My apologies, my Saturday graphs must be getting very boring already. They appear the same every week. But believe me, every Saturday morning, I glean MLS.ca, put the numbers into my spreadsheet, and create a new graph. The trend is the same every week. Rising inventory of expensive homes, stable inventory of lower priced homes. Expensive homes continue to be a larger percentage of the homes for sale, while "entry level" homes' piece of the pie chart continues to decline.
This week, 23 more SFH listed on MLS. Notably, 9 of them in the $500k - $600k price range, 9 of them priced above $700k.
The percentage of homes for sale with an asking price of less than $500k continues to decrease. Only 32.7% of SFH listed have such an asking price.
There are 199 SFH listed today with an asking price of $1 million or higher. For comparison, Calgary, with nearly equal real estate prices and 3 times our population, there are 253 SFH listed for $1 million and above.
My rant today. We all know that the run-up in prices was due to low interest rates, the mass media, deceptive realtors and alternative mortgage options. I've probably missed pointing my finger at someone. Today, all of the sheeple have become complacent and accepted that today's prices are realistic and, simply put, that's the price of a home. I don't believe that out-of-towners and baby boomers are buying up our average single family homes with plans of retiring to them in the coming years. Why would they buy a house now, then have the house and yard sit empty for months on end (assuming they'd live here for only part of the year)? It makes much more sense for them to be buying condos and townhomes - low maintenance properties. Thus, Victoria's rise in SFH prices is the fault of people living in Victoria. Now, as inventory rises, and prices stay the same, again it's the fault of the locals. Luxury condos built for out-of-towners is an entirely different market. Why are young families murdering their futures by taking out $400000 mortgages? Because we've been deceived that it's a necessary evil to having your own home! Something has gotta give...