There were 234 new listings today and 109 sales, for a sell/list of 49.68%. Inventory reached 8,790, with over 90s at 2,524, or 28.71%.
Some of you probably heard Bob Rennie, Helmut Pastrick, Michael Campbell and Michael Levy this morning on Bill Good’s show. It was a very interesting show. If you missed it just go to CKNW, sign up for their club and go to the audio vault and start listening around 9:10.
My favourite take away? Mr. Rennie mentioned passive investors with 25%-40% down collecting rent downtown. To be fair, he may have been talking about past sales, but if not, I’d sure like to see those units! He also mentioned that we won’t have over-supply downtown because the buildings under construction are all 80% to 100% sold. That strikes me as a convenient measure of supply. I’ve argued before that ownership (and the price of it) isn’t the key; housing demand (whether satisfied by owning or renting) is the key. It will be interesting to see if we continue to absorb the supply that’s being built now.