This price rise was accompanied by a decrease in demand / sales and a rise in supply / listings. Economics 101 taught me that when demand declines and supply increases then a shift in prices is shortly forthcoming, but we will see (sarc)
Price compression - the observed phenomenon that 1) prices of apartments tend to rise faster than the prices of single family homes during booms and 2) prices in outlying regions (ie. maple ridge, port coquitlam, langley, etc) rise faster than prices in the city. My compression hypothesis is that as we near the end of the boom cycle the compression will reverse into decompression with apartments and outlying areas losing first and the most value as a percentage.
Witness the compression between housing types here:
My intention, at some point, is to get some more data to do a more thorough analysis over a longer period of time. If anyone has access to longer time frames of data that is not available in the public realm, please email me, I'd love to get my hands on it.
On the inventory front:
Have a great weekend.