MADNESS...COMPLETE MADNESS!
UPDATED: 2006-06-15 02:41:46 MST
CALGARY SUN
Average price of a home in Calgary skyrockets $16,000 so far this month
By IAN WILSON, BUSINESS EDITOR
JUST TWO WEEKS into the month, the average cost of a home in Calgary has skyrocketed more than $16,000, earning the typical local homeowner more than $1,150 a day in June.
According to the Calgary Real Estate Board, the average residential sale price this month is $374,380, up from $358,214 in May.
During the record-setting months of April and May, residential realty increased an average of $500 a day, but the latest figures indicate prices are climbing at rates never seen before.
"The real estate market is completely reflective of the economy," said CREB president Kevin Clark.
"I'd be surprised if this wasn't happening."
Despite the escalation in prices, Clark said he thinks the numbers are "a little misrepresentative" of the entire market.
"The numbers will be thrown because of the higher-end sales we are getting," he said, adding expensive properties are moving faster than low-end residences.
Clark said the realty sector is in a sensitive stage at this point and there are some signs the overheated market is letting up just slightly.
The number of sales in June seems to support that.
Just over 1,500 properties have been snapped up so far this month, putting unit sales on pace for about 3,200 transactions.
In May, more than 3,500 homes changed hands.
"There's a little more choice out there," said Clark.
As well, the scant 12 days of inventory available in Calgary is now up a bit to 15 days.
And, while prices aren't expected to drop during the summer or any time soon, Clark said buyers who keep a close eye on different neighbourhoods throughout the city can find the home they're looking for if their timing is right.
Meanwhile, the Canadian Real Estate Association yesterday released its May report on sales activity across the country.
The average price of a home in Canada surpassed the $300,000 mark for the first time and residential average price records were set in several cities, including Calgary, Edmonton and Vancouver.
Calgary and Edmonton also established new highs for sales activity.
FOR WHAT IT'S WORTH
Cost for a Calgary home:
- June's average sale price: $374,380, increase of $1,150 per day.
- May's average sale price: $358,214, increase of $500 per day.
6 comments:
Damn. Why do I have to be looking for a place at this time!
jesus christ....
disturbing tiiimez....great for the elitits capitalists, bad for everyone else.
and where is this vast "choice" of housing?? the cookie-cutter houses they put up in less than a day in the NW and SE? the pastel colored ones where parts break down if you sneeze? oh wait, they're saying its the HIGHER END houses that are selling...the rich can sniff where the money is eh? BAA BAA BAAAAA, go to the slaughter little lambs! hehe
hey so isn't it the older areas with the massive houses? i.e. Mount Royal, Pump Hill, Fish Creek, etc? But I guess they are making massive big one all over the place - the new ones just dont have the character that the older ones have. Oh well, either way, I won't be in one anytime soon (if ever!) - the more space you have, the more you have to clean, the more can potentially go wrong, and the more debt you have!
it's weird - even though there's this social pressure out there to buy buy buy once you're an "adult", the older i get the more weary i get of making such huge investments / getting into such massive debt. it's very unsettling. mind you i've got enough school debt to worry about before thinking about property...and property is an elitist concept anyway; but at the same time, you need property once everything comes crashing down; but then again, the rich and violent will just steal it away from you as always, cuz that is what they're good at! no piece of paper of land ownership will save us in times of anarchy when everyone is truly out for themselves in the military sense. but hey, hopefully that won't happen in our time, so i will continue being a poor fucker who rents, and not feel an ounce of regret or guilt about it ;)
Great news for me! Buy now Reid, it's just going to keep getting more expensive. Then again it might be smarter to move somewhere more affordable, like Vancouver or Toronto. ;)
I have no regrets about renting either. It's all about lifestyle. If I bought something, the lifestyle I currently have (which I totally love) would be no more. I refuse to jump into the market as it is right now, and then end up being house-broke for the next ten years. If that's the case, I'd rather rent for another ten years until I'm freaking old and having a lifestyle doesn't really matter anymore. What would I do if I couldn't afford to travel anymore? I'd go crazy, that's what would happen!
I don't know Jon. I think I'm going to wait for the big die-off from bird flu. Then demand will plummet and I'll be able to buy something for a song....oh, wait a tick -- the financial system will collapse too! Damn! Why, fate, oh why do you mock me?????
There's no way in hell that Joe and I would be eligible for a $350-400,000 mortgage anyways. It's impossible...unless the bank lenders are insane of course. Oh, wait a tick -- they are!
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