Sales are up from January but down from 2006. Listings are up from January and down from 2006. The inventory is continuing to build and more newly completed construction is coming into the supply every month. Approximately 500 - 600 dwelling units per month of new construction are coming into the Fraser Valley supply side for the next 24 months, which is not directly reflected in these statistics.
Months of inventory are down significantly from 6.1 months in January to 4.5 months in February because of higher sales volume. Looks like a fairly normal seasonal variation in a fairly busy sales market. Demand seems remarkably resilient. I am still amazed at the continually high inverse correlation exhibited by relationship between the months of inventory and the quarterly price changes.
Median prices are up across all housing types.
Detached - MOM +3.3% YOY +18.3%
Townhouses - MOM +3.3% YOY +19.3%
Apartments - MOM +4.2% YOY +24.1%
Looks like further price compression between housing types.
The quality adjusted house price index is also up significantly.
It looks to me that there is still lots of demand out there even at these prices. I get anecdotal stories of more people using unconventional financing such as 40 year mortgages and 0% down to make the purchase. At this point of the real estate cycle only the most financially illiterate are buying with these financial vehicles and I get the feeling this is currently where the marginal demand that sets prices is coming from.