There was a lot of consternation in February when Calgary’s sales were down by 6%. Many were jumping on the crashwagon, saying that Calgary had finally succumbed to the same fate as Vancouver and Toronto. Now in March, compared to last year, they are up 2.7% and compared to the 3-year average, they’re up 7.8%.
Bidding wars have eased up slightly with only 10% of homes selling for list price or higher over the past 3 days. First-time buyers are seemingly being priced out, which in turn should help to moderate the price increases. The inventory shortage is still the overriding concern, however.
TD Economics reports
“The story varies on a regional basis. Vancouver is knee-deep in its correction where home prices and sales have fallen 10% and 36%, respectively. Existing home sales in Toronto have weakened substantially over the last six months, but downward pressure on prices will likely stem from increasing inventory due to the degree of overbuilding in that market. Meanwhile, the housing markets in Calgary and Edmonton already went through their correction in 2009 and firmer prices and sales are likely to be supported by an above average labour market performance and strong in migration flows.”
Am I reading it wrong because I see less sales than last year?
1361 (pro-rated?) this year versus 1576 last year.
You’re missing a number of things:
– I’m comparing only the first 14 days, not the entire month, so that in itself invalidates your comparison.
– The 1361 number would include 16 days in Feb. The last half of March will have much higher sales than the last half of Feb. Your 1576 number includes all of March 2012.
– Last year, 48% more homes sold in the lasy 17 days of March than in the first 14 days of the month(939 vs 636). -Bob