A blog cannot deal with all aspects of a subject and is not intended to replace professional advice. It's purpose is to highlight information and identify areas of possible interest. Anyone wishing to discuss this blog or to make any comments or suggestions about this blog is invited to do so by either posting comments or emailing me directly.

 

 
Real estate forecasting is as much art as it is science. It involves so many facts and figures and it's dosed with a healthy bit of just good old prognosticating.
 
And those people who follow the housing market, like real estate brokers or investors, constantly want to know how it’s doing and where it’s going.
 
A TD Economics Provincial Outlook released this past Thursday provided some interesting data on Alberta’s very recently recovering housing market.
 
The forecast painted a pretty rosy picture for Alberta for 2012 stating, "... the vast majority of signals on the economic dashboard are sending the same message: things are good. Wages, already the highest in Canada, are rising, retail sales are growing fast thanks to an expanding population, and the housing market shows little sign of overvaluation relative to other large provinces in Canada." Sounds pretty good, right?
 
Then you get to the last page with the statistics on whole the housing market....
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An article in today's Calgary Herald, spoke of the increases in resale market activity and a price growth in the resale housing market for August 2012 over August 2011.
 
Many a REALTOR® are bound to sing the same old songs of, "Prices are on the rise, and houses are selling fast! Buyers should offer closer to asking price! Sellers should price above the last few houses to sell!" I know I got an email from a designated broker - an hour ago - claiming just that.
 
Of course now that the Calgary Real Estate Board has an economist on staff, we're seeing a few qualifications to these "news" articles. You'll actually read in the article that we are "it still has a way to go to catch up to the peak pricing of a few years ago," (2007) and "even though there’s growth, we’re not at typical levels of activity" for the Calgary area market. This translates into - we are still in a precarious position as far as the resale housing market. A small change in the economic climate...
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