Two weeks into 2010, sales of Single Family Home are softer than previous years (excluding 2009) while condo sales are on par to pre-boom levels.
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After dropping to 2054 at December’s month end, SFH inventory has began to climb back:
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Similarly, condo listings are inching back up as well:
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Below are what sale prices for the first 14 days of January look like compared to previous years:
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Good stat. thanks, mike.
Nice work , January is going to be a interesting month . With Layoffs mounting in oil and gas , this could be the tipping month . Just heard Pengrowth is planning another big layoff this coming week.
National Bankruptcy Rate Hits Record High
http://edmontonhousingbust.blogspot.com/2010/01/national-bankruptcy-rate-hits-record.html
Check this out…
Buy for $569,000
http://www.realtor.ca/propertyDetails.aspx?propertyId=8862249
or…
Rent for $1550
http://www.rentfaster.ca/Calgary-Apartments-For-Rent/3-BED-ROOM-BUNGALOW-44480
A P/R ratio of only 368.
CM, some more info on that property: the price was increased on Jan 16th from $549,900.
It last sold in January 2009 for $276k. According to the previous listing: “This property is land value only. There can be no showings of this property as per Public Health Act.”
So, onward to the Health region website to read why the restriction was in place… I’ll let you read it for yourself.
So, this brings up the question about stigmatized properties and disclosure… I’ll write up a post on this later.
O my God! as my Girlfriend and I are looking to rent in the NW . Wow guess we have to get more investigative on properties . Nice to see you back Mike !
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Yes, even when renting you need to do your research. I’ve come across properties for rent on Kijiji that still had ACTIVE health orders on them. Or where the “landlord” didn’t match the name on the Title, even though they said they owned the property.
Mike Fotiou says: Thanks, it’s good to be back
Wow, that report is …. grotesque.
Do you have the URL for the Health region ? Is there a way to search by address?
I’ve used it for searching for restaurants, but never thought of it for properties!
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Mike Fotiou says: It’s on the same site that the grow-ops are listed. You can browse all the categories here. I just use the search function in my browser to locate addresses.
Also in regards to rental properties, the inventory for SFH on RentFaster.ca is nose-diving.
Maybe that’s common for January.
Welcome back Mike.
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Mike Fotiou says: Thanks
This listing in Rosedale that just came out caught my eye because I’d seen it when looking at the median rent calculations for SFH in Calgary…
Buy for $609,000
C3407933
(might not be able to see it on realtor.ca yet)
or rent for $1500
http://www.rentfaster.ca/Calgary-Apartments-For-Rent/Renovated-Rosedale-25933
Price/Rent ratio of 406 !
In regards to my post above, I’m wondering if this might be an indication of people giving up on the rental market and starting to cash out ?
cM
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Mike Fotiou says: How much exactly did rental listings drop? Is it possible for you to post a graph?
SFH inventory is up about 400 from the end of December while vacant/new properties account for 1/4 of those listings. Of the 2462 active SFHs, there are currently 305 properties that are tenant occupied/tenants rights. (164 for Condo)
I’m thinking I should break out the Vacant/New properties stat to separate fields (Vacant, and New Construction), as well as start keeping track of the amount of properties for sale that are tenant occupied. Would this help any?
Just a note on the rental properties, I do keep a periodic eye on the total listings on rentfaster.ca.
Last time I jotted numbers down there were 3653 listings on Nov 16, 2009. Today there are 3446. That’s a decrease of 5.6%.
But, as many have pointed out here on previous occassions, prices do seem softer. Hard for me to accurately quantify, but it seems like rents have come down ~5-10% over the last 9 months.
2010 will sure be interesting as there isn’t any incentives to own RE (IMO) with job losses, oil sands shutdowns, NG and Oil low $ and 2010 marks the increase in interest rates (gov’t promise July).
Rent and be weathly.
Mike
TT: I use a standardized database query on the RentFaster data (exact same parameters each time).
For 2 bedroom apartments (month / median price):
07 – $1200
08 – $1150
09 – $1150
10 – $1100
11 – $1099
12 – $1099
01 – $1095
(9% drop in last 6 months)
For SFH:
07: $1650
08: $1600
09: $1600
10: $1600
11: $1600
12: $1550
01: $1550
(6% drop in the last 6 months)
Some have suggested seasonal fluctuation which could be true.