Below are updated sales, inventory and months of inventory graphs for Greater Vancouver to July 2011.
Commentary: July 2011 has produced more tepid sales numbers, though inventory remains muted compared to previous weak years. Why is this? Hard to know for sure but given the price gains of late, there is a supposed "out" for some home owners by refinancing, through banks or through their internal accounts, using newly-appraised values as justification. No doubt many, if not most, investors are "in it for the long run". Below is the predictor of price gains, based on half-over-half price change to months of inventory correlation: