As I illustrated in last months report, I continue to shift away from the idea of pent-up demand and pivot towards the view of a new bull market. I don’t know how long it will last, but the data is simply too difficult to ignore. Following the trend, December recorded new record highs for home sales across Greater Vancouver. Home sales surpassed the 2015 bull market, and were up a whopping 54% on a year-overyear basis. Months of inventory for sale trickled lower, coming in at a mere 2.6 months of supply- the lowest reading since June 2017. These supply constraints are largely concentrated in the single family housing market, and is putting immense upwards pressure on prices, officially up 10% on the year as measured by the hedonically adjusted MLS benchmark price.