Best graphic on the housing implosion down south I've seen yet. (Funny how people I know keep telling me the Pacific Northwest is immune to the slump, I guess not?) Will we see something like this up here next year?
According to this article, we may be well on our way. Here are the highlights:
These are interesting financial times we live in. Batton down the hatches, this squall could turn into a long storm.
Construction activity dropped for a third month in a row in May in Canada while
output from real estate agents plunged 16.8% in the month over the year before.
Together, activity in the two housing-related sectors fell 4.9% in May from May 2007 -- the biggest slide in a decade of available data.
Amid the blizzard of numbers, Canadian GDP unexpectedly contracted 0.1% in May, the fourth drop in six months (Do I need to point out this is flirting with recession?) emphasis mine
Here's my predictions for July numbers:
- Listings up 5-10% over last month reported as 20-25% YOY
- Sales down over last month and last year 5% and 20% respectively
- Avg prices down over last month 2-3% and flirting with zero growth YOY (1-2%) for SFH
- Median prices down over last month and up YOY by only 5%--a drop of about 5% from April high for SFH