Despite rumblings about things being back to 'normal', the numbers for detached doesn't support the bulls.
“Mid March Vancouver Real Estate Update
... Detached sales continue to stumble out of the gates in 2017. Yes, despite murmurs that the market may be heating up, sales numbers do not appear to reflect that. Interperate as you see fit. Detached sales are down 51% year over year (March 1-15), and 16% below the 10 year average for that same time period. Inventory appears to be on track to close out the month of March up between 15-20% from March 2016.
However, despite sales falling, and inventory rising, new listings are down signifcantly. If anything could reignite the market it would be a continued decline of new listings. New listings for the detached market are down 38% year over year, a trend that began back in February...”http://vancitycondoguide.com/mid-march- ... te-update/Condo sales are doing well in the starter market, with multiple bids. But, this is a disturbing sign because the newbies tend to be the last ones in. And, they get the surprise of their life when the market turns.
Happened in Ireland etc 2008. Happened in the States 2007. Happens every time.
The key is the smart money in the high end. Their sustained withdrawal signals the turn. They'll come in again when the market is near bottom.
Here's Steve's chart for the analytically challenged.