With inventory down 35% from the norm, and new listings hard to come by, it’s almost unfathomable that sales are up 39%. Don’t expect too much of a lull in activity which usually happens at this time of year, unless we completely run out of homes to sell.
Sales to first-time buyers were up 39% in July compared to the 3-year average, but I expect this group will be affected most by the CMHC mortage cap, and a drop in first-time buyers is most likely to eventually occur.
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Why is Alberta a magnet for immigrants? http://www.huffingtonpost.ca/senator-mobina-jaffer/alberta-immigration_b_3732790.html?ncid=edlinkusaolp00000003
The comments following the article are interesting and a few come from people questioning why we need immigrants when so many Canadians are unemployed. Fact is, Canadians won’t do those jobs.
“At the start of 2013, the only debate on Canadian housing was whether it would have a hard or soft landing. In fact, recent data suggest that the market may not have ‘landed’ at all, and instead is in the process of possibly taking off again.” http://www.bmonesbittburns.com/economics/talkingpoints/20130809/talkingpoints.pdf