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OracleOfCalgary · 08-28-2007, 09:19 AM

Calgary real estate prices have entered a steep fall in late August. As of yesterday, CREB's web page reported that the average single family home price had fallen by $17,556 from $505,920 to $488,364... This means that if you bought a house a month ago with a 5% mortgage, your equity has been completely wiped out (if you factor in the CMHC premium that you would have paid.) I fully expect the total loss for August to exceed $20,000... September will be an interesting month.

08-28-2007, 09:19 AM	#1
OracleOfCalgary Farm Team Player Join Date: May 2007 Exp:	Time to sell? Calgary real estate prices have entered a steep fall in late August. As of yesterday, CREB's web page reported that the average single family home price had fallen by $17,556 from $505,920 to $488,364... This means that if you bought a house a month ago with a 5% mortgage, your equity has been completely wiped out (if you factor in the CMHC premium that you would have paid.) I fully expect the total loss for August to exceed $20,000... September will be an interesting month.