Alberta: New listings dramatically outpacings sales

Marco sent in this link to a Globe and Mail story about the Alberta housing market where a flood of new listings from owners trying to cash in on high prices is shifting the dynamics of the market in Calgary and Edmonton.

In Calgary, 5,330 residences hit the market last month, an 11 per cent increase from the year before. But sales for the month fell by 11 per cent year-over-year to 1,935 units.

“Momentum is fading fast in the Alberta housing market,” said Robert Kavcic, economic analyst at BMO Capital Markets, in a research note. In September, sales in Edmonton had their sharpest decline since the early 1980s, Mr. Kavcic said.

While soaring prices are drawing sellers in droves, it also means potential buyers in Alberta are waiting or being priced out of the market.

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jesse
jesse
12 years ago

"…..Vancouver is no longer on the list."Hey michael. Yes you're right. I think that list was for 10 most liveable cosmopolitan cites. I think we agree Vancouver isn't really one of these. It doesn't mean Vancouver is unliveable however. Just not really "cosmopolitan".

Michael Randallbard
Michael Randallbard
12 years ago

Oh shit…..Vancouver is no longer on the list. Oh well when you compare it to real cities, our cold unfriendly rainy jungle of glass skyscrapers is really inferior. I've felt that in the last 15 years Vancouver has slid down tremendously. Its really all just hype with no substance.

Forensic Unit
Forensic Unit
12 years ago

“Please just ignore Drama pt 2, it's just SATV again and he's as clever as he's always been.”We won’t be hearing from SATV for a while.A very seriously deranged escapee was apprehended earlier today at a local Internet Café.

OWG
OWG
12 years ago

owg is a bear one minute, and a bull the next.What can I say – I can't decide on how to look at this situation so I am doing some fence sitting and providing observer type independent and sometimes infamatory commentary…

tulip-Mania2
tulip-Mania2
12 years ago

For years Greenspan confined his public utterances on the worsening housing bubble to polysyllabic imbecilities, never calling it a bubble, , preferring instead the word “froth.” And I like this story also Between 1991 and 2005 real estate prices in Japan fell 64% and just started showing signs of recovering in 2005. Prices in some parts of the U.S. have fallen by 50% already. But,it can't happen in Canada, because we have a shortage of land ,and such a large population, and of course our Re investors are much smarter than the Japanese and Americans. TICK TOCK, TICK TOCK

Drachen
Drachen
12 years ago

Please just ignore Drama pt 2, it's just SATV again and he's as clever as he's always been.

trotter
trotter
12 years ago

drama-part-2 said… "NO they will wait for some gentle mens with tie and suit and a suite case packed with $$$. were you poor in 1981-2000,2005,2006,are you poor now in 2007. I would say lots of people were in affordable situation,but they piled up on VHB side instead of buying. if some one expect 25-50% crash thats where the price will set up again,but that is also just a dream.."———————————–My advice: Find a decent paying job.If readers of Vansky / Westca / CanadaMeet / Vankoo / MyCanadaNow etc no longer buy your sales pitch, people over here and at REtalks are far above your league.US is seeing increasing race-related issues as their economy worsens. Let's be thankful that we only had a few isolated incidents like the locals throwing fishing immigrants in to the river at Georgina, ON.

Michael Randallbard
Michael Randallbard
12 years ago

Richmond prices are down a bit in my area and overpriced houses aren't selling. White Rock has more price reduced signs on lawns. People are now talking more and not afraid to voice their opinions about a housing price decline and are less intimdated by the BS Bullstony danza…..symbol NOT it's spec but its the best thing going on the exchange

drama-part-2
drama-part-2
12 years ago

Sell to whom? The poor?10/18/07 6:22 AMNO they will wait for some gentle mens with tie and suit and a suite case packed with $$$.were you poor in 1981-2000,2005,2006,are you poor now in 2007.I would say lots of people were in affordable situation,but they piled up on VHB side instead of buying.if some one expect 25-50% crash thats where the price will set up again,but that is also just a dream..Freako,once you have raised a question who is buying?do you think this answer is correct?when drachan and freako miss then oily rich picked…….check that article lots more poeple are looking for 5m.properties but none is avialabe to buy that's the genuine case in Vancouver.

squidly77
squidly77
12 years ago

just simply insanetinyurl.com/39qo3ghow can your kids afford housesor do they all have to leave theire home town tolive else wherejust insane

freako
freako
12 years ago

rich control the wealth and sell them later on high prices.Sell to whom? The poor?

patriotz
patriotz
12 years ago

The housing bubble in the US is well known, but the bubble in Canada, the UK, China, and Spain is just as big (if not bigger) than the bubble in the U.S.Well Mish is wrong of course, on a national basis the US bubble is much bigger (in terms of aggregate % overpricing). Canada's bubble is only in the west, with perhaps some overpricing in Toronto. Vancouver is about 70% more expensive than Toronto with comparable rents.

drama-part-2
drama-part-2
12 years ago

squidly77,you know better english,but no logic.do you really want to know who control the wealth in whole of Vancouver and other areas,those are your brothers OILY RICH ALBERTANS.Vancouver by the size of what ever can be bought by any group of richi rich.I am just a hard working guy who tells the locals to buy instead of some rich control the wealth and sell them later on high prices.Why are you crying?when horse man returned back.

spirit of squidly66
spirit of squidly66
12 years ago

P.S. Who could possibly understand the "salt-and-pepper" reference. Not a newbie, that's for sure. The phrase goes back to the Calgarian Contrarian.Any way truth is MOM better than YOY but COC better than DOD, especially if deception is goal. If want honesty trust MOM. COC for biggest fools, DOD for fools, YOY for people want be foolish, MOM is friend. Number 77 better than 66, but both look at truth. Also for your anger and challenge to scrap, remember that man who strike first admit his ideas have not value any more.

spirit of squidly66
spirit of squidly66
12 years ago

dearest squid,no one could ever imagine the one and only original squidly66 becoming a RE promoter.i was going to say the reference to salt-and-pepper squidly66 was tongue in cheek, but really it was a tribute to the blog poster with the rebellious spirit who refuses to be put down, and who has outlasted several important blogs both here and in Calgary.Here's to salt-and-pepper!!!

squidly77
squidly77
12 years ago

is this what you have to deal with in vancouver ?total unintelligent brain dead realtors..who should be working at taco bellforget the poisonwheres the baseball bat

squidly77
squidly77
12 years ago

what kind of an idiot posts that nonsence

drama-part-2
drama-part-2
12 years ago

Taxman,Your source is the greedy banker, who think people are making extra 13k every month and paying them only 3k interests or very less, if some one have personal line of credit.while bank of canada hold the interest rates, those greedy bankers hikes that accordingly to their greedy desire.jesse said…(from link) "The housing bubble in the US is well known, but the bubble in Canada, the UK, China, and Spain is just as…He(writer,editor,producer-not jesse) did not explain what he think! is a bubble?forbes.com article while praising Vancouver at the end they goes higher rental yield some timebla,bla.that article from UK also mention Canadian housing market have a bubble,but no explanation.I don't know who they are ,but they are worse than terrorists. some educated people are more dangerous than those terrorist,they can scare the market by their idiotical words,without reasons.thats mean… Read more »

squidly77
squidly77
12 years ago

who are these idiots that post here that cant even write in englishthese language challenged idiots wanna make money off of good canadian familiesfamilies with young hockey familiesfamilies that want to take there boys and girls fishingfamilies with valuesthese parasites want to put families in massive debtand put there parants in the streetbash these parasitical beingschase em outta townwheres the rat poison

squidly77
squidly77
12 years ago

your real estate is so fragilethat even a small spike in interest rates would cause a mortal woundwont happen this yearbut it will happenand then the speculator slaughter will beginand i would bet vancouverites would cheer for more blood and goreand broken bonesthey are as sick of speculators as we are in calgary..pure pestilencelike rats in the basementwheres the poisonits time to chase these rats outta townfeeding on our wagesfeeding on our parants pensionget the f outta here

squidly77
squidly77
12 years ago

hey..i might be in a different citybut dont ever call me an re promoteri was blocked out of squidly66now i use squidly77..or should i say liquidity77you want a scrap..i will bury you with real and true statsvancouver real estate is a fat man with a bad heart..leaning on two skinny legs..its just a matter of timewanna scrap..bring it on

satv not satv not
satv not satv not
12 years ago

Except donut tell people about real yuan when promote RE based on COC. Always show charts with nominal yuan, or better yet show US$ to show huge gain because now need truckload of US$ to buy real goods but last week only trunkload.

satv not satv not
satv not satv not
12 years ago

Never mind MOM (month-over-month) or YOY (year-over-yar). Best statistic DOD (decade-over-decade), nearly always go up. Or even improved over that is COC (but not say out loud), century-over-century. RE magnet always quote COC with confidence. Never loose money if think in terms of COC. Also improvement in jean technology and recombined DNA mean people live longer; so guess what, this mean COC valid for lengthened lifeteime. Bye with confidence, invest now, not loose.