Here is an article from CMHC and CREA for that matter talking about falling home prices. They say a drop of 9% in average prices for Alberta. Not specific for Calgary, wish they had.
Anyway, median price is down 9% year over year right now as of end of January. Calgary may be worse then the 9% discussed by CMHC.
They also comment that the bottom will be by mid year. Agreed. but to early to call? What do you think?
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By Jason Dodd, February 16, 2009 @ 12:04 pm
How low can we go? Builders are likely discounted close enough to their break even points, sellers are getting close to mortgage amounts in their pricing in many circumstances. There will come a time and likely soon that people will pull their excess listings, supply will balance with demand and that portion of our market will stabilize.
Buyers are also starting to realize that this is not a bad time to buy.
Remember 365 days from now when you look back at rates fixed at 4% and prices were at this level. If you tried to time the bottom then you just might have missed it both with price and interest rate. Calgary will turn around and true to form in this province it will likely be sharply. Its like our weather, if you don’t like the way it is just wait a little while.