Saturday, October 6, 2007

October 6 Week Ending Stats

MLS listings were up and down this week. There are 43 more condo listings today than there were last Saturday. I believe this is largely due to the release of units at the new Radius development. Kudos to them for listing on MLS. This will increase the month end inventory numbers, and thus give a truer picture of the number of homes that are for sale, unlike those condo developments that have hundreds of units for sale, but their inventory numbers are not taken into account by the VREB because they are not listed on MLS. Shame on them.

Single family home listings are down by 27 this week. Victoria is definitely not having the run-up in SFH inventory like cities in Alberta are. This leads me to think that SFH in Victoria are built for home-dwellers, not speculators. Otherwise, we should be seeing more of a rush to the exit, as evidenced in Alberta. Barring external forces, the SFH market should remain steady for a while to come. I wouldn't say the same for the condo market.

I meant to post this earlier in the week. There was an interesting article in Macleans regarding a possible coming recession, titled "Can you say recession?" Hat tip to whoever pointed it out to me - I wish I could remember. If you have the time, give it a read.