We keep getting news that house sales are down and prices are down in Canada. Todays headline is its down 5.6%. All the city numbers are down big numbers like Vancouver, Calgary, Toronto, etc.
The reports lack information about inventory levels or if its there you have to dig to find it. Things like numbers of listings on MLS, are they up or down, number of days a listing is in place before a confirmed sale, meaningful information that says whats happening, are sales down due to a lack of inventory? No, just the big scary headline to catch attention.
Check out plug in hybrid sales numbers, guess who is the top seller by volume, this model outsells all other competIgors and also outsells all models of Toyota PHEVs combined. The big seller, the Jeep Wrangler!!
The article goes on to say the reason the Wrangler is tops may be due to a lack of Toyota inventory. Nice to know?
With all the recession talk, there doesnt always seem to be much emphasis on the level of inventory, we are a free enterprise country/world. There is some talk of shortages for sure and all businesses charge what the market will bear, including you and me when it comes to selling things. Is it a recession when sales are down due to a lack of inventory? Or a lack of staff?
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63 Parisienne sport coupe (The Big GTO), black, maroon interior, 409 4 speed; former owner of a 59 El Camino, 63 Corvette SWC, 62 Chev Bel Air SC. 1963- Pontiac top selling car in Canada
Mahone Bay, NS Still not old enough to need an automatic
Yeah, the steam is definitely coming off. Can't speak to Canada, but new car dealers down here are getting SOME inventory, and used prices are coming off, but are still stupid. Our area didn't get as stupid as Vancouver, Toronto, Boston, or San Francisco, but there's definite signs of softening in real estate. Used to go from a "coming soon" sign, to "contract pending", without a moment's lapse. Now, homes are staying on the market for months.
But restaurants, hotels, ridesharing services, etc., are STILL unable to keep up with demand, because of the lack of willing workers. Driving a Wal-Mart rig now pays $125K/annum, with a full suite of benefits, which is a big deal here because of the lack of public health care for working age people.
These are truly peculiar times, Don, and there's no historic information to offer insights into the path forward.
Two houses sold near me recently. One across the road from me and my next door neighbour. The one across from me was listed at $699 in May and only had two offers but still sold for $40 over asking in eight days. The realtor said that the market was getting a bit soft, so if you like one of the two offers take it because there are some houses sitting empty in the area. My next door neighbours house was listed on a Wednesday at 8pm and had eleven showings on the next day and sold for $50 over asking (600,000) on the Friday. Basically listed for one full day and was sold. I think the threat of an interest rate hike was responsible for the quick sale, people getting approved for the mortgage before the rate increase.
