41 journal of real estate research further evidence on market efficiency jim clayton abstract this article investigates the extent to which condominium apartment prices in vancouver british columbia are set an efficient asset empirical results provide strong against a number instruments including lagged annual returns and measure deviation price from fundamental or intrinsic value some predict future suggests that sharp run up house is due part irrational expectations thus signals correction as ultimately reflect fundamentals these findings have important implications for appraisals mortgage underwriting process booming property may be overvalued hence exceed values given inevitability near term potentially useful complement standard valuation would assessment likelihood introduction recent years many local housing markets north america undergone boom bust cycles academics commentators claim characterized by excess speculation during
