An article in The Sun yesterday gave up this information;
Supply has outpaced demand in some areas of Greater Vancouver, leading to 'a raised level of uncertainty for both the resale and new home market,' according to MPC Intelligence, which tracks the B.C. new housing market. Here's a look at what came into the market in the 61 days from Sept. 1 to Oct. 31, and what happened to that inventory.
% unsold: 42%
% unsold: 38%
% unsold: 78%
This is interesting, and begs the question - is this inventory languishing because -
a) supply has overridden demand in a physical sense? i.e. are there not enough people to fill the units?
b) prices have so far out-stripped reason that people are just not willing to pay that much?
C) the autumn slump that has been observed forever?
I am curious as to why townhomes have the smallest amount of unsold inventory. Did a lot of people buy up from condo's, but can't yet buy up to SFH? Are people less inclined to that product in general?
Are these numbers a harbinger of what's coming? Are the bulls too tired to run anymore? Will the bears wake up hungry in the spring?
I have no idea, but I am encouraged none-the-less.