http://www.andrewkyle.com/blog Thoughts, News and Articles from a Calgary Realtor Tue, 18 Nov 2008 16:44:46 +0000 http://backend.userland.com/rss092 en by Andrew Kyle, B.ASc., Realtor Tough Time to Sell, Great Time to Buy The Calgary real estate market continues to slow, moving into territory not seen in a generation. It is an extremely difficult time to sell, and conversely an extremely good time to buy. The overall absorption rate (houses and condos ... http://www.andrewkyle.com/blog/2008/11/calgary-market-report-november-14-2008/ For the second week in a row I feel it might be useful to make a blog post about the latest market data. This is because the Calgary housing market seems to have undergone a "significant event" in the last 4 weeks (that event being the effect of the turmoil ... http://www.andrewkyle.com/blog/2008/11/weekly-market-update/ Two interesting articles in the financial post yesterday regarding condo overbuilding in Canada's major centres and a housing correction that is starting to look very similar to what has been happening in most US markets the last year or two: "Cracks appearing in condo land": http://www.financialpost.com/most_popular/story.html?id=917523 "Canada's housing market 'tracking' U.S. boom and bust": http://www.financialpost.com/news/story.html?id=914783 http://www.andrewkyle.com/blog/2008/10/financial-post-cracks-appearing-in-condo-land/ ... the turmoil on the financial markets seems to have had a chilling effect on the Calgary real estate market. Below is my weekly Absorption Rate trend: Notice the screeching halt in the market about 3 weeks ago. The full set of weekly stats can be found here: http://www.andrewkyle.com/mlsca/home_page.php?page=weekly_stats Sorry to be the bearer ... http://www.andrewkyle.com/blog/2008/10/dont-everyone-panic-but/ By Andrew Kyle, B.ASc., Realtor A Tale of Two Markets Note: I am late in writing my market report this month (October 13) which is perhaps a good thing, because I am factoring in the latest financial turmoil from the world markets into the below report. The spread between the Single Family (SF) ... http://www.andrewkyle.com/blog/2008/10/calgary-market-report-october-13-2008/ The Calgary real estate market continues to be very slow according to the August 2008 MLS stats. Total Calgary Metro listings at the end of August was 8,612, and properties sold was 1,669, yielding an overall absorption rate of 5.33. (See Charts A2 and A) The number of listings has ... http://www.andrewkyle.com/blog/2008/09/calgary-market-report-september-2008/ Strong Buyer's Market Continues The Calgary real estate market remains in territory that I think is best described as a "very much a buyer's market" according to the July 2008 MLS stats. Total Calgary Metro listings at the end of July was 9217, and properties sold was 1848, yielding an overall ... http://www.andrewkyle.com/blog/2008/08/calgary-market-report-august-7-2008/ Below is my weekly market stats update. I call your attention to a growing gap between the condo and house markets (see the second chart and the red arrrow). If this trend continues I'll write in detail about it in next month's Monthly Market Report (in about 2 ... http://www.andrewkyle.com/blog/2008/07/weekly-calgary-real-estate-market-update-july-19-2008/ The Bank of Canada declined to change its trend setting interest rate (aka "key policy rate" or "overnight rate") on Tuesday July 15. It stands at 3.00% where it has been since April 22. The Bank says that three major developments are affecting the Canadian economy at this time: the protracted ... http://www.andrewkyle.com/blog/2008/07/bank-of-canada-holds-line-on-interest-rates/ Thinking of doing some renovations on your Calgary area home, but concerned about the horror stories you have seen and heard, such as on "Holmes on Homes", the popular HGTV show? The Calgary Region Home Builders Association (CRHBA) , part of the Canadian Home Builders Association (CHBA) may have the ... http://www.andrewkyle.com/blog/2008/07/worried-about-a-reno-disaster-crhba-has-a-renovator-referral-system/