All this waiting is putting me to sleep. The MSM is the same thing day after day. This blog is the same day after day. I don't have time for diatribes right now, so all there is to do is cut and paste. The following article is excerpted from the CBC. They seem to have the same trouble I do - just empty reports to fill column inches.
I did have fun with the photoshopping though.
The average price of a resale home in Canada rose by 11.1 per cent in 2006, according to year-end figures released Wednesday.
The 11.1 per cent increase was the largest since 1989, CREA said.
The biggest jump was in booming Alberta, where the average resale home was up 30.8 per cent in 2006 over 2005.
The highest average price, meanwhile, was in British Columbia, with an average price of $390,963 in 2006, a rise of 17.7 per cent from 2005.
"The resale housing market became more balanced in 2006 due to an increase in new listings but it was still a seller's market..." CREA said.
However, the real estate association said prices showed unmistakeable (sic) signs of easing in the fourth quarter.
It pointed out that the average year-over-year price in December rose by 8.4 per cent over the previous December. That was the smallest increase of the year.
I did like how at the end they said prices were easing. That's a nice distinction from increases easing. And they did point out that the December yoy increase was the smallest of the year. What's the point?
But what does it mean? Confirmation of a country-wide bubble? We know it's a global one. It's amazing how Alberta had the highest increases, but is still (on average) $100k cheaper than BC. And what's up with NWT? Mining? Oil? Certainly not the climate and the mountains.
I'm waiting for the news about panicked flippers in trouble. We have heard that up to 50% of downtown condos were bought by investors, but no one is blinking yet.
I look forward to having some good news some day soon.