Well into their correction.
Here are some of the salient numbers. All quotes:
1,379 sales in May, a decrease of 15 per cent compared to the 1,616 sales in May of last year
the volume of active properties to 10,651 the highest it’s been this year and 2 per cent lower than those available in May 2012.
Sales are about 20 per cent lower than normal for this time of year, while the number of new listings coming on stream is right on average.
YOY price changes:
detached -0.7 % townhouse +1.1% apartment -1.1%
detached +4.2% townhouse +1.1% apartment +2.6%
detached +0.3% townhouse 1.1% apartment -1.1%
HPI for apartments peaked in 2008 and never really recovered from the financial crisis. It is now about 9-10% lower. HPI for detached and attached is about 3-4% lower than the peak of 2008.
A real investment in the Fraser Valley would not have done well for the last 5 years.
Vancouver would have seen a similar correction had it not been for the lunatic shenanigans of the CMHC and banks, which have helped drive housing well out of the reach of ordinary Canadians. All I can say to the out-going CEO, is good riddance.
MOI 7.7, well into buyer's territory