Weekly stats update courtesy of the VREB via Marko Juras.
|Wk 1||Wk 2||Wk 3||Wk 4|
|Sales to New Listings||82%||
|Months of Inventory||
Sales up almost 50% over last year still which means we will almost certainly break the all time sales record for the third month in a row. Inventory down from April which again is unprecedented for this time of the year, resulting in a sales/list that we usually don’t see until the late fall. Usually sales/list drops at the start of the month (see blue line on chart below) when all the expired listings are re-listed. Didn’t even budge this month.
Meanwhile the noise continues for the government to do something about the housing disaster in Vancouver. The article says that 40 academics from UBC and SFU have endorsed the 1.5% non-resident housing tax to the provincial government. I wouldn’t be surprised if something like this went through, however I also think it would be about as effective as the helicopters dumping their little bags of water on the Alberta fires. This speculative bubble will collapse when the market loses faith, but heck we might as well collect some money from it while it’s alive.