Monday, July 5, 2010

Some Honey for the bears

The benchmark is out and it shows enough divergence for both bears and bull to be able to toot their horns.

Benchmark is down. So was the average SFH BTW. But a few big sales skew average, so benchmark is even more reliable IMHVO.

Here is the whole package from Mike Stewart's site:

Nothing too dramatic. House prices have stalled and we are now waiting for the next move. No crash. No run-up. Just treading water. Maybe Chad will be right and we just stay here for two years.

A few comments:

Looks like the specuvestors have left Squamish. West Van is now down for the last three years on attached and detached and Maple Ridge is also down over the last three years.

Once again, nothing too dramatic. The market has definitely moved into a different place, with MOI in the 6's, prices stable at best and a huge swathe of listings pulled off the market...

RE moves at glacial speeds. 2008 was an anomaly, a once in a life-time event. The denouement of speculation, which was quickly aborted by the governments coming to the rescue of their pay-masters.
Here are some excellent graphs, as always, from Mohican: