From our previous year of inventory, we have advanced even further to 13.1 MOI for the entire region. The only other time in VREB recorded history that we've had higher MOI was in fall of 2008 when everyone was convinced that we were heading into another great depression. That October our MOI was 14.8 and prices were dropping.
Of course this is for the overall market, and Just Jack quite rightly points out that the MOI varies significantly between regions. Especially for single family houses in the core, the MOI is still within the range of a balanced market.
The VREB has placed the blame for the slowdown firmly in the lap of the feds, which is certainly an improvement over blaming the weather. If true, we should see sales recover around Jan to April as the market adjusts.
Victoria City - 7.2
Oak Bay - 6.0Esquimalt - 7.2View Royal - 9.0Saanich East - 5.9Saanich West - 5.7
*Negative result reflects a collapsed sale of $1,545,000 reported as complete in Sept 2012 - VREB