Douglas Porter, chief economist with BMO Capital Markets, said evidence continues to mount that the Canadian housing market seems to have pulled off the fabled soft landing.
He said surprises on the sales data in recent months have consistently been on the high side of expectations, not the low side.
“While some are highlighting the fact that prices are now rising at ‘their slowest pace since the 2009 recession’ the plain facts are that: a) they are still rising, and b) faster than inflation, and c) prices are at all-time highs. Some meltdown,” he said
Read more in the Herald: Calgary a bright light among Canadian housing markets.
Sellers are finally starting to list their homes, but inventory remains low because the buyers are snapping them up.
Bidding wars update:
Over the past 3 days, 17% of homes sold for list price or higher. A bi-level in Silver Springs was listed for $475,999 and sold in 5 days for $484,000. It was purchased in 2010 for $417,000.
A 2-story in Sundance was listed for $419,900 and had a firm offer in 2 days for $430,000. It was purchased in 2007 for $365,000.
From the Calgary Herald: Calgary home price growth best in Canada
After seeing how busy the real estate market has been in Calgary, this story shouldn’t surprise you:
U-Haul names Calgary as top 2012 Canadian destination city
According to moving data reflective of nationwide statistics for calendar year 2012, Calgary ranked No. 1 and took first place from Toronto, which ranked No. 1 for 10 years in a row and dropped down to No. 2. Montreal ranked No. 3 and Edmonton took No. 4 for the fourth year in a row. Other cities in the top-25 included Regina, Saskatoon, Kelowna, Vancouver, Victoria and Red Deer.
The ranking reflects destinations for movers renting a truck one-way and considers every city in the country, regardless of size. To make this even more significant for Calgary, the data is not stated as a percentage of population.
In the United States, Houston took top honours.
More accolades for Calgary: Bow Tower is world’s most spectacular corporate building
Only three days ago, we read in the Calgary Herald, Calgary housing prices and sales on the decline in September. This headline made front page news on the doomer blogs.
The bubble bloggers took this as a sign that Calgary was joining Toronto and Vancouver on the road to real estate Armageddon. What a difference 3 days can make. I can guarantee that you won’t be seeing any links posted to my headline on the fearmonger’s blogs. They’re not interested in enlightenment or accurate statistics. They prefer to reinforce their agenda with selective data which reinforces their group-think.
What should be of greatest concern is that the housing market in Calgary has a shortage of listings. Inventory is down 23% compared to last year. Can you imagine how much higher the sales increase would be if there was a better selection of homes for buyers?
The April 2012 stats update can be seen here
From the Calgary Herald Calgary housing maket soars in April
The Herald reports sales are up 26%, but that’s compared to 2011. I feel that it gives a more accurate picture to compare to the 3-year average, as below.