- Joined
- Oct 24, 2007
- Messages
- 2,289
From CREB President Bonnie Wegerich
"We expect there to be a few bumps on this road to recovery but we believe the worst is over. Home prices have held firm and edged upwards in some markets over the past months. This has helped buoy up the confidence of both buyers and sellers."
And again
"“Move-up buyers have clearly entered the market,” says Wegerich. “This is reflected in the average price for a single family home cresting just above $462,000—historically the highest it has ever been in the month of October. Nonetheless, our median price is $410,000, indicating affordability still remains in the market. We expect upwards pressure on prices will ease as more listings come on to the market.”
And again here
“The recent lift in sales over the past several months does represent a release in pent-up demand that built up in the last quarter of 2008 and first quarter of 2009,” acknowledged Wegerich. “We do expect this recovery to be a gradual one and for sales to taper off in the winter months as this pent-up demand eases.”
My thoughts:
Still in an even market. I do agree with the president that we are seeing pent up demand taking the existing supply and pushing prices up as a result. What we have noticed has been less and less good properties available for great prices. Investors need to plan to do some work to the properties they buy if they plan to hold them long term. The `panic` investors selling off their good clean product or those responsible landlords looking to exit before we start the next cycle have already done so. Good deals are out there but investors expecting to see `slam dunk` deals at every corner may be disappointed.
While the sales market has done well we have seen a slight dip in the rental market - showings have dropped across the board and rents are down. Much of it is to do with seasonal activity but we are definitely seeing the effect of new condo buildings being filled with tenants rather than being sold to the public.
We are in the process of compiling a rental market analysis and should have something for next month so that our clients and REIN members can track the rental markets more closely.
Northwest LRT
Ranchlands Single Family Home October 09
Ranchlands Condominium October 09
Silver Springs Single Family Home October 09
Silver Springs Condominium October 09
Dalhousie Single Family Home October 09
Dalhousie Condominium October 09
Brentwood Single Family Home October 09
Varsity Single Family Home October 09
Varsity Acres Condominium October 09
Varsity Village Condominium October 09
West LRT
%20Oct%2009/Glendale_SF_2009.pdf" target="_blank">Glendale Single Family Home October 09
Rosscarrock Single Family Home October 09
Shaganappi Single Family Home October 09
Westgate Single Family Home October 09
Spruce Cliff Single Family Home October 09
Spruce Cliff Condominium October 09
Overall Calgary Market
Citywide Sales Stats - last 24 months - Current to October 2009
"We expect there to be a few bumps on this road to recovery but we believe the worst is over. Home prices have held firm and edged upwards in some markets over the past months. This has helped buoy up the confidence of both buyers and sellers."
And again
"“Move-up buyers have clearly entered the market,” says Wegerich. “This is reflected in the average price for a single family home cresting just above $462,000—historically the highest it has ever been in the month of October. Nonetheless, our median price is $410,000, indicating affordability still remains in the market. We expect upwards pressure on prices will ease as more listings come on to the market.”
And again here
“The recent lift in sales over the past several months does represent a release in pent-up demand that built up in the last quarter of 2008 and first quarter of 2009,” acknowledged Wegerich. “We do expect this recovery to be a gradual one and for sales to taper off in the winter months as this pent-up demand eases.”
My thoughts:
Still in an even market. I do agree with the president that we are seeing pent up demand taking the existing supply and pushing prices up as a result. What we have noticed has been less and less good properties available for great prices. Investors need to plan to do some work to the properties they buy if they plan to hold them long term. The `panic` investors selling off their good clean product or those responsible landlords looking to exit before we start the next cycle have already done so. Good deals are out there but investors expecting to see `slam dunk` deals at every corner may be disappointed.
While the sales market has done well we have seen a slight dip in the rental market - showings have dropped across the board and rents are down. Much of it is to do with seasonal activity but we are definitely seeing the effect of new condo buildings being filled with tenants rather than being sold to the public.
We are in the process of compiling a rental market analysis and should have something for next month so that our clients and REIN members can track the rental markets more closely.
Northwest LRT
Ranchlands Single Family Home October 09
Ranchlands Condominium October 09
Silver Springs Single Family Home October 09
Silver Springs Condominium October 09
Dalhousie Single Family Home October 09
Dalhousie Condominium October 09
Brentwood Single Family Home October 09
Varsity Single Family Home October 09
Varsity Acres Condominium October 09
Varsity Village Condominium October 09
West LRT
%20Oct%2009/Glendale_SF_2009.pdf" target="_blank">Glendale Single Family Home October 09
Rosscarrock Single Family Home October 09
Shaganappi Single Family Home October 09
Westgate Single Family Home October 09
Spruce Cliff Single Family Home October 09
Spruce Cliff Condominium October 09
Overall Calgary Market
Citywide Sales Stats - last 24 months - Current to October 2009