Thursday, September 1, 2011

Well we missed the drop last month and we got it wrong this month!

Thanks to Larry for first being first out with the numbers

SFH moved up 2% from last month.

In our poll last month we thought the prices would go up and the fell hard. This time we decided they would fall hard and they had a little jump up.

SFH sales are down a little from July (about 8%) and we are at over 6 MOI.

However I would be lying if I said that the numbers aren't a disappointment. I had expected them to be flat at worst, and slightly down was my hope. Not that a few % up or down makes any difference after such a huge run-up but it would have been the psychological effect of having two months down, and perhaps it would have kept a few young couples from getting into a mountain of debt at these levels with the promise of more sanity coming.

Warning spin coming here: I think the numbers are being skewed by the huge buys on the Westside and West Van by certain off-shore buyers.

Well not much we can do except dive in or wait. The periphery is weak. Vancouver is still defying the odds.