[Claeren]

So Calgary sales are down 35%?

(In what are the traditionally busiest months)

And listings are growing at 10%+ per month?

(With ~10,000+ condo units yet to be taken possession of?)


Wow...



The one thing is that new single family home (SFH) home building is down something like 50% already, so they are adjusting quickly. Multi-family though just had a record month (over some pretty insane months last year) and is up (i believe) something like 23% over last March. So that is where the real glut will be.

I don't see SFH prices dropping (outside of maybe the furthest suburbs), but condo's, especailly suburban and/or woodframe condos, have seen and will continue to see price softness (relative inflation) for likely a decade IMO. Builders HAVE to build them to get their community density up (units per acre, or UPA) high enough to be allowed to build the more lucrative SFH's. You are essentially doing them a favour by buying them at a profit, so they will keep building them as long as there is a market for SFH - which is a market they can more easily restrict to just meet demand without excess supply.






Claeren.