I dunno, seems like every six months or so we get some kind of email about something someone posts.
The funniest one was being contacted by an actual hockey player (not Flames past or present) about a user here with an alias that was the player's name, raving about identity theft. Apparently the whole concept of "fan" and "alias" was lost on him. He even had a discussion going on his Facebook page (which is now gone) with his friends telling him how illegal it was
His identity is withheld to protect the ignorant.
__________________ Uncertainty is an uncomfortable position.
But certainty is an absurd one.
CALGARY - Calgary is the best place in Canada to invest in the residential real estate market, according to a new report released today.
The Real Estate Investment Network’s report said that Calgary experienced one of its best economic and real estate periods in Canadian history a couple of years ago but then entered a strong, and needed correction.
They don't really go into details other than "Calgary was hot, then it wasn't and cooled off. Should still cool a bit, but it's a good city for growth as such it's a good place to invest"
Followed by:
Quote:
“Successful real estate investing is all about identifying a town or neighbourhood that has a future, not a past,” said the report. “Sadly, many investors like to invest based on past performance; thus, they are constantly chasing the market. This is called speculating - not investing.”
I've talked to lots of realtors saying the market will drop. Heck, I hear that more from realtors than the other option.
Anytime a commissioned real estate agent says that prices will drop that's not a good sign. They're usually the last of the bunch to admit something like that.
Anytime a commissioned real estate agent says that prices will drop that's not a good sign. They're usually the last of the bunch to admit something like that.
Realtors always saying the market goes up = bad sign
Realtors saying the market will go down = bad sign
Got ya
damned if we do, damned if we don't
One of my clients is looking to start selling a new DT condo this fall and I might be heading home for a bit to sell it. Would be interesting to get involved directly in the Calgary market for the first time.
We're a week into June and SFH inventory is sitting at 5902 versus 5649 at the end of May. It's only 7 days but average adds per day is around 35ish. Sales a bit slower paced than May as well. Prices a bit steady/up so far.
To compare, max Calgary inventory peaked out at 7099 in May 2008. At this pace (which I'm guessing won't be maintained) we'll get there in about another month.
CTV news was pretty interesting this evening (along with the Calgary Herald versus the Financial Post actually.)
They had a short report talking about how housing starts in Calgary leaped by 80% - as compared to last year (when everything was kicked in the gonads.) They interviewed a rep from the CMHC about their numbers.
Immediately following that segment they had their BNN market portion where the host presented the same numbers but described that "the Bank of Canada may have been right about the housing market weakening markedly. Housing starts dropped across the country by 6% from April with starts on single family homes dropping by over 14%. The biggest plunge was in the prairies at over 22%."
It's always interesting how the numbers can be spun - just startling when it was shown back to back.
We're a week into June and SFH inventory is sitting at 5902 versus 5649 at the end of May. It's only 7 days but average adds per day is around 35ish. Sales a bit slower paced than May as well. Prices a bit steady/up so far.
To compare, max Calgary inventory peaked out at 7099 in May 2008. At this pace (which I'm guessing won't be maintained) we'll get there in about another month.
^^ Absorption rate by price range an interesting stat
The inventory growth seems to have kind of slowed, at one point we were on pace to hit 6,000 by the end of May. It dropped fairly significantly near the end of May, likely a lot of delistings. But as you noted, quite a few in June have been added already. Another month of 35/day would be fairly significant.
^^ Analysis of the May numbers. It's for Edmonton, but most of the conclusions seem to be identical for Calgary.
Quote:
The May resale numbers came out today, and they continue to sing the tune of a market changing direction. Sales slowed, inventory continued to build and the only demand appears to be for high end homes as other than the SFH average, prices were down across the board.
Quote:
On the price front, all the hype of late about activity at the high end is quite true. It’s not too hard to see there is such goings-on when the single family home average is up over $5,000, while the median is down $7,000. Seems those taking the plunge, are going big.
Our SFH median AND average were both up in May. Basically, while virtually all signs point to lower prices, it has not lead to lower prices. "The market can stay irrational longer than you can stay solvent". - Keynes.
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