And by popular request, here is the months of inventory and Greater Vancouver composite HPI on a time series graph. The stark increase in MOI and accompanying change in price can be seen.
The market is very slow. This is on the lower side of my prediction from the beginning of the year; a more significant slowdown after a near-unprecedented run-up in prices in 2015 through mid-2017 was always going to be a possibility. I am now formally on housing correction watch. More housing supply is coming onto the market, remember, and that will help with increasing for-sale inventory in 2019. Corrections do not last forever, but that does not mean there are not some lean times coming. Some people are calling for a substantial correction and some people were anticipating price corrections back in 2014 before prices proceeded to increase another 50%, so for all we know we are very removed indeed from a bottom. I have no evidence to suggest calls for a more substantial correction are fundamentally incorrect, but that does not mean such a call is certain. Nonetheless, I think the next order of business should be to figure out where the bottom is going to be.