Thanks again to Larry Yatter for being out so quick with the numbers.
A solid drop in SFH Average prices, making it a 12% YOY drop. WOW! Lets see how the MSM spins that one.
Condos bucked the trend and are up MOM but still down YOY.
All time high inventory, with sales down 20% from last year.
Enjoy your week-end.
How far can the post-election rally run?
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*Mid-week market update:* The latest BoA Global Manager Survey shows that
institutions have stampeded into U.S. equities in the wake of Trump's
victory. ...
19 hours ago
If this is it, then lets hope we keep up the slow and steady drop. No crashes please. We don't want tweedle-dee and tweedle-dumb getting involved.
ReplyDeleteOne day Vancouver RE may be used as a case-study for bubbles, alongside the tulip mania and southsea bubblse.
What were people thinking buying a condemned crack-shack for $1 Million??
Vancouver really isn't in the same league as the Tulip bubble or the South Seas. China, on the other hand...
ReplyDeleteAgreed.
ReplyDeleteCheck out Cam Hui's ;attest post at his blog, Humble Student of the Markets. Very sharp, analytically.
The velocity of our correction appears to be accelerating; however, from a policy perspective, the Feds will be more concerned with the still expanding Toronto bubble---- could lead to further tightening?
ReplyDeleteThat said, there are a lot of zombie owners in this town ( little to no equity, big ass mortgage) who are only being kept above ground by clinging to their 2.9% variables.
Recently on CNBC Alan Greenspan recalled that in 1979 interest rates increased 400 basis points in three months. As he said "markets are tolerant until they are not."
I'm surprised to read at vci & ret linking the Montreal case with possible future dip in house sales. At least we ought to get our facts right.
ReplyDeleteQuebec (Greater Montreal) has changed their Immigration policy last March or April, reducing and limiting the intake of skilled category to about 14,000. Previously, people arrived as PRs and went straight to the universities/learning institutes. They paid same tuition fees as local residents, on top of that, they were entitled to l&b (loans & bursaries) and living allowances ($800/month). With the current policy, there is no limit to the number of PR applications, if they are already studying full-time in Quebec's universities / colleges. Therefore, these changes will definitely see a dip in the number of applications and the intake.
(with or without a sensatinalised sordid event).
For the enquiring minds, there are tons of information on BAIDU & WEIBO, e.g. photos of crossdresser, semi-naked in underwear ...... married & divorced, emigrated to Quebec with a livedin b/f, b/f returned to coe (country of origin) at the time, blah blah blah ......