I see a lot of conjecture and not a lot of hard numbers and facts in this thread.
I've been watching the stats that Zolo puts out for the last year or so. My overall impression is that the market has been freezing up and prices are stubbornly waiting for a side to blink. The pressure for the for a price collapse has been doing nothing but growing. Canadians are leveraged to high hell, and the mortgage rates are likely to do nothing but climb for the next year or two.
Anyway, enough of my opinions or industry dogma. Have a look at the stats:
Vancouver
Surrey
Burnaby
If it asks for an account just make up an email address.
The inventory to sales ratios indicate that all these markets have around a years inventory now. Who wants to hold onto a house for a year?
It's a buyers market, but the buyers now realize the cheap money is gone.
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