Not much to say today. So I'll give you this: (H/T to Mohican)
On another note: Roger asked about personal anecdotes regarding buyer sentiment. It's been a long time since I heard anyone say now is a great time to buy. Anyone I know that has a home is reassessing their need to continue owning their present house. A few are looking at cashing out. Some, like my parents and their peers, are looking down south.
I know of one flipper (friend of a friend of Ms. HHV) who is having trouble selling his "updated" flip unit. He's lowered the price twice and is now considering, gulp, using a Realtor. The market has definitely changed. It could be seasonal.
It may not be though. Considering sales are higher in October 2007, the start of the traditional slowdown, I'm more inclined to think the price reductions in SFH has nothing to do with seasons and everything to do with affordability. I'm seeing a lot of "deal collapsed due to financing" on MLS. This means either the accepted offer came from someone who couldn't afford the joint, or the lending institution thought it over-valued, under-kept or just a lain old bad risk. I'm glad that for whatever reason, the credit market is tightening; it's good for the long-term overall health of the economy.
Check out this ad from Edmonton. Apparently now is a great time to buy when the developer gives you a money back guarantee that if the market value of your home is less than what you paid for it when you take occupancy, they'll refund the difference. I don't know about you but I'd be hoping that the sub-trades are too busy to get the jobs finished so my "refund" gets bigger. Of course, it will be hard to give back the difference in cash when the company is filing for bankruptcy protection which is what companies do when there is a run on them.
I wonder if we'll see ads like this in Victoria? I wonder if all those people that are expected to come to Vancouver/Victoria? and buy houses during the Olympics will still be coming when the 2008 economic slowdown expected everywhere but China turns to a recession in 2009? Maybe we'll get to see hockey games for less than $500?