Another month another increase year over year strengthening of the market. In fact the president of the VREB reports that “This is the twenty-ninth month in a row that we’ve seen monthly sales increase over the year before.” How rare is that? Well it hasn’t happened since 1997 which is where the data starts. Runner up is 18 months of consecutive YoY increases starting in 2001. It has been a very gradual but also very consistent ramp.
The VREB is justifiably excited about the market, emphasizing that now more than ever you should be consulting with your favourite all-caps professional to get in on the frenzy with minimal stress. After all when it comes to dropping $593,000 on the median house, it should at least not be stressful.
How is this October compared to others? Pretty tight, with the hotter Octobers in recent memory being 2009 when the market bounced back, and 2007 before it collapsed. At 4.6 months of inventory, we are still a ways off the insanity of 2002 to 2005, but the market in the core might be approaching that level of activity.
If you’re a seller you’re breathing a sigh of relief. After 5 years of languishing the market is finally picking up a bit. But what to do if you are a buyer? Wait for better conditions in the spring or jump in now before it gets even more insane? Will a legion of the white haired anxious to retire liquidate their investment properties into the spring market? Or will we be tossed into a 2003-era insanity where buyers have to show up with suitcases of cash to secure anything?