Tuesday, August 3, 2010

We are not amused....!

That apparently was the way Grand old Queen Victoria used to indicate her displeasure with something.

Well, her namesake city seems to be in the same predicament (unless you are waiting to buy of course). The Victoria REB July numbers are out.

527 sales compared to 933 in July of last year.

Average prices down in all categories..here..especially town homes which look to be on a steady down-trend.

The blurb they put out out tries to put the best spin on it...16 sales over $1 Million, even mentions one over $1 M in the Gulf Islands. Since when is one sale over $1 Million newsworthy, used to be a common occurrence.

No mention of the fact that the Gulf Island SFH average tumbled 12% from the 6 month average.

527 sales, 4477 listings = 8.24 MOI at this rate.

Remember slow and steady is what we want to keep the politicians from using our money to prop things up again.


  1. The Okanagan July report should be a doozy.

  2. Well we are already at 16 MOI in the OK, how much higher can it go.

    I expect some sellers to start pulling off and hoping for brighter days.

  3. Kicker

    Any ideas as to what the months of inventory are for detached in central Vancouver Island say Nanaimo/Lantzville. I got a card in the mail from a local realtor that stated the end of month inventory of properties over 600K at 62 months for May 2010. It came around again last week and showed 19 months for June. I suspect something has changed in the way he compiles data. Still no huge price reductions, lots of de-listings and a few reductions of 30 -40K