Mike Fotiou’s recent post has prompted me to offer a theory about the uniqueness of the Calgary real estate market. Calgary is the one and only city in Canada where the market has been relatively stable, with prices holding steady or increasing slightly this year. Over the past five years we’ve had small ups and downs, but the price has never fluctuated by more than 6.7% from year-to-year at the end of December.
Calgary is also the one and only city in Canada that’s had detailed and relevant housing statistics since 2006. Sellers and buyers have been able to make well-informed decisions about buying and selling based on the wealth of data that’s only been available here. Is there a correlation between good information and a stable housing market? Maybe.
My blog gave a balanced view with data and articles on all sides of the debate. While no one can predict the future, it enabled buyers and sellers to closely examine all sides of the issue, and think things through carefully before making decisions. In Feb 2007 I was the first realtor to publicly state that we could expect a correction, which did occur a few months later.
It all started with my website back in 2006 and Mike took it to a new level a couple years later. Consistent with the old saying that “a rising tide lifts all ships,” CREB started fine-tuning their statistics and now offer incredibly detailed and timely information. As Mike accurately states, “I don’t know of any other real estate board in Canada that provides such in depth real estate statistics and on a daily basis.”
The downside of being a leader also means being a target. I was the subject of many disparaging and malicious comments on the bubble blogs, most of which no longer exist. The same people who complained about a lack of transparency were the first to ridicule and defame me for giving the straight goods, simply because it didn’t fit with their agenda of a big crash. None of the “crash-sites” were even remotely accurate in their predictions for this market.
It’s pretty common to hear other blogs complaining about the information they get from the various real estate boards across Canada, with the exception of Calgary.