Vancouver (un)Real Estate

Solipsist has created an interesting Vancouver Real Estate blog called Vancouver(un)RealEstate where he focuses on specific examples of properties that have been rotting on the market for more than a year. The fascinating thing about these specific examples is that they've been raising the price when the house doesn't sell.

Now I'm not educated in the mysteries of economics or supply and demand, but if you can't sell a house for your asking price in a year, does it really make sense to raise the price? Any theories (other than insanity) on how this happens?

Good work solipsist, I for one would like to see more of these example in the future if you've got 'em.