Calgary Stampede attendance is down from last year partially because of subpar weather, and partially – well, it could also be blamed on Calgarians being to0 busy looking for homes. 
The first week of July recorded a total of 336 SFHs and 130 Condo sales, up from last year. However, the pace has dropped off from June when 377 SFHs and 148 Condos sold in the first week. Prices remain down year-over-year despite increases in 2009.
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The decrease in sales is really more in the line with a “reality (not Realty) check” with people thinking about the economy not recovering till 2014 (see Canadian Budget statement).
I do remember you mentioning that a lot of sales were in the 400k or less mark, so it’s possible the first time buyers are running out and those left are smarter with their money. Also with rising mortgage rates, growing unemployment and wage cuts maybe it’s not “that affordable” at current prices anymore.
Mike
Mike Fotiou says: Currently 51% of SFH sales are under $400k (July 1-8) which is what June’s month-end % was as well.
June’s unemployment numbers are in. Calgary held steady, while Edmontons unemployment levels increased.
—Calgary 6.6% (previous month 6.6%)
—Edmonton 6.5% (prevous month 6.0%)
Overall, Alberta’s unemployment rate increased 0.2% to 6.8%
Source: Statcan
Alberta Unemployment.
What didn’t get headlines is Alberta had the greatest increase of unemployment by DOUBLE any other prov/terr in Canada.
YoY Alberta unemployment is up 107.8%
Now, if that isn’t a ringing fire alarm bell I don’t know what is.
Mike said: “Currently 51% of SFH sales are under $400k (July 1-8) which is what June’s month-end % was as well”
I kinda figured it was that as I’ve been looking at homes from $600-over the $1m mark and they are not selling and their prices have dropped about 30% over their asking last year (DOM over 365 days) for several homes. But there are a few under $400k I’ve been watching that are not moving either. ($300-400k in Millrise SW)
So, first time buyers are moving the market while I then assume that move up buyers and estate buyers are sitting back watching the market. I would also guess that is why we are sticking around the $400k average/median too.
Thanks for the info Mike.
Mike