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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October 17th, 2007 at 8:05 am
tinyurl.com/3acrbz
the lusting for free money is never ending..expect lots more of the same
edmonton and calgarys real estate has gone bust
prices in calgary down $46,000 in past 10 weeks..sales off 10-15%
October 17th, 2007 at 8:54 am
October 17th, 2007 at 8:54 am
October 17th, 2007 at 9:06 am
October 17th, 2007 at 9:10 am
October 17th, 2007 at 9:25 am
October 17th, 2007 at 10:09 am
we have 11,000 properties for sale
1 for every 90 people (man woman child)
do you have a count of how many in the gva
tinyurl.com/248srs
October 17th, 2007 at 10:25 am
http://tinyurl.com/24emfo
October 17th, 2007 at 10:58 am
your inventory is where ours was last year..not to healthy..but hanging in there
but it seems your sales are only half of what your new listings are
that means a lot of homes just arnt selling..period
all those million dollar homes totally skew your average price
and median homes are just riding on there coat tails
there is no way possible for vancouver to escape the housing crash..just no way
your probably hearing the same things that we hear here in cowtown
its different here
we have good fundamentals
we have a strong economy
and all the other blabber the fools speak
nope..theres no escaping the bust in vancouver..yours is gonna blow big time
October 17th, 2007 at 11:08 am
your probably hearing the same things that we hear here in cowtown
its different here
we have good fundamentals
we have a strong economy
and all the other blabber the fools speak
Yeah but you guys don’t have the Olympics and are not a world class city…
October 17th, 2007 at 11:12 am
October 17th, 2007 at 11:16 am
calgary had them 19 years before you
they come and they go..and a lot of people get sucked in thinking that the olympics will make re prices go over the moon
as far as a world class city goes it all in the mind of the beholder
only peoples opinions that dont live there count
kinda like calling your self smart or good looking
its for others to judge
October 17th, 2007 at 11:28 am
Does Vancouver even have an opera house?
October 17th, 2007 at 11:46 am
October 17th, 2007 at 11:48 am
What, you mean The Orpheum doesn’t count?
There’s not enough cultured people in our city to properly support the Opera Company, let alone an opera house…
Everyone’s too busy specuvesting on their house.
October 17th, 2007 at 11:58 am
Lake Placid, Sarajevo, Calagary, Albertville, Lillehammer, Nagamo, Salt Lake City and Turn.
What about the summer games? Montreal, Moscow, LA, Seoul, Barcelona, Atlanta, Sydney and Athens?
From what I understand it put every city in debt except for Atlanta and people did not start buying up property in any of these places.
Anyone know more?
(Some people think it is going to change Victoria and everyone will want to live here. ???????)
October 17th, 2007 at 12:08 pm
Atlanta received a huge whack of federal money for their Olympics so they could represent the US of A in high style.
(Some people think it is going to change Victoria and everyone will want to live here. ???????)
It’s called ‘magical thinking’: no evidence nor logic required.
October 17th, 2007 at 12:26 pm
It will be like a wedding - huge build-up, great expectations and then when it is all over it a downer. Everyone goes back to their own live and own countries and bye bye Vancouver.
October 17th, 2007 at 1:19 pm
October 17th, 2007 at 1:39 pm
Prices are still up after 19 year isn’t it.
they should be recovering from the mass destruction,but Canada is different. isn’t it?.
Do you know if Montreal is recovering from any loss after olympics?.
Have you lost anything in 19 year after olympics in calgary?.
Are we going to lose anything after olympics in Vancouver?.
October 17th, 2007 at 2:02 pm
Do you know if Montreal is recovering from any loss after olympics?.
WTF? Learn how to write coherently, then come back.
October 17th, 2007 at 3:15 pm
that’s awesome! you pick the right answer.there should be some logic behind what we say,and what we write.
October 17th, 2007 at 5:33 pm
Too much electricity in the brain.
October 17th, 2007 at 5:43 pm
I certainly would not have picked Alberta to peak before Vancouver, but it looks like that’s happening.
Its also fun to watch bears predicting the end of the earth as we know it.
As for the Olympics, after seeing the ticket prices, I’m looking forward to watching them at home in HD. I have a feeling the Beijing games might be a snafu, thanks to their government and some good old fashioned steroids scandals. Vancouver’s games should make for a nice recovery.
October 17th, 2007 at 6:06 pm
we don’t have the wherewithal for a basketball team franchise
October 17th, 2007 at 6:42 pm
Calgary $415,311 12.3 Edmonton $344,286 23.5 Montreal $227,740 4.0 Vancouver $582,354 10.4
” REL=”nofollow”>electricity brain tea with rothmans bluefor smart people.
drama-part-2 Says:
October 17th, 2007 at 6:53 pm
October 17th, 2007 at 7:26 pm
October 17th, 2007 at 7:28 pm
Calgary $415,311 12.3 Edmonton $344,286 23.5 Montreal $227,740 4.0 Vancouver $582,354 10.4
YOY always act of desparation. Say “YOY” … sound stupid.
better look at MOM. Say “MOM” … sound good.
Think MOM, not be fool by YOY. MOM treat you right. YOY make you fool.
October 17th, 2007 at 7:38 pm
Translation by expert:
“Cracks in the foundation are threating the structural integrity of Alberta’s second economy (flipping of real estate), as a tsunami of desperate flippers try to unload highly leveraged property before others catch on that the game is over and the banks demand that they return the keys to their Hummers and made-in-USA Beamers. Even passioned appeals for calm by the former renegade salt-and-pepper squidly66 (now turned RE promoter) have failed to quell the rising tide of listings panic.”
October 17th, 2007 at 7:39 pm
Every goods persons can make “mistake”
We no hang in public, just cost you some money, and lawyer expense, but not tax deductilbe, but ok.
October 17th, 2007 at 7:43 pm
October 17th, 2007 at 7:47 pm
October 17th, 2007 at 8:10 pm
but dont ever call me an re promoter
i was blocked out of squidly66
now i use squidly77..or should i say liquidity77
you want a scrap..i will bury you with real and true stats
vancouver real estate is a fat man with a bad heart..leaning on two skinny legs..its just a matter of time
wanna scrap..bring it on
October 17th, 2007 at 8:20 pm
that even a small spike in interest rates would cause a mortal wound
wont happen this year
but it will happen
and then the speculator slaughter will begin
and i would bet vancouverites would cheer for more blood and gore
and broken bones
they are as sick of speculators as we are in calgary..pure pestilence
like rats in the basement
wheres the poison
its time to chase these rats outta town
feeding on our wages
feeding on our parants pension
get the f outta here
October 17th, 2007 at 8:32 pm
these language challenged idiots wanna make money off of good canadian families
families with young hockey families
families that want to take there boys and girls fishing
families with values
these parasites want to put families in massive debt
and put there parants in the street
bash these parasitical beings
chase em outta town
wheres the rat poison
October 17th, 2007 at 8:39 pm
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 time
bla,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 we are(usa,uk,)are exploding why don’t you(Vancouver)join us?
There are lots who parise Vancouver,but at the end they just P in the pants. why?is that?.when Vancouver has been declared #1 ranks or close so many times by UNO,Economists Mags,and more what’s the point to ignore that issue?
Had Enough,
Her husband once connected to reuters.com and show her a article about Canada and convince her to become life time renting “bear”.since then she has joined mission with Jeff and repeatedly attacking on Vancouver.
Rami Nader in national post article-while his income can buy him home in pitt meadows or langely,he was looking for water front property in North Vancouver.Damn.I think soon I will be start geeting 38 grey hairs .
October 17th, 2007 at 8:47 pm
October 17th, 2007 at 8:51 pm
total unintelligent brain dead realtors..who should be working at taco bell
forget the poison
wheres the baseball bat
October 17th, 2007 at 9:18 pm
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!!!
October 17th, 2007 at 9:28 pm
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.
October 17th, 2007 at 9:28 pm
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.
October 17th, 2007 at 10:03 pm
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.
October 18th, 2007 at 5:22 am
Sell to whom? The poor?
October 18th, 2007 at 6:16 am
tinyurl.com/39qo3g
how can your kids afford houses
or do they all have to leave theire home town tolive else where
just insane
October 18th, 2007 at 8:32 am
10/18/07 6:22 AM
NO they will wait for some gentle mens with tie and suit and a suite case packed with $$$.
were you poor in 1981-2000,2005,2006,are you poor now in 2007.
I would say lots of people were in affordable situation,but they piled up on VHB side instead of buying.
if some one expect 25-50% crash thats where the price will set up again,but that is also just a dream..
Freako,
once you have raised a question who is buying?
do you think this answer is correct?when drachan and freako miss then oily rich picked…….
check that article lots more poeple are looking for 5m.properties but none is avialabe to buy that’s the genuine case in Vancouver.
October 18th, 2007 at 9:50 am
tony danza…..symbol NOT it’s spec but its the best thing going on the exchange
October 18th, 2007 at 10:08 am
“NO they will wait for some gentle mens with tie and suit and a suite case packed with $$$.
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.
October 18th, 2007 at 10:57 am
October 18th, 2007 at 2:53 pm
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
October 18th, 2007 at 3:23 pm
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…
October 18th, 2007 at 4:24 pm
We won’t be hearing from SATV for a while.
A very seriously deranged escapee was apprehended earlier today at a local Internet Café.
October 18th, 2007 at 4:56 pm
http://www.canada.com/victoria.....38;k=18444
October 18th, 2007 at 9:44 pm
October 18th, 2007 at 9:59 pm
October 19th, 2007 at 10:16 am
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”.