Calgary:
sfh price july 2007 $505,900
sfh price aug 2008 $440,500

you could have saved $65,300 just by waiting 13 short months. I don't think anyone paying $5k/month rent. How much will be saved in waiting 13 more ?

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http://www.greaterfool.ca/

Resale home listings reach record high.
(Globe & Mail) Resale home listings cracked the 80,000 mark last month, the highest level ever reached, according to data released Friday by the Canadian Real Estate Board (CREA).

New listings on the Multiple Listing Service (MLS) soared to 80,147 nationally in July, up 14.4 per cent year-over-year. The number of resale homes that hit the market rose by 1.4 per cent from the month before and 0.5 per cent from the previous record set in May 2008.

While listings surged, sales slumped by 12.2 per cent year-over-year to 48,748 units in July. The average home price declined by 2.4 per cent to $302,298.

Can someone place TO August 2008 Statistics ?

Victoria:
August 2008 Statistics - Monthly Analysis

July 2008 shown in ()
MLS Sales - 517 (616)
MLS listings - 4657 (4557)

SFH Average - 549.9K (578.2K)
SFH 6 mo. Avg. - 592.6K (596.7K)
SFH Median - 512K (529.9K)
All SFH Sales - 269 (359)

Condo Average - 302.2K (302.5)
Condo Median - 280K (285K)
All Condo Sales - 160 (168)

Town Average - 414K (454.9K)
Town Median - 382K (417.5K)
All Town Sales - 53 (52)

Year-over-Year Analysis

GV - Greater Victoria
August 2007 shown in ()

MLS Sales - 517 (846) - Down 39%
MLS listings - 4657 (3352) - Up 39%

GV SFH Average - 549,914 (576,632) - Down 4.6%
GV SFH Median - 512,000 (515,000) - Down 0.6%
GV SFH Sales - 244 (399) - Down 39%

GV Condo Average - 302,200 (298,478) - Up 1.3%
GV Condo Median - 280,000 (275,000) - Up 1.8%
GV Condo Sales - 160 (217) - Down 26%

GV Townhouse Average - 415,327 (396,129) - Up 4.8%
GV Townhouse Median - 382,000 (378,950) - Up 0.8%
Townhouse Sales - 51 (95) Down 46%

Calgary:

Single family home sales in August were down 11% compared to 2007. July sales were down 12% . June sales were down 18%. Year-to-date, the sales are down 28%.
The median price in August at $398,000 is down $10,500 or 2.4% from July. It's down 7.4% from Aug 2007 when it was $430,000.
The average price in Aug at $440,625 is down $15,755 or 3.5% from July. It's down 9.3% compared to Aug 2007.
Sales price per sq ft at $297 is down .3% from July's $298, and down 8.3% from Aug 2007.
Inventory on Aug 31 was 5539. That's down 8.3% from July. Down 22% from the high in May when it was 7099, and is 15% higher than it was last year.

We've averaged 83 price reductions per day for the last week in Aug. Last month it was 96, and in the last week of May it was 153.

The absorption rate in Aug was 4.7. July was 4.6. 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.

Average days on the market(DOM) in Aug was 52, same as July. It was 39 last year.

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http://www.mybudget360.com/you-cannot-afford-a-350000-home-with-a-75000-household-income/?ref=patrick.net

You Cannot Afford a $350,000 Home with a $75,000 Household Income!

.......................You would think that before people make the largest financial decision in their lives, they would do a monthly budget first. Yet during this past decade budgets were hardly brought to the forefront and were pushed to the back of any financial decisions. The new definition of housing affordability should include the idea of maintaining a sustainable long-term budget. Of course many can afford a two year teaser rate but what happens when the payment jumps up? How secure is your employment? Do you have enough to save for retirement after you pay for your home each month? These are all factors that need to be considered to purchase a home..................

It is rather going to be the worst housing recession since the Great Depression or, better, the worst housing recession ever in US history." - Professor Nouriel Roubini of New York University, August 2008


Houses ATM machine took down corporations and world economy. Houses ruined millions and millions of lives. Houses are now America's Public Enemy #1. Houses, for a short period of time, when they became lottery tickets and not homes, became evil.


Hewlett Packard: 25,000 jobs off
Lehman Brothers: 26,000
Merrill Lynch: 15000

Whose is next?

AIG: 30,000 jobs
Washington Mutual: ???

All these companies impact US and the world but we are different.

Just wondering how our RE expert spin this info and Canadian RE future?

Sure, the price of the home drops, but the home still has a use, and is valuable, even if the prices at the moment are falling. A home never should have been looked at as an ‘investment’ anyway. It’s shelter.

http://www.oftwominds.com/blogsept08/liarnation9-08.html?ref=patrick.net


Here is a brief rundown of the financial implosion sweeping the nation:
1. Appraisers routinely overstated the value of real estate: they lied.

2. Realtors sold properties they knew were overvalued and/or risky to buyers they knew were not qualified: they lied.

3. Mortgage brokers withheld negative information from buyers' mortgage applications to guarantee loan approval: they lied.

4. Applicants exaggerated their income and understated their liabilities on their mortgage applications: they lied.

5. Investment banks gamed the risk assessment guidlines to package risky mortgages as "safe" mortgage-backed securities and derivatives: they lied.

6. In order to earn huge fees, the ratings agencies accepted these fraudulently packaged and represented securities as "safe, low risk" AAA-rated investments: they lied.

7. The investment banks then sold the securities to investors worldwide as "safe" investments: they lied.

8. Banks and other financial institutions "misrepresented" the true risks of their holdings by secreting "level 3" assets and derivatives off their balance sheets or hiding them in footnotes: they lied.

9. Federal regulators claimed their oversight and enforcement was rigorous: they lied.

10. Congresspeople who accepted millions in campaign contributions from Fannie Mae and Freddie Mac stated that their goverance of those two entities was unaffected by these vast pools of lobbying funds: they lied.

11. Former Federal Reserve Chair Alan Greenspan stated repeatedly that the system was robust and safe, even suggesting homeowners choose adjustable-rate mortgages over 30-year fixed-rate mortgages: he lied.

12. CEO after CEO has stated most emphatically that the financial institution which he/she led was financially sound and adequately capitalized: they lied.

13. Investment bankers game the U.S. tax code to save their non-U.S. clientele from the terrible indignity of paying U.S. taxes, and then they claim their scams are "legal": they lied.

I could go on, but you get the point: the entire financial edifice of the U.S. is built on lies, and requires lies at every point and every level to continue generating outsized profits for the real estate, lending and investment banking "industries."

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Q: Are Our experts different?

Quote:

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Originally posted by rahul_singh23

Vancouver:
Since August 21, 2008 there have been THREE sales of detached residential property in the entire East Vancouver area.

V719451 sold for $522k after being listed for 569k
V709711 sold for 600k after being listed for 679.9k
V728884 sold for 708k after being listed for 735k

There are currently 1,022 ACTIVE listings of detached residential property in the East Vancouver area and believe me, there have been more price reductions then increases in these active listings.

.

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Rajeev Narula, Broker, REALTOR®
ACE TEAM REALTY INC., Brokerage
10 Kingsbridge Garden Circle, Suite 704
(Opp Square One - HWY10/403)
Mississauga, ON L5R 3K6
Bus: 1-888-355-3155 Ext. 300
Fax: 1-888-443-3155
Email:
Web: http://www.RAJEEV.ca" rel="nofollow">LINK

Thanks Rajeev. I will take care next time. But quick question to understand myself for you.

I got all these price info from one of the Vancouver RE blog and there are lot of info avilable with price all over.

http://www.victoriastruth.blogspot.com/

http://vancouvercondo.info/

http://langley-financial-planning.blogspot.com/

http://househuntvictoria.blogspot.com/

I think that kind of info really helpful to nail down lowest price offer when 20 cookies cut houses which are pretty much within +/- 5K range.

How I know what was lowest offer last week sale and how can I trust those number given by my realtor if I don't know any place to verify? This is not a question about trust but more about big money in play and buyer want best deal.