Comments for Calgary Real Estate Review

Comment on February 1-21, 2012 Calgary Real Estate Update by Kevin

Kevin — Wed, 22 Feb 2012 17:00:27 +0000

Small additional comment to the new rule regarding the reporting of conditional sales: In the event that a conditional sale is recorded and the buyers back out, this will remain on the house record and any future potential buyers may conclude that the sale fell through because it failed the house inspection. For this reason it would be best to not report conditional sales and rather be up front on the phone if someone wants to view an (unreported) conditionally sold property.

Comment on Is CAAMP’s Analysis Correct? by Mike Fotiou

Mike Fotiou — Tue, 21 Feb 2012 18:53:55 +0000

Condo Investors Beware BNN, February 21, 2012 Economists are increasingly sounding the alarm bells for condo investors in Toronto and Vancouver, saying a tsunami of new units in the coming years will weigh on prices... Read article, watch video

Comment on The Catalyst & Noose by Is CAAMP’s Analysis Correct? | Calgary Real Estate Review

Is CAAMP’s Analysis Correct? | Calgary Real Estate Review — Mon, 20 Feb 2012 15:59:47 +0000

[...] article: The Catalyst & Noose (January 2011) Share this:FacebookTwitterStumbleUponDiggRedditLike this:LikeBe the first to like [...]

Comment on Behaviour of House Prices by Scalgary

Scalgary — Fri, 10 Feb 2012 18:42:27 +0000

Thanks Mike,

I will have serious thought about buying house…may be by end of this year or early next year.

Keep up the great work..!

Have a great weekend..!

Comment on Behaviour of House Prices by Mike Fotiou

Mike Fotiou — Fri, 10 Feb 2012 18:15:11 +0000

Saami, I’ll definitely continue compiling the stats, especially with CREB getting rid of the median stat in their month-end report soon.

But don’t dismiss the new MLS HPI. It’s a great additional resource. It doesn’t have a 2-month lag like Teranet’s, and we’ll now also be able to drill down to specific communities and property types to see trends in the marketplace and quickly identify turning points.

Comment on Behaviour of House Prices by Scalgary

Scalgary — Thu, 09 Feb 2012 23:10:26 +0000

Hi Mike,

I am curious to know whether you will continue your great work of compiling daily stats for calgary market. Hope HPI doesnt take away raw data from us.

Keep up the great work…! Thanks.

Best Regards,
Saami

Comment on New Housing Price Index (NHPI): December 2011 by New Housing Price Index (NHPI): December 2011

New Housing Price Index (NHPI): December 2011 — Thu, 09 Feb 2012 22:42:13 +0000

[...] The price of a new Calgary home was up between November and December but down from the previous year according to Statistics Canada NHPI released today. Calgary’s index was up +0.2% in December but down -0.1% year-over-year. Nationally, the index … Continue reading → [...]

Comment on Behaviour of House Prices by Mike Fotiou

Mike Fotiou — Thu, 09 Feb 2012 18:28:59 +0000

“In the housing market, people . . . . . . just do not know how to judge the overall level of prices. Much more salient in their minds is the rate of increase of prices.”

-Robert J. Shiller, Irrational Exuberance, 2nd Ed., 2005. p. 20

Comment on New Housing Price Index (NHPI): December 2011 by Mike Fotiou

Mike Fotiou — Thu, 09 Feb 2012 16:49:37 +0000

Alberta’s new home prices steady February 9, 2012 EDMONTON, AB, Feb. 9, 2012/ Troy Media/ - Analysts of Alberta’s residential real estate market might be verging on a bit of boredom lately. For over two years, the ticket price for newly built homes has remained basically unchanged in both of Alberta’s two largest cities. In December 2011, the new housing price index in Edmonton was 90.2 – exactly the same as it was in November. Calgary’s index was 95.5, up only marginally from 95.3 in the previous month. Statistics Canada’s New Housing Price Index measures changes over time in the selling prices of new residential houses, agreed upon between the contractor and the buyer at the time of the signing of the contract. It is indexed to a reference price in 2007, which means prices in both Calgary and Edmonton are currently somewhat lower than they were in the reference year. The index over the past two years reflects a general characteristic of Alberta’s housing market: it’s stable. Other economic indicators in residential real estate - including housing starts and existing home prices – have shown similar patterns of stability in recent years. Alberta’s rising population and great labour market conditions are boosting housing demand. Yet that may be counter-balanced by the general belief that mortgage rates and prices will remain steady in the coming months. This may be reducing the urgency for potential buyers to jump into the market. This all suggests a fairly balanced, healthy market. The current stability eases any fears of inventory or price bubbles building – which pose much bigger problems when they burst. | ATB Financial Source: Troy Media

Comment on TD vs BMO: Two Different Takes on Housing Start Data by Doug

Doug — Wed, 08 Feb 2012 23:38:20 +0000

I think BMO is trying to be more diplomatic about the situation. What they are saying doesn’t necessarily imply that there is no bubble. This could be the final push in construction somewhat sustained by the temporary interest rate drop by the banks, that produced demand. The next step could be a drop in construction by a decrease in demand due to rule changes or higher interest rates in an attempt by the government to slow the excessive borrowing and run up in prices.