There's been a lot of media commentary lately extolling that the global economy has decoupled from the US, or not. I kind of think it hasn't, it made a good attempt to, but when push came to shove, the real pain has actually been felt in far east markets more so than North American. But I digress.
The real reason for this post is to ask the simple question: has the Victoria real estate market experienced its own internal decoupling? I ask a simple question. There can be no doubt that in the new condo offerings at minimum, it is a serious buyer's market. I think there is argument for and against a balanced market in SFH above $600K. I think there is a frothy effect in SFH homes priced between $500K-$600K, where quality of product trumps quantity of offerings. And I think that SFH below $500K and resale condos below $300K continue to be a warm seller's market, though clearly becoming more luke and less warm as each week takes us deeper into 2008.
Will the so-called selling season of March-June change this perspective?
Can the resale condo market continue to be unaffected by new condo lack-of-sales?
Can the condo market (traditionally more volatile) continue its course without affecting SFH sales?
What do you see happening out there?