Quote:
Originally Posted by Brewmaster
I'm no realtor but what exactly is CREB spinning here? They basically say that detached house prices went up ~10% Y/Y and that apartment condos were only up 2% (and still 14% below previous highs in 2014).
The low inventory story also seems legit when you look on MLS or talk to anyone looking to buy right now.
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The low inventory story is legit, but was explained to me over the holidays that it's at least partially due to the number of owners that can confidently sell their homes in what's been a relatively flat market is running low. Mortgage regulations, damaged credit, employment situation, decreased savings, etc are all weighing on (some) people's ability to handle a negative equity situation, effectively trapping them in their current home / mortgage.
10% y/y is a great stat, but needs to be considered in the context that 2020 was the end of a long, downward trend.