…at least according to commentary in a publication regularly inserted in a local newspaper, which is widely circulated throughout Greater Vancouver and Fraser Valley communities: http://www.newlocalhome.com/editions/nlhr100722

The assertion,  “…Homebuying is Easy,” seems to be based on the supply of homes listed on MLS.  I checked yesterday and the Real Estate Board of Greater Vancouver (REBGV) showed there were 17,889 listings available on a cross property search.

The REBGV includes Richmond but doesn’t include Surrey and other points south of the Fraser River and east up the Valley. The current Fraser Valley Real Estate Board (FVREB) supply is 9,692 listings available on a cross property search.

In order to measure the total housing supply available for sale it is also absolutely essential to know how many new homes are available for sale that are not listed on MLS, and yet this extremely important part of the equation is always missing.

The new homes for sale figure can move as quickly up or down, leading or lagging MLS trends, and will of course often go in a different direction than MLS numbers; these are significant variable factors.

I believe this big chunk of missing data renders most of the MLS analysis and commentary reported alone, as meaningless for the public.

Even CMHC doesn’t seem to report the aggregation of total supply available.

So we have key data missing from the supply side, no mention of demand, and a front page headline concluding that it’s Summer time, and “homebuying is easy“. Do you find that misleading inspiring?

I have additional information and thought-provoking views on demand, prices, stats, etc., to share with my clients. Contact me if you’re interested to hear more.

BTW, the article also goes on to quote BCREA chief economist Cameron Muir pronouncing a summer shift to a “buyers’ market.”  While I don’t have the credentials or resources of an economist, three months ago on April 27^th I made my own proclamation: “Hello Buyers’ Market“