There were NO increases in the YTD sales figures for ANY West Van home classification, and Yes the general price levels ARE showing a significant “leveling off”. Only North Van shows a modicum of stability.
I’ll hark back to my “whither sales and prices” discussion in a moment. 4/5 weeks ago we believed, and I quote, “clearly in the Condo market, both on the North Shore and also the majority of Greater Vancouver – supply is definitely no-where near satisfying demand”. Since then, when we saw that to be true, recent activity, or more precisely, a period of low activity has prevailed. This is nothing more than a Supply/Demand imbalance, otherwise known as a new cycle. So, is this where our market starts to subside? Not exactly, and what is meant by that is that “We are now in a lacklustre phase”.
In the same sense as the old saying “One swallow doth not a Summer make” it is also a truism that one ‘lack of lustre’ does not presage a Bubble Burst. We’ve been here before folks… the pre-Back to School four weeks with its last ‘run to the cottage’, last visit to grandma on Vancouver Island and the “Chicken Little type” last Bubble hurrah. Give it a further 4-5 weeks and we will experience a return to the demand uptick. Families again in the rehousing mode, first time buyers competing for their first homes and pre retirees looking for their long awaited, empty-nester castle.