“We have a tremendous shortage of listings in Calgary,” said Ted Zaharko, broker for Royal LePage Foothills Realty. “The market has made a complete turnaround. The whole year, we’ve been behind in terms of the number of listings that should be on the market. I think conservatively Calgary is short about 1,000 listings right now. Supply is diminishing and demand is pretty strong in Calgary. So prices will be and are recovering across the board,” said Zaharko.
Bonnie Wegerich, CREB president, about the low listing count, says: “People also just want to see what the market is going to do. They’re waiting for it to come back up before they put their house back on the market.” (Source: Calgary Herald, October 8th “Drop in Listings Support Calgary Real Estate)
Some positive news on the economic front today, as Canada’s unemployment rate fell by 0.3% to 8.4%, the first monthly decline since the beginning of the labour market downturn in the fall of 2008.
Calgary’s unemployment rate dropped slightly as well to 6.9% compared to the 7.1% recorded in August.
Google Street View
Now available for Calgary, Street View on Google Maps takes takes you on a 360-degree virtual tour through streets and neighbourhoods.
Here are some Street View moments found by Globe & Mail readers.
Consumer insolvencies and bankruptcies in Alberta continued to increase in August according to statistics released earlier this week.
According to a CIBC report, household debt increased by 3.4% while personal disposable income declined by 0.2% , resulting in a higher debt-to-income ratio. Household debt is now 140% of income, up from 131% a year earlier. This figure is moving in the opposite direction than in the United States, where the ratio has fallen for the last two quarters. The article continues:
While indebted Canadians are well insulated from interest rate hikes for now, that could change if the real estate market gets too hot in the months ahead.
The Bank of Canada’s conditional commitment not to raise rates until the middle of next year hinges on a well-behaved housing market, Toronto-Dominion Bank economists Craig Alexander and Grant Bishop wrote in a report published Tuesday.
The key risk for tighter monetary policy is not an unexpected jump in consumer prices, but excessive strength in real estate prices, they argue.
The Bank of Canada will “seek to lean against signs of emerging asset bubbles,” but its view at the moment is that the recent resurgence in housing is temporary, they said.
You can read CIBC’s report: Household Credit Analysis
When it comes to staying up-to-date on your mortgage news, I don’t know of a better source than Canadian Mortgage Trends. With posts updated frequently, they’re on top of current events.
This morning they reported:
“The 5-year bond yield is soaring over 23 basis points as we speak! It’s the biggest jump in bond rates in over a year and it comes on top of strong gains over the previous few days. The yield is now near an 11-month high, and that means fixed mortgage rate increases are around the corner.”
Just a little later today, RBC announced fixed-rate increases with other banks probably to follow shortly.
Make sure you keep their site bookmarked! (Besides this one of course 😉 )
Cochrane Bow Ridge Slippage Update
The Town of Cochrane has retained the services of Stantec Consulting Ltd. to determine the cause of ongoing Bow Ridge wall movement affecting the community of Bow Ridge Phase III, more specifically, those portions of Bow Ridge Drive, Bow Ridge Link and Bow Ridge Close, directly adjacent to the hill. The process was initiated in May 2009 and included a geotechnical investigation to determine the extent of the distress walls, assess the cause of the movements and determine potential remedial measures.
Fore more information, please contact the Town of Cochrane at (403) 932-2075
Have a good weekend everyone, and stay warm 🙂