As discussed in last months report, the great reopening trade is in full swing. People have exited their homes and real estate has become less of a priority. We can see this in the housing data which continues to recede each month since the FOMO induced top in March. Sales here in Greater Vancouver have dropped for four consecutive months in a row, but are still running above normal levels. Meanwhile, new listings have evaporated, with sellers seemingly delaying their listings until the fall. I know what you’re thinking, “this always happens in the summer, real estate is seasonal.” While that is certainly true, this summer slowdown has certainly been more dramatic. For example, this July was the weakest July in 11 years for new listings. This is downright painful for home buyers who have been plagued with inventory shortages over the past year. In other words, the cupboards have been looted bare and they aren’t being restocked, at least not yet.