Thursday, April 17, 2008

The Housing Boom is Officially Over!

Thanks to anonymous for mentioning this occasion on Craigslist.

Yes, according to The Globe and Mail, and specifically Douglas Porter, deputy chief economist at BMO Nesbitt Burns Inc., the housing boom in Canada is now officially over. First quarter statistics are what helped him come to that conclusion.

Certainly, we are seeing this in Victoria. Inventory is ballooning and sales are the lowest in years.

Will we follow in the footsteps of our neighbours south of the border? Perhaps. Perhaps not. But the market is definitely not what it was in the previous 2 or 3 years.

Discuss away!