prohibitively high, no one can even bring themselves to cut anything- drugs for example - there are lots of very expensive drugs that are not much better than cheaper ones, but the drug companies spend millions to convince doctors AND patients that the tiny difference is worth triple the price and that if the government doesn't pay for it, they are heartless SOB who are only interested in their pensions.
Likewise, he says, there are countless high tech medical tests and procedures done on very elderly patients which are of little benefit but who is going to say no! The heartless Government? The doctor who is getting paid to do it and maybe sued if they don't?
The US has just spent like drunken sailors and gave money to banks and Wall Street and don't like tax so they have a leaning tower of debt. We aren't far behind, but our betters have understood that with the HAM comes huge inflows of cash and economic activity and short term tax revenue, and this reduces the debt that we have to pile on, since we cannot say no to anyone.
Sure it brings huge social costs with it, but social costs be damned, at least we don't have to say......enough!
