Calgary Alberta Mortgage and Real Estate News

The news media continues to mislead with the headlines and the articles. The headline “Calgary leads major centres for slide in home prices” is in the May 28, 2009 Calgary Herald. The introduction to the article states: “Calgary home prices have seen the steepest decline in the country from peak levels, according to a housing report released Wednesday. The Teranet-National Bank house price index said house prices in the Calgary metropolitan area have fallen by 12.7 per cent from their peak in August 2007.”

If you are a prospective buyer, would that not scare you off?

If you are trying to sell, maybe that low-ball offer may actually be worth considering.

The reality, though, is that the Calgary resale housing market is in great shape (condos are holding their own, but are not rising in price like quality houses are). About 2/3 of the currently listed properties are either in poor condition, or are in bad locations. This is simply a reflection of those people who were “forced” to buy that particular property during the EXTREME sellers’ market of 2-3 years past - and those properties are not moving.The other 1/4 to 1/3 of good properties, are moving quickly, some with multiple offers, and offers above list price.The average Single Family sale prices to date this year below:

Do your own homework, use an ABR as your buyer agent, negotiate smart, and, of course, get your mortgage through me.