Wednesday, September 04, 2013
Greater Vancouver Market Snapshot August 2013
Below are updated sales, inventory and months of inventory graphs for Greater Vancouver to August 2013. (see REBGV news releases) (click on image to enlarge)
The scatterplot of 6 month price changes and months of inventory is below. The most recent datum is the brown dot at about (MOI=7,price_change=3%) . The trend is roughly in line with past years. The other graph I have added is the price-rent ratio for a Greater Vancouver apartment, using REBGV apartment MLS-HPI and CMHC-reported rents (extrapolated, as they are only reported once per year), normalized to January 2005. By this measure, price-rent is currently 15% above its value in 2005 and 27-64% above the range of values from 1992-2004.
My estimates for August were for inventory of 16365 (actual 16027) and sales of 2469 (actual 2514) based on estimating average changes from July of years 2005-2012. Using the same technique estimates inventory and sales for September of 16663 and 2353 respectively (MOI=7.1).