Have you noticed something missing from the bubble blogs over the past few days? Conspicuous by its absence?
When sales are robust and prices are climbing, it’s a daily occurrence to hear that the real estate board’s stats are unreliable. An untrustworthy source of information. You know, cooking the books.
Now that sales and prices are declining( a normal occurrence in summer), we never hear mention of it. Suddenly, the real estate board’s numbers are infallible. Impeccable, trustworthy, and incapable of error.
Sucking and blowing, both at the same time.
It’s football season – again
Three times the mortgage rules have been tightened with little change in sales or prices in the Calgary market. Three times the blog dawgs were in a feeding frenzy for a few days. Three times they lined up to make the kick. Three times Lucy pulled the ball away.
For a fourth time, they’ve all lined up. What will be the result this time?
Go Stampeders!!(except when you play the ‘Riders )
Examples of the trustworthy stats
A zealot from TheGreaterFool.ca, ironically with the name Questioning Calgary Stats left an anecdotal comment today: “Some comments on this blog provide examples of people who bought in Calgary in 2008, 2009, etc. and can only sell for a loss today.”
Let’s look at the facts. Over the past three days, 25 homes have sold which were puchased originally in 2008 – 2009. A total of 16 sold for more than the purchase price, or 64%. Not surprisingly, it appears that only the losers go to TheGreaterFool.ca.
Bidding wars update
Over the past three days, 11% of homes sold for list price or higher. A tear-down in Rideau Park sold in one day for $30,100 over list. Selling price was $880,000.