Wednesday, August 1, 2007

Prelim Numbers

Thanks to Bob Truman for the numbers.
So median prices down across the board and condo prices down for 2 months in a row. And 2 months down is generally a trend unless you are a perma bull. Still, Calgary is holding on a lot better than Edmonton.
Edmonton has at least 6 months of inventory (some economist said 9 months) at over 8000 MLS and 2600 Comfree. Too bad, some of the recent acquisitions in the oil sector have discounted the Alberta Advantage entirely. As per Marathon Oil:
"Capital costs to refine an incremental 80,000 barrels per day of heavy sour crude at the Detroit refinery will be less than half the investment needed to build an equivalent capacity upgrader in Alberta."

What will happen to the gazillion dollar real estate plans of Edmonton if a few other companies follow suit? For the moment though, the water cooler talk hasn't been about the falling real estat prices. I guess the second month down in a row will probably have some people whispering about the changing real estate market.
Anecdotally, I've seen only two listings with Sold signs in downtown Edmonton from amongst hundreds.
We'll get the actual sales numbers in a few days. Stay tuned.
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