Here is our weekly update on the Edmonton real estate market. (Lastweek’s numbers are in brackets, and the week before after that). Forthe past 7 days:
New listings: 780 (574, 669, 714)
# Sales: 284 (235, 263, 259)
Ratio: 36% (41%, 39%, 36%)
# Price changes: 550 (450, 465, 411)
# Expired Listings: 408 (83, 152, 137)
# Canceled, withdrawn and terminated listings: 60 (39, 66, 58)
Net loss/gain in listings this week: 28 (217, 188, 260)
Active listings for single family homes: 3694(3649, 3496, 3367)
Active listings for condos: 2692 (2669, 2608, 2541)
That’s the most new listings we’ve seen in a single week since we started tracking! However, there is a bit of a pattern developing….at the end of one month a lot of listings expire, and in the week following I would imagine a lot of those people re-list their homes accounting for the high number of new listings. Overall the net is an increase in inventory of 28 listings.
On a side note, I received a note from the Realtors Association of Edmonton explaining the difference between the daily stats and the monthly stats. Turns out there was a glitch with the computer and it didn’t count some of the days in the month – understandable since this was the first month they did it. The good news is they should match up next month (within a small margin of error since the reports are run at different times and the database is dynamic). Awesome!
The board also put out a really interesting stat today comparing inventory to migration in Alberta stating:
In 2006-7 the available inventory dropped to record low levels. Then suddenly in the last part of 2007 it climbed to near record high levels. New figures released by Alberta Finance and Enterprise, Economics and Statistics in March show a startling correlation between Migration to Alberta and the MLS® inventory.
In 2003 and 2004 migration was between 5,000 and 10,000 persons per quarter. Inventory was fairly stable around 4,000 units. In 2005 and 2006 in-migration rose steadily to a high of 31,000 people in the third quarter of 2006. As those people snapped up the available homes, the inventory dropped. Then in-migration slowed again and inventory started to climb. In the second half of 2007 migration dropped back to 2003 levels. The housing market was unable to respond as quickly and housing inventory soared.
The graph shows the correlation very clearly. As migration went up, inventory went down. Then as migration bottomed out, inventory increased. The chart does not explain why migration figures were so erratic but they do show why our inventory was so volatile.
Happy Weekend!
Just an observation…not neccisarily a correlation, but if you look at drilling rig activity by month, that migration chart looks kinda similar with a bit of time lag (3 to 6 months) in the migration. http://www.caodc.ca
Also, I just noticed that the graph is showing Alberta migration vs Edmonton inventory…surely a lot of that migration went to other parts of Alberta (like Calgary)…no?
Just read the Saskatoon Star Phoenix today (online). Their prices for bungalows and 2 stories are higher than Edmonton’s in the first quarter of this year. No bargains there anymore.
Is Edmonton’s real estate market really seeing double-digit price declines?
If so, then we as a community have a huge problem on our hands.
I’m still trying to figure out what Royal LePage’s agenda is. Do they want to create an outright panic in Edmonton’s property market? Why would they do this and why are there numbers so different from the official numbers?
From Edmonton Journal
April 4, 2008
A single-family home sold in March for an average price of $387,632, down 2.7 per cent from March last year.
…St. Albert: The average price of a two-storey home fell by 12.8 per cent to $340,000 while detached bungalows dropped by 12.3 per cent and condos by 13.3 per cent.
…Castle Downs: Average detached bungalows fell by 18.6 per cent to $285,000. Average two-storey homes went down 11.4 per cent to $350,000.
Where can I fing the daily stats for Edmonton. Its not on the EREB site.
At this time the daily stats are only available on the EREB intranet.
Quick fundamental question…
Why are there so many listings?
If listings expire and they relist immediately, why? What’s the use? Must they sell? How many must sell?
Someone put a gun to the owner’s head or is there something we don’t know?
This is quite weird…
Imigration into Edmonton is back at 2003 levels, way pre-boom. Inventory at near (will soon be record) record highs.
There will be more of an adjustment, there has too be. Sales are greatly down, inventory is greatly up. Price per sq. foot has changed significantly over the last six months.
Not sure what is left to say.
The housing boom came, but the significant increases are over for this period of time. Life is getting back to normal thank god.
The US boom that would never end is over. The Alberta boom has come to a close, Saskatchewan is about to do the same.
People will shift to the next big thing, its the way it goes.
Just not too sure what the 3000 realtors are going to be doing to make a living, thank god there are jobs else where.
Enjoy your weekend.
Home prices still rising across the country
Home prices continued to rise in Canada in the first quarter of 2008 in every major market except Edmonton, according to a Housing Price Survey report released Thursday by Royal LePage Real Estate Services.
More:
http://www.reportonbusiness.com/servlet/story/RTGAM.20080403.wcdnhousing0403/BNStory/robNews/home
Great comment Sara, and the migration/inventory graph makes a lot of sense. Can I borrow it?
Between my parents, myself, and a couple of other investors we’ve seen more and more listings from speculative investors who were hoping for the quick flip. As days on market goes up, they get twitchy and start getting scared. Usually the properties won’t cashflow and they can’t carry them. Good buyer’s opportunity.
Something is clearly wrong with they Royal LePage Statistics. It doesn’t matter who writes articles about it (the Journal or Report on Business), it doesn’t make it true.
Dare I say again…
Here is the actual press release:
http://www.royallepage.ca/CMSTemplates/AboutUs/Company/CompanyTemplate.aspx?id=1746
Compare:
Royal LePage Q1 Average prices:
Bungalows $330k; 2 Story $363k
Condos $235K
EREB avg for Q1:
SFD $383k (379+382+387)
Condos $261k (257+264+263)
Check out the Royal LePage “National Price Chart”:
http://docs.rlpnetwork.com/hps/2008Q1HPSChartEN.pdf
Even their own numbers don’t seem to match those on their press release.
As I posted previously:
“According to my off hand calculations, the end of Q1 prices should be (based on Q1 avg for Castledowns, Clairview, Riverbend/Tewilliger areas reported in the National Price Chart):
Bungalows: $356K
2 Story: 373K
Condos: 257K
First, this is way way closer to EREB. Second, this survey doesn’t seem to even include all regions of Edmonton. Third, don’t believe the hype folks.”
I believe the hype.
You look at the migration numbers into Alberta and it makes perfect sense. Abundance of listings, not enough buyers…use your head.
Real estate has only one direction to go and it’s down, down, down!
Enjoy the ride, haha!
We are now priced below the national average of $400K+. You can not consider Edmonton an expensive city anymore.
Lowest unemployment in the country and decent paying jobs to be had on a permanent basis.
I only see potential in the Edmonton market. But I’m in the wrong place to be mentioning that.
High inventory will be the determining factor going forward. The amount of multi family projects in the pipeline will produce an alarming over supply of units in the next two years. The only hope is that most of these projects are canceled or delayed and/or the net migration numbers go back to 2006 levels which is not likely. Since single family starts are correcting already, there is hope that the inventory of singles can be consumed without a melt down in that market.
Hey can somebody say me what happening to expired listing 408 last week and price change 550 and 450 two week in line ? I thought our 3000 realtors were unable to sell 408 units this year (2008) with in average 90 days !!!!!., and not get single offer for 90 % of listing price in 30 days (average) for (550+450)=1000 units forced owner to change prices.
Are we looking for down turn for RE Edmonton????
Its hard to say no?
Speculators and Investors who inflated the Edmonton market are now buying in the States. Now that housing is no cheaper in Saskatoon than Edmonton, I would think that the trend to sell and move back has ended. The BOC is expected to reduce rates by .5%, which would soon mean a variable closed mtg around 4.25%. All these factors are influencing the market, but one easy prediction is that we will have no repeat of the 40% year over year increase of 06-07!! I’d also guess there will be no crash either, for those hoping for pre 2007 prices.
Economic fundamentals drive an economy. More companies moving into the province and areas of the province have created massive need for labor as we are all witnessing. Edmonton this year has on its own about 10 billion worth of projects starting construction or beginning construction in 2008. That amount of investment will require about 40000 workers to complete the construction. That is just the start with all of the Oil up graders in Redwater, Shell Scottford expansion Petro Canada expanding as well. Now with the pull back in housing, drop off of migration, slow down in Eastern Canada to worsen, Stabilized costs in Alberta, and affordability back in the market place we will see another push on housing in late 2008 and beginning 2009. I see no need to panic, just to be patient and wait for the speculators to get pushed out of the market, which offers a great buying opportunity. If people can’t sell their homes then maybe they will have to think of creative ways to sell, For example: refinance, rent, sell to an investor or an assumable mortgage.
I’ve been investing in Edmonton for over eight years now and have seen two previous real estate plateaus. This one by far the largest but look we have also had the largest gains as well and really we could not keep going the way we were going. I am thankful for the slow down as it brings the market back to reality and provides me another buying opportunity. All this panic spurred along by the media just helps my bottom line.
Paul,
I assume you mean when you say “another push on housing in late 2008 …” that prices will go up. Unless household incomes go up huge – we won’t be seeing the peak prices of 2007 for many years. Having high real estate prices certainly isn’t a function a strong economy. Compare Calgary to Houston – both are thriving energy hubs, yet one has 3 times the average price for a single family dwelling…
What do you think will drive the push? 80% of our workforce are in service orientated jobs (i.e., cannot afford to own at these levels).
In light of the current market situation: average housing prices well above what an average Albertan family can afford, and the solution to that problem, a 40-year 0% down amortization that requires borrowers to pay mortgage into their 60s, 70s, even 80s, well above the normal retirement age. It leads me to believe that a large portion of those who bought in the last couple of years, especially young families who chose the 40-year plan, will be facing a great deal of financial difficulties in the future. Being “house poor” at best, foreclosure at worst.
****Comment truncated. Violet – take your anger where it belongs and direct it at whoever wronged you. It wasn’t us.
Here’s a thought experiment. Totally hypothetical.
33K houses sold via MLS in the 17 months of boom. Of these 11K houses were bought at prices higher than today (after including buying costs).
If you (wrongly) assume all 33K were investors who wanted to make a flip, then only 22K of the houses can make a profit. But another 11K houses have sold during the decline. This leaves only 11K of 22K standing to make money. (Yes the calculation is correct, think about it)
Bottom line is, even as of now, if house prices stabilize, 50% of the investors (or more if the servicing costs are high) stand to loose money.
If people get a 40 year and end up house poor and eventually bankrupt down the line, tough shit. How is this any different than someone shopping until they have 50k credit card debt or buying cars that they can’t afford?
In a few years, if a couple thousand 40 year mortgage holders go bankrupt or into foreclosure, it will just be an expensive lesson in personal finance.
Do you guys go into bars and lecture the owners about VLT’s too?
90% of bank managers out there will give you enough rope to hang yourself with when you go in to get approved for a mortgage.
Realtors are in sales, they don’t have the same financial knowledge of their clients that a mortgage broker or bank manager does.
I don’t think that their moral responsibility goes beyond making sure that you don’t get screwed when completing a sale. YOU tell THEM what your budget is when buying and when you’re selling, isn’t the goal to get as much money as possible for your home?
Apparently, your post was deleted. So now I’m talking to myself…
Condo project in downtown Edmonton cancelled.
Did anyone catch the news this morning about the cancellation of that downtown Edmonton condo project.
Sorry I tried to find the details but could not. The news this morning had the developer on and said that they have cancelled a major Edmonton down town project becase its no longer economically feasible with the softening in the condo market and increased costs.
Think that says a lot…
Thank you.
Albertan’s now have the highest after tax income of anywhere in Canada. Yes it is now higher than even Ontario! So for years when Ontario housing seemed so expensive to Albertans the fact is Ontario did not implode as they had higher incomes. So why now when Alberta has housing that is more affordable than the national average and the highest incomes in the land is our Real Estate doomed? Reality is inventory is putting downward pressure on prices but the fact is prices are quite stable so far? SFH starts will keep inventory in check but condos may have further price pressure late 2008. The fact that the market is hanging on to most of its gains should give you a clue that it is not going to take much to wipe out any possible threat of an implosion. I doubt migration is going to weaken anymore in fact I would guess we will see migration increase again over the next 1-2 years. Heck there is now talk that Ontario is on the road to being a have not province as they are taxing everyone and everything to death! I guess Alberta will carry the rest of the country on our back. If you are waiting for a Real Estate implosion in Alberta your going to be waiting an awful long time. I have lived in Alberta all my life and through the big bust and there is very little similar to todays economic situation. There will be challenges for sure but the only issue facing Real Estate is inventory. Once the market clears that jam there is nothing short of Global recession that is going to force prices down here. Doomsdayers have little to argue this point other than Inventory should push prices down. Well we have had high inventory for some time now and the prices have been quite resistant to falling. Time will tell but an implosion is doubtful.
Fred,
I think it says a couple of things: 1)Developers are waking up to the fact that the condo market is facing some pretty large inventory issues down the road.
2)There are developers out there that are bright enough to cancel proposed projects in light of this fact. I would expect some more of these announcements.
To Violet….affordabilty has improved a lot in the last 8 or 10 months. Home prices are down 12% and average wage increase in the past year for Alberta is 6.9%.
To Vern….I’m not sure I’ve read a post that had more assumptions in a shorter story, but people can at least take something away from it. Investing for a flip is always a gamble…..same as stock investing for short term. Buy something you can afford and live in it. If you can’t afford it then rent. There are markets for both!
This cancellation is good Fred – less supply on the market…. which, if you look downtown, everywhere you look there is a condo project going up or about to be completed. This supply will be filled by the time a location for the new arena is picked out.
Long time reader, first time poster. First of all, much thanks to Sheldon and Sara for keeping this blog, at times, there are useful tidbits and discussion on real estate matters, not all of which is whether the RE market is going to hell in a handbasket.
Felt like I had to say something, after seeing a few very reasonable posts deleted by the moderators.
First of all, for those who care, I’m not a bitter renter, an optimistic speculator. I’m also not particularly bullish or bearish. I own my own house, and am looking to sell the condo that I owned prior to moving into this house.
While I realize this is Sheldon and Sara’s sandbox, and that you obviously have your own agenda (i.e. you’re realtors, if you don’t sell, you don’t make any money), i find it in bad taste that you truncated Violet’s post. She makes some very good points and at the very least, it should stimulate some discussion about realtors and their value. Just because she thinks realtors aren’t worth what they charge, you delete her post?
I don’t think Violet is correct in all her assertions that realtors are entirely at fault for people getting in over their heads, I think bankers have far more control over what you qualify for in terms of mortgages. Point the blame at where it belongs, the big banks.
I do think realtors should have some responsibility in being honest with their clients with respect to the market conditions and risk/reward of buying in a buyers market. Buying’s not for everyone, if you’re short-term, looking for a quick flip, and not ready to commit long term. I do take offense to realtors constantly referring to themselves as “professionals” and sounding like their God’s gift to real estate or life. A lot of true professionals dedicate their entire life to a career/calling, go through years of training, and put their clients/patients needs first and foremost. They have to answer to self-regulating agencies, and there are very real consequences for breaking the rules and acting unethically. Doctors getting licences revoked for sleeping with their patients etc. Realtors do a 3 month course if I”m not mistaken, look on MLS to see what the most recent houses sold for. I’m not sure any organization that allows house that have been sitting on the market for 300 days, then allows that to be delisted and then relisted as a “NEW LISTING!” can qualify any of its members as “professionals”. Period. In all fairness, I’m sure there are good eggs, but your truncating Violet’s post of anything that is critical of realtors certainly doesn’t do anything to prove that you’re one of them.
While I believe realtors do provide a valuable service (I’ve used them to buy and sell before), I do think they do provide a grossly OVERPRICED service, considering what I pay my other TRUE professionals (lawyer,accountant etc.). If I found a realtor that charged me $50-100/hr of work (seems more than fair) plus expenses, I’d jump at that service, given my realtor spent at BEST 10-15 hrs in helping me find my house to purchase. $1500+expenses sounds a lot cheaper than 3.5/1.5 of 600K doesn’t it?
My father used to be a realtor, not the busiest of all realtors, but is appalled with the realtors fees nowadays. Back in the pre-internet age, MLS was black and white, with no pictures. Realtors had to ACTUALLY market (gasp) your properties.
As a final note, I am getting a little tired of everyone accusing everyone else of being inferior renters or greedy speculators. You live, you learn, I’m sure some speculators got burned with the decline, serves them right. I’m sure some renters are also kicking themselves for not buying when the market was still low but that’s life. I do sympathize with the people that were not able to buy because they simply were not able to though. Why can’t we stop flinging insults and have a somewhat civil and educated discussion?
OK, that’s my rant, delete it if you want, I realize this is your sandbox and I’m visiting, but by doing so only confirms to everyone that you have your own agenda, the least of which is actually serving your clients. I don’t think my comments are too offensive or crazy.
Balance – intelligent comments are encouraged, whether they are critical of us or not. Name calling, cursing and impersonating other people is not tolerated. If you’d read her comments you’d be calling me crazy for not deleting them right now. Thanks for your comments.
PS – if that’s all we do why don’t you come work for us? Seems like a pretty good gig. Ask any of our friends how hard we work – you’ll realize the money ain’t as easy as you think.
Support balance. The Realtor industry needs reform to adapt to the ever evolving society.
If an unsold listing can simply re-list with a different MLS number, the average DOM data is totally unreliable.
Such practice would be deemed ridiculous in my industry (Electrical Engineering).
Thank you for letting my post stand Sara, and thanks for responding. I’m not here to get into a crap-slinging match about your livelihood. I’m just skeptical of what some realtors provide for what they charge. To your credit, YOU do seem like one of the good ones, Sheldon usually gets far more defensive of posts attacking realtors.
I also don’t mean to insult what you do, its just that I don’t think realtors qualify as “professional” despite their pleas otherwise. My point is this.
The 3.5/1.5 structure (yeah, I know its negotiable, but how really, how many realtors will consider cutting it?) has been around since when my father was a realtor. He thinks with the advent of the internet/MLS etc, the job of selling/buying is easier than ever. Especially when the market was red hot (which I realize it is not now.) So given prices have increased more than double from 10 years ago, has the workload increased by double? He would argue its likely gone down by that much. Yes I know there are cost of living issues etc., but when a former realtor thinks comission is too much nowadays, kinda makes you think doesn’t it?
As well, the other realtor claim I find funny is all the guys and gals who take out massive billboards who claim “I Can Sell your house for more!!” How exactly does that work? I recently sold my house through a realtor, and other than posting it/marketing it, and referring people, come time to show the property, its the BUYING realtor that shows the property, not my guy. The offer that came in was entirely controlled by the buying parties, not the selling/listing realtor. My opinion is that you’re paying for the exposure mainly. You be the judge as to whether it’s worth 3.5/1.5.
To his credit as well as Sheldon/Sara’s, they don’t claim to sell your house “for more!”, but goes to show you not all realtors are good ones. Professionals don’t claim to be able to do something they clearly can’t. Buyer beware I guess. OK, getting off my soapbox now.
This is my first post on this blog, or any blog for that matter. But I have been visiting this site for a while now for some very good information and sound advices since I am getting married in August and my fiancé and I are really considering getting a place of our own. Thank you Sheldon and Sara.
But after what I have seen today, I must say I am a little disappointed, and which prompted me to make my first post. I have had a chance to read Violet’s comments, and I must say I have to agree with balance that it was poor taste to have it truncated. Granted I can see how it can be viewed as more aggressive and accusatory, I see no reason for it to be removed so quickly. And for Sara to imply that Violet might have been cursing or name calling was uncalled for either, since I didn’t see any. Not that I know if she was impersonating anyone, but I see no reason to suspect that she is either.
I would love to see her comment reinstated, and let the readers decide if they agree with her views or not. If she was cursing or name calling I don’t think balance would have defended her, neither would I. I also believe she made some good points.
Either way I have certainly lost a little respect for this blog, and I am probably a little more skeptical of realtors as a whole as well. I will probably still visit, I do agree that realtors provide valuable services. Thanks again and wish us luck!
Readers,
My comments in support of Violet were deleted too. My comments made some sound argurments in support of speculators and reators to do as they wish. However, it was critical of realtors who are in conflict of interest (those who also own homes). It was crtical of govts that have made the changes to 40 yr mortgages and media that supporte the hype. But alas, this venue is not meant for me.
Itchy: I scratch my head everytime you speak.
I’m really suprised about the weak immigration numbers. Ontario is bleading blue color jobs… alberta has… blue color jobs.
Your right about the wage thing:
http://www.payscale.com/research/CA/Country=Canada/Salary/by_State
I can throw out a guess though that non skilled labour in alberta currently pays more therefore bringing the average up. For all jobs I look at in my industry i can get about 10% more in Vancouver or Toronto.
I could be wrong. Any other opinions?
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It is interesting that my post with average wage in Alberta and Ontario along with expenditures information has been flagged as spam.
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It is a very interesting situation when First-time Buyers get priced out of the market while Investors are unable to make a profit at current prices via Renting or Flipping.
Where then does the supply go? Up of course.
The prices begin to fall, yes. We have observed this here in Edmonton now although not nearly enough to ignite this fabled bounce, recovery, whatever.
Some may argue that this will “loosen” the market and people will see it as an opportunity and go rushing in!
Ok. Well there is also another important factor in this current situation. Sentiment. When the observation is that prices are in decline, more people are willing to sit back and wait a bit longer for a better deal.
If a potential buyer feels that they can save 10′s of $1000′s by having some patience, they will. Who really wants to pay more for something anyway?
I don’t understand why some people deny the fact that the same enthusiasm and low inventory that took this market (and many others) to the moon cannot return to earth when enthusiasm turns to caution and inventory mushrooms.
My favorite is when I see someone advertising a great Real Estate Investment Opportunity where the new buyer will become rich!! Do you know anyone who gives away $$ ?
I’m going to get some popcorn for the show!
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Since the blog author did not allow my post with wages and expenditures that has been automatically flagged as spam (poorly designed filter) I am trying to post it in pieces.
The average hourly wages in Alberta
http://www40.statcan.ca/l01/cst01/labr69j.htm
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The average hourly wages in Ontario:
http://www40.statcan.ca/l01/cst01/labr69g.htm
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Average household expenditures in Alberta:
http://www40.statcan.ca/l01/cst01/famil16e.htm
and Ontario:
http://www40.statcan.ca/l01/cst01/famil16d.htm
Alberta has higher wages and higher expenditures.
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Other information by province:
http://www40.statcan.ca/z01/cs0003_e.htm
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One thing your all missing about the average wage for each province.
“You have to be working to collect it.”
I have to somewhat agree with one of the posters on here who said that bad economic times for Ontario might increase the migration into Alberta. But, we don’t even know how bad it might get, so it’s mere speculation at this point. And, if their economy doesn’t become too bad, then we will definitely not see those migration numbers from 2006. Also, you are ignoring the supply side of the whole equation. If we see a steady raise in migration, then the builders can handle those numbers. In 2006, we saw a spike in the numbers and a sudden rush to meet demand which made prices rise dramatically. We will definitely not see that again with steady migration.
So if supply is meeting demand, then we will see prices stay steady, but in the meantime the prices are going to fall to a more reasonable rate and probably hover in that area, but in no way will we see any dramatic increases again.
And like another poster said on here, just look at Huston Texas, a vibrant energy hub and stable economy, their housing market is far cheaper than Edmonton and Calgary, even with lots of migration and high energy prices!
Also, one more point. A lot of the labor we do receive into this province is temporary labor and these people do not permanently situate themselves here. They rent, they live in camps, or even in motels, but they do not buy housing….and a lot of the migration is temporary workers in this province.
And, another thing. We need to take into account all the baby boomers who made their cash and want to retire elsewhere like B.C or in the U.S. Baby boomers make up a huge chunk of our labour force and a lot of them will be retiring soon with lots of money. A lot of them will not stay here and they will in turn open a lot of vacancy.
And on top of this all, a lot of people cant afford current prices! Many first time buyers are waiting for prices to fall so they can buy! They are living in their parents place and saving money and waiting it out.
This is not Calgary with all the nice office jobs, this is Edmonton with mostly blue collar and service jobs, we don’t have the same fundamentals going for us like Calgary, so we will never see the same crazy market like they have…we will have moderate house prices and thats it.
End of story.
Jeremy,
On that note of Baby-Boomers, they will certainly have an effect on inventory as you pointed out.
Traditionally when this group becomes empty-nesters, they downsize. However, with the Tech-Bubble burst burning many investors, and ultra low interest rates, this group actually up-sized their nests.
Many in this group did so for the purpose of investment. Their focus to buy a large/expensive home in hopes that it would become their retirement fund. This action in itself provides an artificial demand on the past production of real-estate.
There are several instances where Baby Boomers in the US have essentially lost their retirement wealth because they put it into their homes. From the investment point of view, this is no different than putting all of your $ into one stock.
When it looks like you can’t lose at something, people drop their guard and ignore the risks. They forget that a Home is not cash-in-hand. You need to have a buyer to turn it into $, plus you will be paying fees to make the transaction happen.
I wonder how many of these high-end homes currently listed are second-homes or down-sizings that belong to Boomer/Empty-Nesters?
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Just for comparison:
U.K. average home price (Bloomberg): $379,000
Calgary average home price (CREB): $429,267
Edmonton average home price (EREB): $343,760
Alberta average home price (CREA): $359,953
I guess Alberta is an overcrowded island.
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Michael,
I personally know a baby boomer who has 3 houses he’s using as investment eggs. Hes currently trying to sell them, but having a hard time as predicted. For the price hes asking, it’s no wonder.