Well, its a day many real estate bears have been looking for - the day that the average detached house in the Vancouver area would be cheaper than 1 year prior. That day is now and it will likely continue for quite some time now as prices are continuing to fall.
The active listings level in the local market is at record levels.
Sales are abysmally low for this time of year.
The months of inventory has skyrocketed throughout the year and is remaining at highly elevated levels.
Prices seem to fall when supply is high and demand is low. Funny!
In fact, the correlation between the supply/demand scenario and the consequent price changes is uncanny!
These days of turmoil in the financial markets are what many real estate bears have been warning would come because of the exuberance and overallocation of resources toward housing. It brings me no pleasure to see this turmoil and I wish we could have avoided it but it does feel good to be prepared rather than unprepared.