New figures show a dramatic downturn in two of Canada's hottest real estate markets -- Calgary and Vancouver -- though the change appears to be a reaction on the part of consumers to unrealistically rapid price increases.
"The sizzle has gone out of Calgary's housing market as rising inventories and cautious buyers have ended the bidding wars and soaring prices that marked the first half of the year.
Price reductions of $40,000 or $50,000 have become common, realtors say, and some top-end buyers have even tried to back out of deals after realizing they may have overpaid by hundreds of thousands of dollars.
Sales of existing homes took a tumble last month in both Calgary and Vancouver, two of the country's strongest markets. Numbers released yesterday by the Canadian Real Estate Association show that Calgary sales were down last month by almost 18 per cent over the same month last year, while listings were up by more than 50 per cent. Houses are sitting on the market for longer, and agents say many buyers are waiting on the sidelines, hoping asking prices will fall even more.
Even with the slowdown, there is no indication that the Canadian market is heading for the drastic correction taking place in some parts of the United States. The average selling price of a Calgary home increased last month to $374,067, the second highest in the country behind Vancouver. And while Calgary and Vancouver are taking a breather, activity in Edmonton and Saskatoon is still at record levels."
FULL STORY: Housing boom fizzles in Calgary
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