“Balance Returns to the Real Estate Market” Calgary sun October 18, 2008
The Canadian Press reports that a decline in the number of new listings of homes for sale in Canada is signaling that the slide in housing prices is beginning to slow. The report quotes Craig Alexander, deputy chief economist with the TD Bank as saying that the decline was unavoidable as skyrocketing prices, particularly in the West, made homes less and less affordable to the average Canadian. The sellers’ market, which dominated for the last several years, must now give way to a more balanced market. Average home prices fell by 6% in Calgary and 5.6% in Edmonton year-over-year. Translation? The new economic landscape provides some good opportunities for people who were unable to enter the market previously.