Vancouver is notorious for it’s ridiculously high real estate prices coupled with a high standard/cost of living. Now, as we enter into the fourth quarter of 2012, could the Vancouver real estate bubble finally be bursting?

According to Garth Turner, a former Conservative MP, this is the case. He touches on the fact that there has been a steady decrease in prices and sales for the past 90 days and that a further 30-40% decline in prices can be expected over the upcoming months.

This past September saw housing sales fall 32.5% from the same time last year which indicates a clear decrease in consumer demand. Consequently, listings have also been significantly lower; a 6.3% decrease in listings from last September.

According to Eugen Klein, REBGV president, Vancouver’s real estate is now in a buyer’s market; the recent decrease in home sales differs from Vancouver’s reputation of high prices and high sales.Prices are, however, remaining firm, according to Scotiabank economist David Holt. Only time will tell to see if real estate prices will actually decrease significantly in Vancouver.

However, there is a counter argument. Condo marketer Cameron McNeill thinks that the housing market will have no problem sustaining itself. If people are willing to pay for a condominium or piece of real estate then the price will remain constant.

Further reading:

Brown, Chris. “Big Drop Predicted for Vancouver Real Estate Prices.” CBCnews. CBC/Radio Canada, 20 Sept. 2012. Web. 09 Oct. 2012. <http://www.cbc.ca/news/canada/british-columbia/story/2012/09/20/bc-housing-bubble-garth-turner.html>.

News, CBC. “Vancouver Home Sales Decline 32%.” CBCnews. CBC/Radio Canada, 03 Oct. 2012. Web. 09 Oct. 2012. <http://www.cbc.ca/news/business/story/2012/10/02/vancouver-housing-plunge.html>.

“Big Drop Predicted For Vancouver Real Estate Prices.” The Huffington Post. CBC, 21 Sept. 2012. Web. 09 Oct. 2012. <http://www.huffingtonpost.ca/2012/09/21/vancouver-housing-bubble-drop-predicted_n_1902334.html>.

No, the pipeline project, announced in 2006, which would allow transportation of Canadian resources to Asia via the northern Canadian provinces is not disapproved and a completely lost hope. But it’s close to being dead for good due to the many obstacles the project faces.

01/19/12: Protestors flood Enbridge hearing in Prince George.

Opposition to the project is unavoidable, and for good reason. British Columbians, the unanimous opinion of environmentalists, and non-conservatives in Canadian government all oppose the project due to the cons that the project has: extreme environmental harm (such as oil leaks), land entitlement issues with Aboriginals of Northern BC and Alberta, court battles, and a $3 billion price tag to pull off such a massive project.

On the other hand, the federal government endorses the project, stating that “[the project] is in the national interest of Canada.” The pros of the Northern Pipeline include a resource connection to Asia, a boost to oil-based economies in Canada and creation of over 200 permanent job positions.

The federal government has been accused of favoring oil companies over the interest of Canadian citizens, and in this project’s case, the cons strongly outweigh the pros. If the project were to be approved, legal issues would continue, not only with Aboriginal peoples but also with BC and Alberta residents. At this point in time, it seems as though the Enbridge Northern Gateway Pipeline project has finally been run into the ground.

Further Reading:

Simpson, Jeffrey. “You Heard It Here: Northern Gateway’s Dead.” The Globe and Mail. The Globe and Mail, 5 Oct. 2012. Web. 09 Oct. 2012. <http://www.theglobeandmail.com/commentary/you-heard-it-here-northern-gateways-dead/article4589760/>.

News, CBC. “Hundreds Pack Enbridge Hearing in Prince George.” CBCnews. CBC/Radio Canada, 19 Jan. 2012. Web. 09 Oct. 2012. <http://www.cbc.ca/news/canada/british-columbia/story/2012/01/19/bc-prince-george-enbridge-hearing.html>.

“Enbridge Northern Gateway Pipelines.” Wikipedia. Wikimedia Foundation, 10 July 2012. Web. 09 Oct. 2012. <http://en.wikipedia.org/wiki/Enbridge_Northern_Gateway_Pipelines>.

“Thread: Enbridge Northern Gateway Pipeline – Pro’s and Con’s.” Enbridge Northern Gateway Pipeline. N.p., 28 Apr. 2012. Web. 09 Oct. 2012. <http://www.sportfishingbc.com/forum/showthread.php?19426-Enbridge-Northern-Gateway-Pipeline-Pro-s-and-Con-s>.

During early summer of 2012, Apple had sparked controversy and questioning yet again when it withdrew from EPEAT – an environmental ratings registry.

Electronic Product Environmental Assessment Tool highlights environmentally friendly products which makes buying green simple for consumers. Apple had withdrawn from this ratings registry which had then pushed the city of San Francisco to stop buying its computers.

According to Bob Mansfield, the Senior Vice President of Hardware Engineering at Apple, the company’s decision to remove its products from EPEAT was “a mistake” and in the article posted on the Apple website on July 13, 2012, Mansfield stated that “all eligible products are back on EPEAT.” Mansfield then continued to state Apple’s strong commitment to the environment, and that “Apple is dedicated to designing products that everyone can be proud to own and use.”

It is uncertain as to why Apple made the decision to withdraw in the first place. However, one thing is clear. “Green” is a strong selling point and a source of pride for companies as consumers were disappointed when Apple withdrew from EPEAT. The company recognized this and quickly righted it’s wrong.

Perhaps “going green”- a seemingly old incentive- is gaining momentum again. Consumers respond even stronger to what is environmentally friendly, and companies should recognize that “green” rids consumers of the guilt that accompanies harming the environment. People want to be proud of what they own; Apple’s marketing decision to stay with EPEAT will only help them.

Further Reading:

Mansfield, Bob. “The Environment.” Apple. Apple, 13 July 2012. Web. 09 Oct. 2012. <http://www.apple.com/environment/letter-to-customers/>.

“Apple Quits Environmental Registry, Gets S.F. Rebuke.” Market Day. N.p., 11 July 2012. Web. 09 Oct. 2012. <http://marketday.nbcnews.com/_news/2012/07/11/12688435-apple-quits-environmental-registry-gets-sf-rebuke?lite>.

Holland, James. “Apple Claims New MacBooks Are Greenest Laptops in the World.”Electricpig. N.p., 25 Nov. 2008. Web. 09 Oct. 2012. <http://www.electricpig.co.uk/2008/11/25/apple-claims-new-macbooks-are-greenest-laptops-in-the-world/>.