We should have some interesting numbers for July with some areas of significant weakness showing up..look at Larry's Kitz condo prices for a taste.
No SFH sales in West Van yesterday with half a dozen listings and the same in price reductions.
Remember on this blog we are waiting for signs of a gradual correction, not Armageddon which causes wide-spread financial hard-ship and bankrupts the credit unions (that would be us).
We also don't blame any group for the lunacy that has led to this present situation where we are about the most unaffordable city in the western world. The policies that have helped us get here are about done. The local and Federal Governments are in trimming mode not spending and sloshing money around mode.
The Central banks of the world are tightening from their ridiculously low rates, realising late in the day that these low rates are encouraging the very speculative nonsense that got us here.
This credit crisis was caused by Governments in the US ignoring the huge bubble in housing and in fact fanning the flames. What did we learn from that? Nothing. we are heading the same way and when we burst our political leaders will be blamed, and tossed out. Rightly so. However our own greed will be papered over.
Instead people will be lining up to ask for bail-outs from their own mistakes.
This bubble is nationwide. We are at all time highs in Montreal and near that in Ottawa and Regina. Anyone wishing to blame one wealthy group or another, conveniently ignores the fact that it is a national phenomenon. They may affect small segments of the market, but this is the big kahuna jumping.
Keep them listings coming and stay well.
See you next Tuesday.