The RE numbers came out a couple of days ago and things seem to be slowing down in the 3 markets I am interested in, Okanagan, Fraser Valley, and Calgary.
Listings are up and prices are down. Is this a sign of things to come or is it just seasonal??? I noticed a slowing in the market when I was selling my home in October/November.
It should be interesting to see what the numbers are like in December and into 2007.
The media is starting to pay attention to the possibility of price decreases in housing; CKNW's Bill Good talked about it for a half hour and the Vancouver Sun had an article titled, "Could a big price drop be approaching?"
It's nice to see the media is starting to tell of the possibility of price decreases instead of always hearing from the RE Boards telling us that prices are going up.
Subscribe to:
Post Comments (Atom)
2 comments:
I've been following the RE market in Vernon for the past five years. While the SFH listings are higher than they have been for the past 4 Novembers, they've actually been declining since September (which is the normal seasonal slowdown). Prices may appear to be falling, but that is only in comparison to the record-high October numbers. Except for October, the November prices are higher than they have ever been.
I expected the market to peak this fall, that's when I sold my house, but I appear to have been too hasty. I'm happily renting, and will not re-enter the market until prices become more in touch with reality.
I'll be joining you in the Okanagan in a couple of months. IT should be interesting to see what prices do in the area.
My feelings are that it they have been boosted by outside money coming in from Alberta and the Lower Mainland. If those markets start to sofeten then I would imagine the Okanagan will follow.
Post a Comment