Average and median prices reached an all-time high in May. A dramatic increase in first-time buyers bodes well for the move-up buyer and the long-term health of the market. For the last two days of May, 21% of homes sold for list price or higher, so bidding wars are still going strong. You can see a more comprehensive update on my Monthly stats update.
With inventory approaching the 3500 level, I’m hopeful we’ll see a moderation in prices and an end to the bidding wars for the remainder of the year.
From the Calgary Herald: Calgary housing market smashes records in May
Bob's real estate blog 
What were they saying…
In light of May’s record prices, it’s amusing to go back to Nov 2012 and take a look at what a Calgary blogger was spewing: “Since May of 2007 sales and prices have done nothing but go down, prices in Calgary are down $50,000 + easy and sales are down 25%, and its crystal clear that Calgary is heading into a major bust.”
The median price is up 8.2% since that was written six months ago. That particular blogger has become eerily silent about his prediction.
I just love that all the bubble blogs have either dissapeared or some have bought homes. Only Garth Turner’s blog is operating but I believe it is merely a front for his business, not to educate.
Garth is an amazing writer. He can say black is white and a contingent of gullible fools will believe him. He’d have a lot more credibility if he could bring himself to admit his failures, rather than pretending he never said certain things which have proven to be monumental blunders. Admitting any shortcoming, however, would be difficult for a guy with his inflated ego. -Bob
You have to love the babybomers: First they borrow money and spend it to the point it will take generations to pay off, they get rid of the mandatory retirment age at the same time they should retire to screw gen X Y again.
And now they are sucking in first time buyers to take the future loss while they get out at tops!!!!