I remember reading A Tale Of Two Cities in High School... well, not really. I recall it being too long, yet ended really abruptly, and every sentence had a word I'd never seen before. All of you kids who went back to school this week have that to look forward to. I will try to avoid all three in this blog.
My teacher summed it up: London and Paris were reacting very differently to similar problems.
City's real estate market right now looks like two different cities. Detached home and condos are reacting very different to the same economic downturn.
If you looked at only statistics for Detached Homes, you'd think our city was experiencing a slight dip in the market. Like London, stormy but steady.
If you only looked at condo statistics, you'd think the sky is falling. Like Paris, spiralling out of control.
To keep the analogy going: Townhouses are somewhere in Northern France. Semi-Detached homes are perched on the south coast of England.
Here is the Overall View of Calgary's Real Estate Market
Detached Homes have been resilient. There is almost no change since last month. Lower priced Detached Homes are still selling quickly and with stable prices.
Jim Reich, a real estate lawyer who handles quite a few foreclosures, told me today that he's seen a 'very slight' increase in foreclosures this year. But it's 'Not what I expected 6 months ago.'
Detached Homes are in a Seller’s Market, Slightly
Apartment sales are the lowest they've been since 2003. People just aren't buying them. Yet more keep coming on the market. Prices are dropping quickly downtown. It's getting a little rough.
Apartments are in a Buyer’s Market, Big Time
Townhouses are suffering too. Just not as bad as apartments. Sales are down, inventory is up. If you're looking to buy... there are some beautiful townhouses on the market right now for almost the same price that you'd pay for a decent size condo. Especially in the South East.
Townhouses are in a Buyer’s Market
Semi-Detached Homes are in a Balanced Market
Just like Europe in the late 1700s, you can't generalize in Calgary right now. There are pockets of rapid change, pockets of stability, and a lot uncertainty. Maybe one day I'll write a book about it that will bore high school kids.
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