In January 2008 the Vancouver real estate market was still stable, and offered no major indication that a flood of listings would combine with sliding sales to wash away over 2 years of price gains. Times sure have changed. I wonder what we will see this spring? I would not be surprised to see inventory eclipse that of 2008’s highs, but by how much? Perhaps you can post your thoughts.
Sales came in at 764 v. 1,819 last January. That’s a 58% drop in sales activity. Inventory reached 15,066 listings, resulting in a 51% YOY increase in inventory.
MOI is sitting at 20 months vs. 5.5 months in January 08. We must watch this figure closely. It illustrates the strength (or lack thereof) the market best of all.
I’ve seen 5 year mortgage rates as low as 4.29% lately. That’s a great rate! It will be interesting to watch the action this spring to see the impact (if any) of such attractive rates.
Sales Chart:
Listings Chart:
MOI:
Benchmark Prices: Prices all up!…If you can believe it 
Detched: +1.7%
Attached: +.5%
Apartment: +.4%
