Ok folks despite the bump in sales in the last few days, I think we will see another drop in sales for September. If you look at Larry Yatter's community charts, you will see most of them show MOI above 10.
However average prices and median prices are steady to up.
This confirms what we have been seeing, that higher end buyers are still in the market. eg the $9 Million sale a few days ago.
If so, then Median and Average prices WILL NOT BE RELIABLE for September.
We will have to depend on the HPI for a true picture of the state of the market. We will also have to assume that the REBGV is doing a valid comparison to come up with the HPI.
So don't be shocked if average or median is up. If you have an inventory of 100 dresses and are selling very few, but mostly the expensive ones, of course both your average and median prices will be up.
How resilient is CMHC to a US style housing crash? - Kabloona points out this article asking yet again how this country would fare in a US style housing market crash, but particularly how the CMHC would fare:...
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