Wednesday, 6 June 2012

One housing bubble down, one to go

Financial Post: 温哥华房市泡沫已开始破灭,现在只剩多伦多。

Jun 6, 2012

One housing bubble down, one to go: Rosenberg

Vancouver’s housing bubble has burst, but Toronto’s remains “as hot as the weather,” says Gluskin Sheff chief economist David Rosenberg.

In a note Wednesday entitled Tale of two cities, Rosenberg said Vancouver real estate has cooled significantly, and is now showing signs of turning into a buyers’ market.

Sales of existing homes in Vancouver sank 15.5% from a year ago May, with the sales for the month coming in the lowest for any May since 2001. At the same time the active inventory backlog surged 16.8% and new listings were up 14.4% from a year ago.

“The supply-demand balance showed the increasing emergence of a buyer’s market taking hold, with average selling prices for single-family homes deflating year-on-year,” Rosenberg said.

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