In fact I don't expect much until April. By then we will have seen how this Spring buying season is shaping up and whether we have the start of our long-awaited correction, or more of the same.
For now, Vancouver RE is still strong. Even though inventory is coming in, the sales are still firm. I have even seen some sellers adjust their prices up-wards.
However once you leave Vancouver you see a different picture. The periphery is weak.
In Victoria we are sitting at 10.4 MOI
In Whistler at the end of Jan, they were still well over 16 MOI. Anyone looking in Whistler should demand a good price reduction.
The Central OK ended Jan with over 4000 listings and 200 sales. 20 MOI! I would expect sales to pick up as we head into spring. The question is, how much and do we enter the fall with bloated inventory which would suggest some good price reductions coming in 2012 or sooner.
In the North OK we are looking at 80 sales and 2000 on the books, which gives us a MOI of 25!
However the prize goes to Shuswap/ Revelstoke where we have 1200 listings and 27 sales for a MOI of..wait for it...4 Years!
Quick, call your MLA and Member of Parliament, we need immediate action in the OK. Interest-free-Federally-backed-zero down mortgages in these targeted areas..NOW!
So what about the Fraser Valley:
Well we are at 834 sales and 7,700 listings for a MOI of 9.
More importantly we are seeing the effect of the high MOI. Benchmark Prices are flat to down YOY
So lets see what Spring brings. We have rates drifting higher and are on the cusp of the mortgage changes (mid-March).
I will post here from time to time, and should be up to speed by late Spring which should be an interesting time.
