Features
Where Have I Heard This "Story" Before?
Okay, perhaps nobody else has gotten tired of this, but it's something I couldn't help noticing about MSM coverage of our housing market. First, the obvious: constant references to how the market is returning to a more balanced state, which is better for buyers and sellers. How is it better? Supposedly a moderation of price increases that were starting to make the whole market unaffordable. The increase of listings is good because it means there is more choice after several years with frenzied activity.
However, what is this balance, really? Is housing more affordable? No, it's clear that its not. What's the one thing that would make it more affordable?
Umm, yeah, lower prices.
Does the MSM foresee lower prices in the near future? Of course not, instead, they look forward to a cooling of the red hot market and a continuation of single digit annual price gains.
Months of Inventory
MOI - VREB search - 27/06/08
This "Months Of Inventory" (MOI) snapshot was based on MLS searches done for the VREB area on June 27, 2008.
What a difference a couple of days make. Big jumps in the listings, to test the theroy of Dave from the previous MOI entry that listings are starting to stall.
Single family home listings reached a total over 1012 above the median and 1437 over all. Condo inventory increased slightly to 1261 total.
There are now 356 million dollar plus properties listed. That's 14.83 months of inventory. Balance that!
MOI - VREB search - 25/06/08
This "Months Of Inventory" (MOI) snapshot was based on MLS searches done for the VREB area on June 25, 2008.
In general, inventory is still incrementally increasing, compared to my last VREB area search on June 20, 2008.
Recent Videos
What is Zillow and should realtors be afraid?
Zillow.ca is unlikely in 2008, but should be on the short list of international expansion. Zillow represents itself as a real estate media company, a kind of national real estate marketplace.
Should Canadian realtors be afraid of Zillow? Ian Watt asks the question and the Zillow rep does some skillful dancing. What do you think?
S&P/Case-Shiller Home Price Index of 20 cities fell 15.3% YOY
They try to tell people to get into dropping markets, because they might be bottoming out. Why? What's the hurry? Even if they bottom out, does anyone expect these bombed out US markets (Miami, Vegas, Phoenix etc) to come right back up like a yo-yo or something? I doubt it....
Ignore the feel good spin, concentrate on the facts off the top of the show. Including some obligatory and off-putting rumours of war...
Real Estate Slowdown around BC
Ozzie mentions with affordable US resort destinations now competing for Canadian recreational buyers, and the strong Canadian dollar, it's only a matter of time until prices in BC start to come down. A drop in buyers around the province and an increase in listings makes this inevitable.
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