House Prices Drop in Calgary in June - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

Engine09 · 08-01-2006, 10:39 AM

House Prices Drop In Calgary In July
Aug, 01 2006 - 9:20 AM

CALGARY/AM770CHQR - Average house prices in Calgary slipped just a bit last month.
The Calgary Real Estate Board web site shows the average house price in July at $358,000.
That's down about $9,000 from the average June price.
About 2,500 homes changed hands in the past month, down about 800 from June.
Final results for July will be released later this week.

looooob · 08-01-2006, 10:43 AM

cue the responses about the bubble bursting

probably a more complex issue. there was an ok article 'bout this in the Herald today

looks like some of the multimillion dollar stuff is stagnating a bit

about 40% of properties still getting over list and selling quickly

other stuff is being over priced and sitting around

mentioned that in both 04 and 05 there were 3 or 4 months when prices went down

obviously things weren't going to stay stupid hot forever...will be interesting to follow the trends into fall, etc

HitterD · 08-01-2006, 11:01 AM

It would be nice to see the prices at least level off and stay consistent. A slight drop would be nice too. After recently building a home myself (October), I know how hard it must be for new home buyers to afford anything in this market, especially young home buyers like myself

V · 08-01-2006, 11:32 AM

I think it's the big expensive houses driving the average around. That's always the case. All I know is that I just saw a comparable house to my rental property sell for 20K higher than I bought mine. I bought my house at the beginning of June. I really didn't expect prices to climb through the summer, though. It usually slows down about now.

I'm really curious to see what's going to happen next spring. I can already hear cash registers going off in my head.

If anyone's curious, I had 75 people go through my house in the last 2 weeks when I advertised that I needed a renter. Crazy.

flamingchina · 08-01-2006, 08:23 PM

Yeah, a friend of mine just got back from an open hour for a rental.. 30 looked at it, and 12 left before they had a chance.. The rental markets totally out of whack right now... (well, it's adjusting itself, which is why rents have skyrocketed finally in the last 3 months or so)

Hemi-Cuda · 08-02-2006, 01:49 AM

it sucks for those of us who are looking to buy their first property. i'm single and only qualified for a $140,000 mortgage, which means that i'm priced out of buying anything in this city. when i first moved here in 2002 as a student, that kind of money would have gotten me a nice sized house with a decent sized lot. now it can't even get me the tiniest of condos

Incogneto · 08-02-2006, 07:22 AM

Just bought my first house....Possession on Aug 15th. Expensive, but I am sooo Excited!

ken0042 · 08-02-2006, 07:37 AM

Congrats InCoGnEtO! Oh, and I happen to be busy that weekend. Can't help you move. Sorry.

I noticed housing prices stabilizing in my neighbourhood. Partly due to it being summer, and partly because there is a glut of houses from people trying to cash in.

It's good to see a bit of stabilization- I think it will be good in the long run so we don't end up with the bubble bursting like many people are predicting.

Incogneto · 08-02-2006, 08:36 AM

Quote:

Originally Posted by ken0042

Congrats InCoGnEtO! Oh, and I happen to be busy that weekend. Can't help you move. Sorry.

Thanks man! I can't wait to actually live in my own house.

Thats good...I am really moving in on the 27th and 28th! Wanna help me out then???

Incogneto · 08-02-2006, 01:24 PM

Speaking of renting, my new place is right across from foothills hospital, and I would like to get a roommate...where, at foothills hospital, can I post something to advertise the room for rent?

looooob · 08-02-2006, 01:28 PM

Quote:

Originally Posted by InCoGnEtO

Speaking of renting, my new place is right across from foothills hospital, and I would like to get a roommate...where, at foothills hospital, can I post something to advertise the room for rent?

not sure, but make sure also to check out the Health Sciences Building just to the North...med students, grad students etc there who are likely looking to rent..I would think?

Incogneto · 08-02-2006, 03:39 PM

Quote:

Originally Posted by looooob

not sure, but make sure also to check out the Health Sciences Building just to the North...med students, grad students etc there who are likely looking to rent..I would think?

I'd like to rent to the hot Nurse interns, perferably!

I-Hate-Hulse · 08-31-2006, 11:15 AM

TD has a rather sobering report out on the Calgary housing market...

http://www.theglobeandmail.com/servl.../Business/home

”There is no question that the recent dramatic price gains in Calgary and Vancouver are unsustainable and that these urban centres are vulnerable to significant moderation, including the possibility of a pullback in prices at some point in the future,” TD Bank economists Craig Alexander and Steve Chan wrote in a note released Thursday.

RedHot25 · 08-31-2006, 11:30 AM

Quote:

Originally Posted by InCoGnEtO

Speaking of renting, my new place is right across from foothills hospital, and I would like to get a roommate...where, at foothills hospital, can I post something to advertise the room for rent?

are you looking for a roommate, or would you have a separate suite/appartment/etc per se in your new house (e.g. the entire basement or something like that)?

The reason that I ask is that I know a couple that is looking, and they are looking exactly in that area....PM me or reply here if that's the case!

Cheers.

Reaper · 08-31-2006, 11:32 AM

Quote:

Originally Posted by Hemi-Cuda

it sucks for those of us who are looking to buy their first property. i'm single and only qualified for a $140,000 mortgage, which means that i'm priced out of buying anything in this city. when i first moved here in 2002 as a student, that kind of money would have gotten me a nice sized house with a decent sized lot. now it can't even get me the tiniest of condos

We pre-purchased our condo one year ago for $129,000 and our contract had the price fixed with no cost escalation clause or whatnot.

The condo next door to us just sold for $264,000. Sheesh.

photon · 08-31-2006, 11:32 AM

Pretty soft statement by TD without any detailed reasoning (typical I guess). Vancouver and Calgary are very different markets with different forces driving things.

Some great observations in the comments of that story though.

http://www.theglobeandmail.com/servl.../Business/home

Canada 02 · 08-31-2006, 11:52 AM

THe City projects population growth in the next 10 years to be about a quarter million people. They need to live somewhere. Maybe some short term blips in the housing market, but the general trend is up

pepper24 · 08-31-2006, 12:45 PM

Quote:

Originally Posted by looooob

cue the responses about the bubble bursting

probably a more complex issue. there was an ok article 'bout this in the Herald today

looks like some of the multimillion dollar stuff is stagnating a bit

about 40% of properties still getting over list and selling quickly

other stuff is being over priced and sitting around

mentioned that in both 04 and 05 there were 3 or 4 months when prices went down

obviously things weren't going to stay stupid hot forever...will be interesting to follow the trends into fall, etc

Agreed that prices can't remain at the hot pace forever and that supply/demand will eventually correct run ups. It's summer and we'll see what happens in the fall. With a hot job market and increased population projections, the market should still remain strong but not at the rates we've been used to.

flambers · 08-31-2006, 12:56 PM

Its my understanding the July timeframe is one of the slowest times of the year which is due to the Calgary Stampede and other events.

From what I heard it will pick up again in the September timeframe.

V · 08-31-2006, 01:31 PM

I've heard the same thing. This might be a good time to buy. Not as good as two years ago, but a good time nonetheless.