Thursday, November 1, 2007

March 2007 prices 'reintroduced' in Calgary?

Thanks as usual to Bob Truman for the stats. We are back to March 2007 levels by pretty much any statistical measure (average, median) for old and new criteria, SFH or condos.
The condo average price seems to be the only aberration to this pattern.

Putting things into perspective, prices have fallen for SFH by a whopping $50k since end of July. That's almost 10% drop in just 3 short months. And as per CREB, July was the best time to buy, as were August, September and most likely October will be. But will any agency that's supposed to protect the interests of its realtor members going to say "please hold on, this isn't the time to buy. Wait for a few months or may be a year and let air fizzle out of this massive speculative bubble.' I very much doubt it would ever happen.

The big questions:
-Are we going to see more falls in the next two months brining the total increase for 2007 to zero (and negative in inflation adjusted terms)?
-If this does indeed happen, are we going to see to see the first YOY decline as early as January 2008?
May be it's going to be a little bit longer.
On that note, here's another poll.

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