The previously steaming hot Alberta markets are fully back down to room temperature, and continue to drag heavily on the overall sales figures. Sales in Calgary (-35.4% y/y) and Edmonton (-31.8% y/y) fell steeply from a year ago, while new listings continue to rise sharply. That's a nasty omen for the local markets, and both have seen price increases dip to around the 5% range.
The Bottom Line: With the further slide in February, Canadian home sales are now firmly below year-ago levels, another sign that the Great White North's housing boom is grinding to a finish. Dismal weather (unless you're a polar bear) may have exaggerated the weakness in the opening months of the year, but there are more durable factors to suggest that the bloom is off the boom. Sagging affordability and the likelihood of increased consumer caution point to calmer housing market conditions through the rest of 2008.
Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
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