pitaking

Canadian Real Estate Slows Inexorably- Part III

I'm sorry but this article is completely off base. The thought that despite a massive recession and free fall in commodities and the loone, our housing market will somehow decouple from the rest of the worlds housing bubble bursting is crazy. Where ever you found your numbers for the Calgary area is way off. I've just sold my house at a nice profit because it won't be there in 6 months. Alberta was absolutely a bubble and it has popped. Prices are in a free fall, buyers are drying up and speculative money is dumping houses and condos as fast as they can. Bring up any Calgary or area newspaper listings and the most listed phrase will be "price reduced". To top it off, home builders are now dumping their huge glut of recently built and not selling homes at a 15-20% discount to the rest of the market, killing anyone with a resale. As layoffs mount, this will get worse, bottom drops out in spring/summer 09, 30% drop is very realistic.