It’s been just over 10 years since the first post appeared on the original House Hunt Victoria blog. Back then the blog was an expression of the frustration of the original author in trying to understand the insanity of the local housing market in early 2007. It’s interesting to go back and read some of those early posts and see the similarity to the market today. Many of the same factors were present, with an ultra-low rental vacancy rate of 0.5% and a condo building boom. To HHV’s original author John, something about the current prices didn’t quite add up. And indeed after many years of rapid price appreciation, 2008 marked the end of the bull run.
However the big crash that some predicted did not arrive, and in retrospect it was clear why that was the case. Interest rates at very low levels combined with price stagnation and income growth combined to return affordability to more reasonable levels.
What’s in store for the next 10 years? Sounds like something to discuss over a couple beers so I’m proposing the much delayed HHV meetup. Given everyone is obsessed with Oak Bay, I suggest the patio (enclosed, heated) of the Penny Farthing on either the evening (6ish) of Thursday March 30th or Friday April 7th.
Weekly stats update courtesy of the VREB.
|Wk 1||Wk 2||Wk 3||Wk 4|
|Sales to New Listings||51%||
|Months of Inventory||
Big drop in sales/list ratio and sales are 33% below levels of last year at this point, but don’t get too excited, that often happens at the beginning of the month and last week was only 3 business days.