Weekly sales numbers courtesy of the VREB.
|Wk 1||Wk 2||Wk 3||Wk 4|
|Sales to New Listings||53%||62%||76%|
|Months of Inventory||3.0|
Quite a strong week of sales to put us at the same sales pace as this time last year. Or is it? I was surprised at the high sales this week, which more than made up for the weakness in the first week and put us above the sales rate of this time last year which we haven’t seen for quite some time. However my job is not to mindlessly post stats, so while searching for something intelligent to say about the market, I picked through the week’s sales.
As a reminder, the weekly numbers released by the VREB are not the sales from the week, but rather whatever listings were marked as sold that week (the complete and completely boring explanation is here). Usually those sales are from the week or the previous one, but sometimes the sales that are entered are really old. Like this week, where included in the tally were some sales from not last week, not the week before, not the month before, or the one before that, but sales from last year. And it wasn’t just a few, it was 20 condo units of a new build out in Langford that sold a full 11 months ago but showed up in the weekly numbers just now.
So no, sales are not up compared to last year, they are down. This just cements my belief that we need to get off the silly reporting date based numbers and get on an accurate count of actual sales pronto. Luckily that is almost ready.
As I sit in my AirBnB in Vancouver this week, I see that Vancouver has followed Victoria’s proposal to restrict AirBnB rentals. Seems like only primary residences will be rentable as short term vacation rentals, which seems sensible to me. Interesting that their business license will cost only $49 annually as opposed to the $200 – $2500 proposed for Victoria. Guess that means we get the gold plated bureaucracy!