Real Estate Market Still Booming!
Sep 24th, 2007 by Dan Standeven
The real estate boom in Canada fascinates me, I always find it interesting to see how expensive home have got in Calgary and to be honest how quickly this has happened. I have in the past wrote a couple posts about the current boom 1 called Canadian Real Estate Boom, Will it End! and the other called Calgary’s crazy economy. The Good, the Bad, and the Ugly
So when i came across this article in the Calgary Herald called Calgary’s real Estate Market is through the Roof, I was a little surprised at what i read. I didn’t realize the market was still as strong as it was last year. I did know that we were having another great year here in Calgary but this article still surprised me. After last years crazy real estate boom, things around here I thought would slow down, or at least level out, not according to this article. According to stats released on Friday from the Canadian Real Estate Association, sales have topped $10 billion dollars in only the first 8 months of the year. At this rate the record $11.4 Billion dollar volume set for 2006 will surely be broken. Why is this, well the average house price from this time last year has increased by 22.3% as well as a 2.3% increase in total number of sales.
So what does this mean to Calgarians, well if you own your home, you are benefiting from the Calgary’s and Canada’s booming economy and real estate market. If you don’t own your home, you may not think that these increases are such a good thing. What does this mean to a guy like me, well it almost seems like a great time to sell the house dust off the golf clubs, buy a house in PEI and semi retire. What do you think?
Real Estate, real-estate, Canada Real Estate, Canadian Real Estate, Home Buying, House Buying, Real Estate Blog, Real Estate Blogging
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As a new real estate agent here in the US, it is amazing to see how well Calgary is doing! I went skiing out there in the 90’s, beautiful area!
Great blog too!
Thanks for the compliment on the Blog.
Yeah it is crazy here in Calgary with no end in sight. Thanks for visiting
I live in Calgary. This article didn’t point out that Calgary has RECORD levels of inventory as of today. Alberta has been rated as the second least affordable province in Canada. I strongly feel that this housing bubble is ready to burst.
As of September 20, 2007: Total Listing inventory *includes Calgary & all surrounding rural listings* is currently at 10,443 listings. This represents almost 5.75 months worth of listings at the current rate of sales. Calgary Metro listing inventory is currently 7,400 listings - about 5.25 months worth of inventory.
Considering that housing prices are so high, the amount of wealth generated by selling a house in Calgary and buying a property in the United States could be 100’s of thousands of dollars. Or you could always buy a mansion for $500G instead?
Thanks Anonymous, whoever you are. There are some great points here.
Hey Dan… with so many listings, probably don’t want to try to sell right now.. but it really doesn’t seem to be any end to this market… it’s crazy…