The reflation trade continued in December. Thanks to a swift easing of monetary policy from global central banks, even without the Bank of Canada’s help, asset prices have rebounded, with Vancouver housing being one of the many beneficiaries. Buyers have indeed stepped off the sidelines, prompting sales activity to jump a staggering 88% from last December. However, once again, take that number with a grain of salt considering how weak 2018 sales figures were. Although, from a more historical perspective sales were still 9.5% above the ten year average for the month of December, which suggests relatively healthy levels of sales activity. However, we can’t stress enough how segmented the housing market has become, there is a widening gap between what is happening in the luxury market and what is happening in the more affordable segments of the market. This phenomenon will form the basis of the report this month. Let’s dive in.