They are up for all categories, even with MOI at 11 and with sales down a whopping 25-40% from last year. Some areas will show even higher MOIs for August 16+.
This shows us what a big effect a few big sales are having. The high end buyers are not concerned about the local economy, CMHC tightening or rising rates, they are actually getting some good deals (15% + off in some cases ) but the numbers are still big enough to skew things.
I wondered if this would happen:
I doubt may Realtors are happy with a market that provides such diminished commissions.
And as my last post says, the speculative money from Mainland China is drying up (for now).
Now the HPI is different. If the HPI has any validity at all in looking at the 'typical' Vancouver residence, it should show major declines in my opinion.
Fun with quant: MS Business Conditions edition - Marketwatch recently reported that Morgan Stanley's Business Conditions Index had deteriorated to levels last seen during the 2007-08 financial crisis. Wow...
9 hours ago