Thanks as always to Larry.
Bit of a mixed bag for us bears as you can see.
MOI is 7 for SFH, 5 for attached and 6.3 for apartments.
These are not crash numbers but should bring more downward pressure. I expect the Median to be lower and the HPI, if not too manipulated, to be lower too.
Had lunch with a realtor today who specializes in the higher end, (everything is higher-end at these prices!) who said the market was definitely much weaker. Psychology of sellers was shifting to 'what can I get', rather than 'what do I want'.
Big piece on CBC radio about the drop in sales and weakening home prices across Canada. Ground zero was reported as Vancouver. Calgary was bucking the trend. They had Le Poidevin saying banks have been pulling back from the more expensive, higher leveraged deals.
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...
8 hours ago