Friday, March 4, 2011

All is not well in the OK corral

While Vancouver is reaching nose-bleed levels due to the reasons I put down in my previous posts and fear of being left out forever (too late with 300% gain in just over a decade!) some places are not doing so well.

The OK is one of them. Here are the MOI from the latest stats for feb:

Total listings up a few %. Sales down 25% YOY and MOI at s staggering 23 months!

Total listings up. Sales down 15%. Total volume of sales was less than one of our priciest homes in Vancouver. MOI..23 months again.

30% drop is sales YOY. An unbelievable 39 MOI!!!!

They need an influx of Albertan money Asap, or the place is toast. That shouldn't be a problem with the price of oil hitting $103.

Compare that with Vancouver. VHB on Condo forum calculates the MOI for Vancouver in the low single digits.

What does that tell me? It tells me that I was right in this post (and wrong in many other things) :

The prices in Vancouver are driven by things that are unique to Vancouver. Crime, commodities and Mainland Chinese investors as well as the usual reasons. The rest of the Province is in a full fledged correction since they do not benefit as much from these factors.