US inventory could cause continued weakness in US house prices. What about Victoria inventory?
Here is a story by Charles Hugh Smith that counter argues against a bottom being reached yet in the US Housing market, and how overly-optimistic predictions about absorption of existing inventory could be wrong.
If they are, it means inventory will continue to pressure housing prices lower for years to come. The idea that the Canadian housing market can successfully escape any influence from this declining market seems unlikely.
Are people in Victoria still sure that the market will be up next year and now is a good time to buy? Victoria Real Estate Board numbers from April don't seem to support that, in particular, the amount of inventory that is now appearing on the market, seems to be signalling a similar direction for the local market. As usual, the lag effect has been at work, but 2008 is the year that the reversal of the local market is becoming obvious.
Agree or disagree?
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Agree. Sold my condo and am looking at renting for the next 10 months minimum. Won't buy back in until we can find a really solid deal (i.e. price reduced already and accepts an ultra-lowball offer ;) that will put my family on firm ground for the next 6-10 years.