This is by no means truly scientific. Think of it more as a snap shot into a first-time home buyer's look at an outrageously priced market. Or, you can feel free to think of it as a political poll in the middle of a majority government's term: hardly proof of anything at all. Now that the disclaimer is out of the way:
I analysed the listings we've been watching since January 31. I don't know what I'm doing so pick my analysis apart, or ask questions for info you think is missing and pertinent.
Total houses: 48 [criteria is suited, or suite potential, under $425K in SW, SE, Vic, Langford, ESQ]
Number sold: 17
Sold above asking price: 10
Sold below asking price: 7
Average days on the market: 11
Total condos: 67 [criteria is 2 beds, at least 1 bath, under $250K in SW, SE, Vic, Langford, ESQ]
Number sold: 19
Sold above asking price: 7
Sold below asking price: 12
Average days on the market: 23
[I should clarify that I counted sold at asking price as above... I figure if someone is agreeable to paying full asking price then they haven't made a deal worth calling anything other than duped]
What I am taking away from this analysis: condo market doesn't seem to be as hot as the pros are saying, certainly not in the least-expensive category anyway.
Houses: how can anyone afford to buy one? I read in the TC today that in order to get in at the average price of 520K a family has to have an average income of $135K. Who's making this kind of money these days in this town? I'm guessing not many. I'm hoping that this is the last of the people who bought $100K condos doubling their money and stretching into the housing market.
I'm still at a loss to either explain or understand what is going on. I'm guessing we can call this bear-caught-in-the-bull-syndrome.