Weekly stats update courtesy of the VREB via Marko Juras.
|Wk 1||Wk 2||Wk 3||Wk 4|
|Sales to New Listings||96%||
|Months of Inventory||
The long weekend means this is really only 2 days of data so the numbers can be mostly ignored. Sales and listings should both pick up as we get more data. Inventory still critically low, the lowest level we’ve ever seen in August.
Looking at the data coming out of Vancouver, I can’t see it’s looking overly catastrophic yet. Sales are down, but so is inventory. Sales/list in the same range as before the tax. I suspect we will see a quiet period where sellers hold off listing to see what happens while buyers hold off buying for the same reason. Eventually someone will crack, but maybe not until the spring market.