For November 30, 2007. In my market there were 24 new listings. 4 price changes – all reduced and 30 sales. This is indeed a tight market, with sales for the day slightly under, equal to or surpassing the new lsitings for the day. Traditionally, listings and sales decrease for December.
Will the New Year bring an increase of sales? What do you think?
I don’t believe the buyers who bought in the last 4 years will be selling yet and there continues to be lots of interest from non local buyers, so i see the market remaing tight for a while. We shall have to wait until the babyboomers start to retire and sell their investments or the non canadian owners take profits and move to the next place that is undervalued. I shall try to find some stats on the average length of time Vancouver homeowners hold a property.
Have you purchased property since 2002? If so, when do you plan to move?
In my next post I wish to share with you some thoughts on the future of Canada, as presented by my favourite local economist, Michael Levy. Canada Rocks!