Real estate services firm Royal LePage said the average price of a home in Canada will rise three per cent to $348,600, even as the number of transactions falls two per cent
Royal LePage commissioned no research company to collect data. No potential buyers or sellers were interviewed. No public sampling was done. No economists were polled to gather a consensus view. There was, simply put, no market data.
Instead the sole source for this ‘report’ was an internal survey of the company’s own sales force.
This is in the small print on the company’s web site: “Housing values in the Royal LePage House Price Survey are Royal LePage opinions of fair market value in each location, based on local data and market knowledge provided by Royal LePage residential real estate experts.”
That’s right. Real estate agents – who bravely live or die by commission – were asked if they thought prices would rise or fall. And guess what?
Royal LePage is sleazy to peddle such meaningless, self-serving promotion as news. But news organizations, like CTV, should hang their heads in shame that they fall for it. Or don’t care.