'The great boom is winding down'
Globe an Mail Update
February 15, 2008 at 4:39 PM EST
Resale home activity caught a case of the winter sniffles in January, a further sign Canada's mighty residential real estate market is finally in a slowdown.
Last month, seasonally adjusted unit sales declined by 0.4 per cent from the month before and 8 per cent from January, 2007, according to data released Friday by the...(CREA).
“With the further dip in January, Canadian home sales are now well below year-ago levels, adding further evidence that the great boom is winding down,” said Douglas Porter...
Steadily rising home prices have benched potential buyers, particularly in Alberta. In January, unit sales in Calgary dropped by 30.9 per cent from the year before and by 21 per cent in Edmonton. At the same time, new listings in those markets surged by 35.3 per cent and 61.1 per cent, respectively.
What's up with that? Alberta has mountains, they had the Olympics, Calgary has great weather when the chinooks roll in, and they have all that oil, and the jobs that go with it.
Well, at least some of the MSM have got the sniffles.
It is notable though, that;
Stronger markets included Newfoundland and Labrador, where home sales rose 47.5 per cent from the month before and the average price rose by 17.1 per cent.I think that a lot of people who made lots of money in oil, and RE in Alberta, are cashing out and going home to Saskatchewan and NFLD with enough money to buy whatever they want.
Saskatchewan was also strong, with sales in Regina rising by 43.7 per cent while the average price rose 69.1 per cent, and in Saskatoon by 37 per cent with the average price up 36.5 per cent.
Either that, or the speculating horde went where they could create and ride another wave of frenzy.
It is just a matter of time here - even if we do have some special, magical status that will keep our BC ski resorts immune from global warming.
Oh, and I don't check your spelling and grammar, but it seems as if the Globe and Mail has changed its name to the Globe an Mail