New high for the average price
Actually this is not unexpected. Inventory is the highest since the 2009 crash. The MOI is over 6 and much higher in the outskirts, with condos leading the pack, sales are down a lot compared with last year- yet HAM buying has been hot and heavy in the pricey areas...so the average is up!
In fact we have had several huge sales, and not just to the Lululemon founder, but to some very rich locals and HAM, which has skewed things considerable.
Now we will have to wait for the HPI, though of course we know that the REB has fiddled with this so that this is not as reliable as it was.
Actually this result is not as bad as it would seem:
1) Higher prices will bolster the very little back-bone the Feds have to deal with their own excesses.
2) In all bubbles the periphery starts to defalte first- OK, Sunshine Coast, Fraser Valley and then we get to the centre. That's what happened in the US.
If this is the case, we would expect weakness to emerge from the FV numbers and our numbers to be weaker from here onwards.