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Home-price slide in double digits
Professor says U.S.-style bust in the cards
Median sale prices for single-family homes in Calgary have plunged in the range of $45,000 to $66,000 in September from their peaks just over a year ago.
Data from Calgary realtors Gary and Mike MacLean, of Re/Max Real Estate Central, also show the median sale price for a Calgary condominium has plummeted by $44,000 from its peak.
The latest Calgary figures come as Robert Shiller, the University of Yale professor who predicted both the 1990s stock market boom and bust and the U.S. housing slump, said the Canadian housing market could face a similar housing bust to the United States, particularly in the more robust markets such as Toronto, Vancouver and Calgary.
Canada may face housing bust: Shiller
October 3, 2008 in Canadian Market Forecast | Permalink
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by the way, the original article says ``Asked whether that meant Canada could face a similar bust Mr. Shiller said: "Yes, especially in places that went up a lot like Vancouver and Calgary. I don't think Toronto has been quite as extreme.
Posted by: shashindra | Oct 7, 2008 5:18:08 AM
Kudos for actually reporting stories that reflect some modicum of reality in the Toronto Market, Q4/08. I think we'll see another 15-20% price declines (that's actual sales prices - not bogus listings, where churned listings on stale properties can actually increase if the agent is inexperienced or foolish enough). You will always have bad agents. One of them picked up a churn listing in North York that couldn't get any interest at 1.398M, and relisted it recently for $1.688M, after all the bad economic and local real estate market news in the interim - so there's always unethical agents who will throw out random insane pricing strategies. But if you look at market priced properties with agents doing a good job trying to 'mark to market', I think the luxury end in Toronto still has 20%+ to go in sales price declines before mid-2009. Enjoy, if you're a Toronto buyer. Take your pleasure in watching vendors sweat it out.
Posted by: VoiceOfReason | Oct 6, 2008 1:51:19 AM
Hey Nicolas, I caught that as well when I read through the article.
Posted by: ragingrick | Oct 5, 2008 12:10:00 AM
Yes sure Geoff u r right, u r probably another one of those crooks, feeding off people's blood, listen you parasite, you and your fellow gang members called Real estate brokers play so many psychological games on people and you know it very well.
Posted by: Nikolas | Oct 3, 2008 11:09:21 PM
the link "Realty Objectives" in your sidebar is redirecting to a porn site. fyi
Posted by: good sam | Oct 3, 2008 3:05:17 PM
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