I'm the first to admit it
The first to ad-mit it
And the last one to know"
Paul Simon, Something So Right
So, a while back in 2007, I predicted that Vancouver housing prices would peak in 2008 - and they did, as the graph below shows (click to enlarge). But somewhat implicit in my prediction was the notion that they wouldn't reach a higher peak in 2010, which they also did.
I've heard of the V-shaped and W-shaped recession, but as the inventory of houses for sale climbs in a pattern reminiscent of 2008 (see chart below) I wonder about chances of an M-shaped housing bubble...
Note: Chart was originally posted by commenter vibe in the forum at Vancouver Condo Info. REBGV = Real Estate Board of Greater Vancouver.