I read a great article today that talks about real estate in Canada and why we are not heading for crash like our friends in the USA.  If you own property, or are considering buying home, you should read this.

Read the full article here.

In the last 30 days, 187 single family houses were sold, down 10.5% from last week. The median price is up 0.5% to $553,000. The average house was on the market for 46 days, the same as my last report. This drop in volume is normal considering that we are in the Christmas season.

In the last 30 days, 115 condos were sold, up 5.5% from last week. The median price is unchanged at $278,700. The average condo was on the market for 60 days, 4 days longer than in my last report.

In the last week, the local inventory of single family homes has dropped by 3.1% to 1326 homes. Condo inventory has fallen by 5.0% to 721 suites. This point in the year is generally the lowest inventory that we will see until next Christmas. You can expect inventory to start growing as we move through January.

What I am also seeing is a much greater level of agreement between commuters, municipalities, and businesses that this needs to happen. If you look back at how long it took us to replace the Memorial Arena, and how many false starts there were, the progress to date on rapid transit is amazing.

Some say that this system isn’t necessary and that the current traffic problems are just because of the road work in View Royal. Even if that is partially correct, then I encourage you to at least see our current congestion as a foreshadow of times to come. Face it, the bare land is out West and that is where the bulk of the development is going to be. Just look at a few of the mega developments such as Bear Mountain, Westhills, and Kettle Creek Station and it is as obvious as the nose on my face that rail rapid transit is a must for our city. This time, let’s think big, and get it done!