The Greater Vancouver housing market enjoyed another solid bounce in the month of November, helping to solidify the current recovery in the housing market. However, as we have preached the past few months, we still believe caution is warranted. Sales activity across Greater Vancouver recorded a whopping 55% jump from last November, thanks in part to incredibly weak base effects (November 2018 sales were the weakest since 2008). We have recently witnessed an easing of financial conditions thanks in part to global central banks aggressively easing monetary policy, this has helped not only lower borrowing costs but encouraged prospective buyers off the sidelines. As a result, we are seeing increased sales activity combined with a drop in total inventory for sale, and thus a flurry of media headlines suggesting we are on the precipice of another bull market. But are we really? Let’s dive in.
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