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Originally posted by Rajeev Narula
So what does this prove? Live in Calgary, buy home in Atlanta and commute to work?

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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."

-- Rhett Butler in "Gone with the Wind"

This proves wait for 6 months to a year and this over rated/heated Western Canada market RE will go down. There are lot of house in every street here with reduce price board especially in new neighborhoods.

Few realtors are moving back to their real professional job. Here in Calgary sounds like everyone become realtor (more than 8000+) after few courses and classes in boom time.

There are now 12,000 + properties for sale in Calgary. mls and welist combined (not counting 16,000 new homes the math would be horrid if i calculated them in)
One property for every 83 people
or one property for every 24.1 families (3.2 per family)
How many ways can you say toast
Its done folks
imploded..crashed..bombed
Investors are desperate for a greater fool to buy there property and get them off the hook

Encouraging!

Edmonton housing prices have largest one-month drop in city's history
Edmonton Journal
Published: 12:09 pm


Edmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.

The August average of $344,792, for all forms of housing, was down 2.8 per cent from July.

Inventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold.


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Edmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.
Ed Kaiser/Edmonton Journal

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Font: ****One year earlier, inventory was just 2,138 units.

While sellers have lost the luxury of bidding wars, "buyers have a lot of choice," said Carolyn Pratt, president of the Realtors Association of Edmonton - which released the figures, Wednesday.

Average prices of single-family homes fell 3.2 per cent, in August, to $403,757. That rolls them back to the levels of March and April. But they're still up 27.6 per cent from 12 months earlier.

Percentage-wise, home prices have fallen more steeply in earlier years. From December, 1994 to January, 1995, average prices fell 6.5 per cent to $106,645. From June to July, 1984, they fell 7.9 per cent to $75,800. From February to March, 1964, they fell 23.1 per cent to $10,720.

Just on the heels of Pessimistic Analysis, here is an optimistic one.....

Luxury sales experience serious upward momentum
in major Canadian markets

Mississauga, ON (September 5, 2007) -- Consistent return on investment has prompted an
unprecedented upswing in luxury home sales in major Canadian centres so far this year,
according to a report released by RE/MAX.
The RE/MAX Upper-End Market Trends Report examined trends and activity in 16 markets
across the country between January and July 2007. Luxury home sales were up over the same
period one-year ago in all markets, with percentage increases ranging from 13 per cent in Victoria
to 521 per cent in Edmonton. Four markets, including Edmonton, Regina, Saskatoon and Ottawa,
reported triple-digit increases while double-digit gains characterized remaining markets. The
report also found that the upper-end price points were under stress in most markets surveyed.
“The consumer appetite for luxury property has been insatiable,” says Michael Polzler, Executive
Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. “Unabated demand
throughout the year has created tight market conditions in a number of blue chip neighbourhoods.
Limited availability of product has, in turn, placed mounting pressure on housing values. As a
result, the million dollar home no longer holds the same cache it once did and in larger markets
such as Vancouver, Calgary, and Toronto, it’s simply a starting price.”

Year-to-Date (January to July) Unit Sales by Market
Market / Upper-End Price Point / Unit Sales 2006 / Unit Sales 2007 / % Increase
Vancouver / $2 million / 166 / 249 / 48
White Rock / $1.2 million / 73 / 105 / 44
Victoria / $1 million / 128 / 137 / 13
Kelowna / $1 million / 36 /59 /64
Calgary / $1 million /198 /311 /57
Edmonton /$900,000/ 14/ 87 /521
Saskatoon $500,000/ 14 /60 /328
Regina $500,000/ 2/ 11/ 450
Winnipeg $400,000 /91 /170 /86
Greater Toronto Area $1.5 million /395 /505 /28
Hamilton-Burlington $500,000 /342 /460 /34
Kitchener-Waterloo $500,000 /87/ 111/ 12
London $500,000 /47/ 62/ 32
Ottawa $750,000 /46 /99 /115
Halifax $350,000 /257 /376/ 46
St. John's $350,000 /22/ 53/ 57

Solid gains in housing values – especially in the top-end of the market – have garnered much
attention. The steady upward trending has attracted a growing number of affluent purchasers who
are taking advantage of both the increased equity and the capital gains exemption for a principle
residence.
“Strong economic performance, especially in Western Canadian provinces, has bolstered
consumer confidence levels to such a degree that purchasers in the upper-end are comfortable
with a million dollar plus investment in real estate,” says Elton Ash, Regional Executive Vice
President, RE/MAX of Western Canada. “Recent volatility in the stock market may trigger
further investment in real estate as purchasers move to reallocate their holdings.”
Out-of-province and international purchasers are active in most markets surveyed, but locals still
account for the majority of upper-end sales. Benchmark sales, including one home priced at close
to $16 million in Toronto, are occurring with greater frequency and overall, there are more sales
taking place in the very upper reaches of the marketplace this year. In smaller centres,
benchmarks have been set throughout the year and although some, such as Regina, have yet to
report a $1 million sale, the day is nearing.
Upscale condominium sales are also climbing as empty-nesters and retirees up the ante for these
types of property. The most expensive sale to date occurred in Vancouver at close to $5 million,
while the priciest listing carries a price tag of $18.2 million in the same centre.
“It appears that a growing percentage of the population has that kind of money to spend,” says
Polzler. “Growth in market capitalization has generated tremendous wealth in recent years – in
fact, both the Dow Jones and S& P 500 reported double-digit growth in 2006. Demand for luxury
goods overall – upscale homes, fine art, collectable cars -- is outpacing demand for everyday
consumables. Inheritance has played a significant role as well, with the download on an estimated
$1 trillion amount already underway.”
“When it comes to shelter, these upscale purchasers clearly want it all,” says Ash. “Price is really
no obstacle when it comes to creating a legacy.”

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Rajeev Narula, Broker, REALTOR®
ACE TEAM REALTY INC., Brokerage
10 Kingsbridge Garden Circle, Suite 704
(Opp Square One - HWY10/403)
Mississauga, ON L5R 3K6
Bus: 1-888-355-3155 Ext. 300
Fax: 1-888-443-3155
Email:
Web: http://www.RAJEEV.ca" rel="nofollow">LINK

Quote:

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Originally posted by Rajeev Narula
Luxury sales experience serious upward momentum
in major Canadian markets

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