The Plunge-O-meter guy comes up with some totally bizarre predictions. He won’t be around to be accountable, but he predicts in the year 2294(yes, that’s 282 years from now), the average price in Calgary will be $276,776. It will drop an average of $66/mo for 3383 months. http://www.chpc.biz/plunge-o-meter.html
By comparison, he predicts the demise in Edmonton will be quick. In a short 23 years, Edmonton’s average price will be $216,187.
Posted in Calgary SFH, Fearmongers, Predictions
Some first-hand evidence of the hot Calgary market. My clients purchased a home on the weekend after looking at six inner-city properties. There were three other new listings on the agenda which we wanted to view, but the homes were sold before we had an opportunity to see them.
Over the weekend, 19% of the sales were for list price or higher.
Posted in Calgary SFH, Market update
June hasn’t shown any changes in the bidding wars happening in Calgary’s real estate market. So far this month, 13% of all single family homes have sold for list price or higher.
How much did someone pay for 6400 sq ft of dirt? A tear-down in St Andrew’s Heights recently sold for $651,000 after being listed for $645,000. It had an accepted offer after one day on the market.
A brand new 3713 sq ft home in St Andrew’s Heights recently sold for list price at $2.3 million.
Posted in Calgary SFH, Over list price
The expected slowdown in Vancouver real estate is now occurring. An authority on the market comments…
“Somerville said he can’t pinpoint a specific reason for the sales slowdown, but that factors could include a lack of faith in the economy, a slowdown in offshore investment or buyers refusing to pay high prices.”
Talk about stating the obvious. Read more: Vancouver Sun real estate numbers signal slowdown
We’re finally seeing the first signs of inventory increasing, although the prices are flirting with the all-time highs of 2007. Inventory was down 21% at the end of April.
Posted in Calgary SFH, Market update
This spring, I’ve set up searches for buyers with their criteria for price, location, etc., and it’s not unusual to see as few as one listing per month. This doesn’t give the prospective home buyer much encouragement.
It’s been a hectic market with low inventory, a shortage of new listings, attractive homes selling quickly, rising prices, and the highest sales in five years. I’ve been telling buyers to hang in there, because I expect we’ll see a lot more inventory in the summer months and not so many buyers. Hopefully the prices will stabilize or drop as well.
Vancouver inventory is at an all-time high with the lowest sales in years. Toronto, by most accounts, will be in the same boat soon. What about Calgary? Is it different here?
Posted in Calgary SFH, Predictions
Artist rendering of The Rivers condo project
The most interesting part of this news story for me was this comment from Chris Bourrassa, chief operating officer of 26th Avenue River Investments Inc.,
“He said many of the buyers are business leaders who have vision and can see the economy moving in the right direction.
Calgary is very strong and they can just foresee that now is the time to move on some of these things…
Movement back into Calgary — in the form of transfers from international corporations — is also a trend worth noting.”
Read more Luxury Elbow river condo sells for $8.99 million
Not on MLS
Take note, this condo was not listed on MLS and will not affect the average price. If it was factored in to the 30-day condo stats, the average price would be $309,000 rather than the actual $295,591.
What’s the condo fee?
A different unit in the same building is listed on MLS for $7,990,000. The condo fees are $3,834/mo.
Posted in Luxury sales, Unusual occurrences
The 30-day median price in Calgary at $430,000 is now higher than at any time since August 2007. I remember the doubt in many buyers’ minds in early 2009 after the sub-prime mess in the U.S.
For those who took the risk, if you bought an average home in Calgary in Jan 2009, the median price has risen $55,300, or 15%. Average price is up $86,993, or 21%.
Bubble bloggers, most of whom have gone by the wayside, were spreading gloom and doom, eagerly awaiting the market to crash, as they stocked up on bottled water, ammo, and canned goods.
How many buyers are now sorry for listening to the doomsday crowd? Was it worth waiting three years, only to pay an additional $55,300 for your home? What are you going to do with all the canned beans, ammunition and firewood? Do you feel like the Greater Fool?
The graveyard of bubble blogs is getting crowded
Posted in Calgary SFH, Fearmongers, Greater Fool
Not much change over the past week. Attractive listings are still in demand and are selling fast. While other parts of the country such as Vancouver are finally starting their correction, Calgary’s sales and prices are the highest we’ve seen in five years.
New listings are showing signs of increasing, but inventory is still down substantially from where it usually is at this time of year. Sales are on track to be the best month in five years.
Posted in Calgary SFH, Graph: Sales vs inventory, Market update
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