For the 4th time in a row the CMHC auction was unsubscribed.  They offerred $4 Billion to the market and was only able to sell $1.57 Billion.

This is good news to the market.  Karen Kinsley, President of CMHC told a senate committee that “We believe at this point in time there is a fair amount of liquidity in the system.”

The good news keeps coming…

Click on the song link as you read this today, enjoy

Thanks to radley 77 at Calgary Real Estate Market blog who has worked out an incredibly important graph that shows that as og January ‘09 we are now below the historical average for housing affordability in Calgary.

The three reasons for this:

1. Rising Income levels in Calgary.  Before you go on about the rising unemployment, remember that we still have historically a very low unemployement figure and there is still the highest % of people EMPLOYED per capita then anywhere else in Canada, and the facts are our real wages grew significantly recently
2. Lowered Interest rates.  Enough said here.  Year over Year same home cost for an average home in Calgary per month has dropped 33%.
3. Correction in the real estate market.  Yup.  As we know there has been as high as 18% come out of the average price in Calgary metro.

Buyers, what more do you want?  Don’t miss this glorious opportunity go by.  Are we at the bottom? Cause that is what everyone seems to be saying, “I will get in when we are at the bottom?” Really.  Well if the last 90-120 days of stabilized prices, reduced sales to new listings ratio, and less overall inventory, coupled with this latest news that shows affordability is at early 1990’s level is not enough, what is?