As I’ve been doing for the past many years, it’s time to head for the mountains for the winter. We’ve been skiing for 10 days already and there’s lots of snow on the way. We’re lucky to have such wonderful winters in Alberta.
It’s been a surprising year in the Calgary real estate market. Expectations early this year were for a downturn. We had a shortage of inventory, but I expected the usual influx of listings in the spring would alleviate that problem. It didn’t occur, and provided inventory remains low, I don’t expect anything dramatic to happen. Every major market is experiencing drops in year-over-year sales except Calgary.
I appreciate all the feedback and comments which you’ve provided over the past nine months. In the mean time you can find me at SkierBob.ca.
Usually by this time of year, the median price drops. It’s the old spring up, fall down scenario. Not this year. The median price is higher now than it was in July.
The following chart comes from Scotiabank. Read more Scotiabank Globalviews
Calgary and Edmonton were the only two cities to show an increase in sales in Sep 2012
A shortage of inventory and a 9% price increase wouldn’t be considered all that dramatic, except everywhere else sales and prices are dropping. I was mocked way back in the spring when I said that our low inventory would result in price increases. Things have transpired exactly as I predicted.
It’s only a short reporting period, but prices and sales have made a considerable uptick for the first week of October. Will Calgary’s housing market eventually succumb to the downturns which are now occurring in Toronto and Vancouver? The cliff appears to be a lot further down the road.
“It may be human nature to gripe, but every now and then we need to open our eyes, take a look around and give thanks for our good fortune in being able to call Alberta home” Read more Giving thanks for Alberta