As noted (bemoaned) by me in previous posts, there seems to have been an up-tick in buying pressure. Others have commented on this as well. Here and here.
Well, June brings us to the end of the peak buying season. USUALLY people tail off over the summer months as they go vacationing and the Fall is not a great time to move due to school and weather, and so sales dwindle, reaching a nadir by December.
I say usually, because in the hot markets of past years, the buying went on unrelenting through the summer months. Also Off-shore money knows no seasons, it comes when it comes.
It will become clear very quickly soon which path we are following. We will need MOI to blossom quickly to keep the correction meme going.
I felt that interest rates needed to go up and China needed a slow down to get our correction into high gear. We have had an up-tick in rates and shudders of a slow-down in China and RE has not really been affected at all.
Of course the Chinese government blinked and caved in to the shadow bankers which have blown up their own speculative bubble and rates have already retreated from the highs.
But this is normal. Blips often portend what will happen with greater magnitude in due course..
All I know is that if we are still in a correction and what we have had for the last year and a half was not just a breather-in-a-bull-market, we need to get these numbers down pretty soon. (hat tip Vancouver price drop)