The number of active listings of SFH in Greater Victoria continued to decline this week.
- There are 969 SFH currently listed on MLS.ca
- This is 34 less than last week.
- This is 207 fewer listings than our recent peak on June 23 (there were 1176 SFH listings that day)
Houses are either selling or people are delisting their homes. I believe that it is the former. Sold stickers continue to be plastered against realtor signs. The market below $600000 continues to be quite hot, while above $600000, not so hot. I don't have proof, but that's what it appears to be.
It's quite perplexing how inventory is decreasing at this time of the year. Late summer and heading into fall, inventory should be increasing. I think Vancouver is seeing the same happenings. Rob Chipman's inventory is down from the peak of 2 months ago as well.
Possible reasons - a run on the market since interest rates appear (or appeared) to be rising. Perhaps it's the ever increasing popularity of 40 year mortgages. Yet more moms and dads are helping their kids. Any other ideas?
I've added another blog link under "The Nationals" section at the side. Titled "Canadian Mortgage Trends", it looks to contain some good bits of information.