December 1-14, 2011 Calgary Real Estate Market Update

Single family home sales for the first two weeks of December totaled 404, a 6% increase over the same period last year.  Condo sales trailed slightly year-over-year with 173 units selling compared to 178 in 2010.

SFH Sales

SFH Pending Sales

SFH Weekly Sales

Condo Sales

Condo Pending Sales

Condo Weekly sales

2 responses to “December 1-14, 2011 Calgary Real Estate Market Update

  1. TD: Mortgage Rules Should Be Stricter
    Globe & Mail, December 15, 2011

    Ed Clark, the chief executive officer of Toronto-Dominion Bank said in an interview that he believes Ottawa could tighten the rules on housing loans more than it already has, without hurting the economy or putting the housing market at risk.

    Mr. Clark believes cutting the maximum length on federally insured mortgages to 25 years, from 30 years, would be a good step to slow rising household debt, which hit a new record this week, surpassing that of the United States and Britain.

    Despite his comments, Mr. Clark said he doesn’t expect the government to make a change in the near future.

    “I think the government will pause here and not do any tweaks, because they’re hoping that the housing market is slowing down on its own but not collapsing and they don’t want to push it over and make it go down rapidly,” Mr. Clark said.

    Read the entire article here


    “We have tightened the rules three times … including this year, with respect to residential mortgages,” Mr. Flaherty said. “However, we have low interest rates and Canadians – some Canadians – are taking advantage of those to take on some larger mortgages, so again we need to caution Canadians not to overextend themselves because interest rates eventually will go up.”

    Of course, Mr. Flaherty never mentions that he himself loosened the mortgage rules in the first place several years ago and is now just correcting his own imprudence.

  2. Merill: Classic Bubble Signs in Canadian Housing Market
    Globe & Mail, December 19, 2011

    However, Merill has been saying this for several years now:

    September 2008: Merill: Canada’s Housing Bubble Could Soon Burst

    December 2009: Merill Warns of Housing Bubble

    Click here for an interesting read about how an economist flip-flopped his view on Canadian housing market from when he was working for Merill to after he was hired with the Bank of Canada (half-way down post)

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