Ben Rabidoux has asked me to let readers know that he’ll be in Vancouver next week, giving a talk on housing and the economy. It takes place Thursday April 18th, 4-5pm. More info here.
Those readers you who don’t know Ben will find his analysis thorough and thought provoking. We have featured his opinions here on numerous occasions.
His website is ‘The Economic Analyst’. Take a look at his latest article ‘Canadian housing and economic trends: The good, the bad, and the ugly’ [9 Apr 2013]. Excerpt:
“Things have gone from bad to worse in Vancouver, where sales remain very weak (March sales were almost 20% below an already-weak 2012 level) and existing MLS inventory remains elevated. To add insult to injury, the backlog of unsold new homes is growing, units under construction remain high, and the strong population growth needed to absorb all this inventory is nowhere to be found. It’s going to be another rough year for Vancouver, but on the bright side, we can expect the y/y comparisons to get more favourable throughout the year. Vancouver sales fell off a cliff in late 2012. It’s quite unlikely we’ll be seeing 20-30% y/y sales declines come late summer given how depressed sales were last year. So you can bet the real estate board will be waiting anxiously to put their always-positive spin on that.”