This is an excerpt from The Saretsky Report. Sign up to receive full report Here. Greater Vancouver detached sales increased 60% year-over-year in November. Again, weak base effects are responsible for the head turning increase, as November 2018 recorded the fewest detached sales since November 2008. What we can see in the chart below is that despite the huge increase in sales this month, detached sales for the month of November were still 4% below the 10 year average. Keep in mind, inventory is growing in higher price brackets. The luxury housing market, ie homes priced above $3M, has a whopping 19 months of inventory for sale. As inventory conditions fluctuate, so too will prices. For example, we are still seeing healthy activity and stable prices for entry level detached homes. But again, as you begin to increase in price, market conditions soften significantly. Overall, the MLS home price index shows detached homes declined 5.82% from November 2018 but recent momentum points towards positive growth in the near future assuming conditions remain constant.

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