Home sales fall for 5th month-Tough economic times, dwindling affordability
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Posted on: 31-10-08 21:08:41
Quote:
Originally posted by viggy
Lets face it... we live in a capitalist world.. not a socialistic one... Capitalism has succeeded much more than Socialism.
I was recently hearing one of the desi FM talk show... He was quoting a recent news article - I don't remember the source, but surely it can be found in the net some where. It was mentioned that poverty in Canada is on the rise and the main reason is because of the socialistic set up, the basic necessities are taken care of by the govt. So those below poverty are not 'enough' motivated to go get a good job.
Yes, that I agree totally. One's debt is one's responsibility. Not some one else's
I already read the article in the link posted by you which is totally contradicting your above claim. Moreover, it doesn't say anything about socialism or capitalism. even it says that the reason of widening gap between poor and rich in Canada is due to cut in direct cash benefits like unemployment and family benefits. See the below paragraph is directly copied from that article
In the mid-to-late 1990s, the Liberals cut back social programs to erase deficits inherited by previous governments. Under Jean Chretien's leadership, then-finance minister Paul Martin also trimmed transfer payments to the provinces.
Those changes may have resulted in a greater disparity of wealth.
\"Canada spends less on cash benefits such as unemployment benefits and family benefits than most OECD countries,\" says the report. \"Partly as a result, taxes and transfers do not reduce inequality by as much as in many other countries. Furthermore, their effect on inequality has been declining over time.\"
The study also notes that \"if Canadians do fall into poverty ... they are likely to remain poor for longer than in most (developed) countries.\"
I did not say that the article talks about socialism or capitalism. I was just stating the obvious - not at all related to the article.
Moreover, the "claim" you are referring to is not mine. It is a comment/analysis which I heard recently in the FM, to which I agree. The "claim" is w.r.t to the finding that " "if Canadians do fall into poverty ... they are likely to remain poor for longer than in most (developed) countries."
The point being pondered over is why so. Per statistics canada, for a family of 4, a poor/low income household earns just above 3K per month. Add to that CCTB, UCCB, GST credit etc - which adds to close to 850 per month. Health care is free in Canada. Can a family earning close to 4K per month live peacefully in Canada, answer is YES. So, what is the necessity or motivation to go out and try for a better job?? (Actual monthly income may be higher if there is any unemployment or any other benefits are involved.)
Couple worries five jobs won't cover rising costs
http://www.canada.com/calgaryherald/news/story.html?id=de25904a-8854-44e3-a7f2-27666f81ec68
While stress and exhaustion are high, Lori-Ann, 31, worries how they'll pay the bills in the next year if city council approves a budget that would include as much as a 9.5 per cent tax hike, part of a plan that could boost property taxes 22 per cent over three years.
"It's very stressful right now; it's work, work, work all the time," said Lori-Ann, who starts her day job at 8 a.m. and finishes her evening job at 1 a.m.
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http://www.canada.com/calgaryherald/story.html?id=168286bb-8919-40c6-8e05-91559eaf2e59
Further highlighting current discomfort, 58 per cent of Calgarians said that their quality of life in the city has worsened compared to days past.
Only a "small subset" of the population saw a sharp boost in their fortunes because of the boom, he said.
The rest are left with pay check that hasn’t kept pace with higher costs of living.
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Q: Do CHMC/mortgage companies or our experts manage data for how many people paying more than 60% for feeding home? That data can tell foreclosure rate in future.
Calgary crashing
http://www.greaterfool.ca/2008/11/03/calgary-crashing/
Calgary:
Oct Stats Update
Sales in October were down 26% compared to Oct 2007. Year-to-date sales are down 25%.
The median price in Oct at $390,000 is down $5,000 or 1.3% from Sep. It's down 5.5% from Oct 2007 when it was $412,500.
The average price in Oct at $448,927 is up $4,879 or 1.1% from Sep. It's down .74% compared to Oct 2007.
Sales price per sq ft at $290 is down 1.7% from Oct's $295, and down 4.6% from Oct 2007.
Inventory on Oct 31 was 5654. That's up 4.7% from Sep. Down 20% from the high in May when it was 7099, and is 2.5% higher than it was last year.
We've averaged 102 price reductions per day for the last week in Oct. Last month it was 114, and in the last week of May it was 153.
The absorption rate in Oct was 6.9. The absorption rate varies dramatically from area to area in Calgary. Absorption rate tells you how many months it will take to sell the inventory. A rate of 6.9 is considered a buyer's market.
Average days on the market(DOM) in Oct was 48, three days less than Sep. It was 40 last year.
2.4%, or 20 of October's sales were for $1 million or more. Last year, it was 1.6%, or 18.
9% of the homes listed in October have a sale or a conditional sale.
Condo median and average price rose slightly in Oct over Sep. Condo median price is down 7.3% compared to Oct 2007. Condo sales were down 20% compared to Sep. Year-to-date condo sales are down 30%. ---------
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How's other market doing in OCT data?
One of my old engineer friend says: Statistics are like bikinis, they show a lot but not everything!
Remember, in these low volume markets a couple of million dollar plus deals could make the data look rosy!
Slow home sales typical for October: realtors
http://www.canada.com/edmontonjournal/news/story.html?id=7ab37c2c-2e4d-4ca0-985e-76dc2149a204
EDMONTON - The average price of a resale home fell nearly nine per cent while the number of homes sold slipped nearly by nearly three per cent from the same time last year.
But the group representing Edmonton-area realtors called it a normal October in the resale housing market.
"Sales typically slow in the fourth quarter and this year is no exception," said Marc Perras, president of the Realtors Association of Edmonton. The group released its October Multiple Listing Service statistics today.
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I think slow home sales typical for 2008/09/mid 10.
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Cutting home prices key to sales success http://www.canada.com/calgaryherald/news/calgarybusiness/story.html?id=ea85262e-fccb-4ba6-aab9-f69bd4939661
MLS sales in Calgary metro for condos and single-family homes plunged in October compared with a year ago -- a trend that has continued throughout this year.
Statistics released Monday by the Calgary Real Estate Board show condo sales were down 20.4 per cent to 399 from October 2007, with 501 sales, while single-family home sales dropped by 26.3 per cent to 820 from last year's 1,113.
In the condo market, the average sale price decreased by 12.8 per cent to $289,148 while the median sale price fell by 7.3 per cent to $268,000. The average days on the market to sell a condo increased by 25 per cent to 50 days in October from 40 days in October 2007.
Your previous post said
Quote:
The average price in Oct at $448,927 is up $4,879 or 1.1% from Sep. It's down .74% compared to Oct 2007.
This says
Quote:
The average price of a resale home fell nearly nine per cent ... from the same time last year.
AND
Quote:
In the condo market, the average sale price decreased by 12.8 per cent.
So what is the actual drop in Avg price compared to last year? More like 0.74% or 9% or 12.8% (assuming resale home and condo prices follow similar trends)?
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