Wednesday, October 31, 2007

CMHC "Housing Now" Report for September

CMHC has released their September 2007 edition of "Housing Now" for Victoria. It can be viewed here.

Highlights include:
- 17.8% fewer starts in September 2007 versus September 2006.
- 21.9% more units under construction this September versus last.

There was a significant average price increase between August and September.

The poll on the sidebar has produced interesting, yet not surprising, results. Most readers of this blog are bearish on real estate, but there are some bulls out there. I think that 2008 will be a critical year for real estate prices. If there are no price declines next year, I will probably start to believe that this time it is different.