Calgary Foreclosures Report - October 15th/2009

Housing Rebound: Magic or Miracle

Credit for the reversal of trends in the housing market would likely cause magicians to salivate. Shocked economists reveled in the release of positive recent figures as compared to just a few months ago.

Sales of single-family homes rose by slightly over 9% in September and condominium sales were close to 25% higher than September 2008. A reduction in real estate inventory heralds relief that the end of the recession is in sight. Today, the buyers market and sellers market show a healthy balance.

Calgary residential prices are slightly higher. Last September saw no activity for an underpriced home. Yet, September 2009 saw this property sell $16,000 higher. The economy remains weak, but the earlier drop in home prices and the rock bottom interest rates allow homebuyers to realize their dream.

Potential homeowners are less jittery as the economy makes its turnaround. There is no magician waving a wand. Economists are all view the positive moves differently.

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Calgary Foreclosures Report - September 28th/2009

Home Values Resurging in Calgary

At $10.3 million dollars, Mike Vernon’s home in Elbow Park has raised the bar for MLS sale prices in Calgary, which are rebounding after the recent economic decline. Recent data places home prices in Calgary for August 2009 at a mean of $459,734, representing a $19,000 increase over one year ago. August could yield the first one-year increase since February 2008,when the crisis rippled through the economy.

The resurgence of sales in a traditionally slow month indicates that Calgary home values are recovering. Returning consumer confidence and a decline in housing inventory levels will support higher average prices for homes throughout Calgary.

First-time buyers have bought down the available housing stock, driving average condo prices to $284,365, merely a few thousand dollars from the $287,832 average from August 2008. With larger numbers of sales occurring at the high-end of the housing market, average prices are rising at a rapid rate.

Nonetheless, sale prices have yet to return to the record levels set in 2007. A recent report indicates that Calgary home prices as of June demonstrated a record 12.5% decrease from 2008. Across Canada, the decline was a more modest 6.2%. An increase of 1.5% nationwide since May indicates that the trend towards home price deflation may be turning around.

Calgary Foreclosures Report - August 17th/2009

Times stay tough for Canadian commercial property

Money is tight these days and no market has been hit quite like the commercial real estate market in the country.  Many are predicting a slow turnaround in the commercial market, likely to stutter behind the recovery in the residential side of things.

According to multiple reports, the amount of transactions in the commercial market was down 38% from the same time last year -  not a sign of a healthy market.  Not only did the amount of transactions fall, but the dollar value fell 51%, which is quite substantial. 

The global economic slowdown has yet to show any signs of leaving the commercial market, which may lead to many foreclosures becoming available in the Calgary area.  Definitely some things to be aware of -  both on a local and national level.