More Great News for American Investors and Owners

[VancouverGoinUp]

Folks, It's All good up here across the border. Averaging 4% per month up. Average house price on West side now over 1 million which = $40,000 profit per month

Credit crunch not hitting B.C.

CIBC World Markets report says mortgage arrears in B.C. among nation's lowest


Vancouver Sun

Published: Wednesday, March 26, 2008

VANCOUVER - Canada has so far avoided being sideswiped by the so-called U.S. credit crunch with British Columbia the farthest away from the potential damage, according to a report from CIBC World Markets.

"Despite the doom and gloom we are witnessing and reading about on a daily basis coming from the U.S. economy, especially when it comes to consumer markets, Canadian households have not noticed [a decline in available credit] in any significant way]," CIBC senior economist Benjamin Tal said in an interview.

[jimmygu3]

Re: More Great News for American Investors and Owners

Folks, It's All good up here across the border. Averaging 4% per month up. Average house price on West side now over 1 million which = $40,000 profit per month

Credit crunch not hitting B.C.

CIBC World Markets report says mortgage arrears in B.C. among nation's lowest


Vancouver Sun

Published: Wednesday, March 26, 2008

VANCOUVER - Canada has so far avoided being sideswiped by the so-called U.S. credit crunch with British Columbia the farthest away from the potential damage, according to a report from CIBC World Markets.

"Despite the doom and gloom we are witnessing and reading about on a daily basis coming from the U.S. economy, especially when it comes to consumer markets, Canadian households have not noticed [a decline in available credit] in any significant way]," CIBC senior economist Benjamin Tal said in an interview.

It was just that kind of unsustainable rate of return that led to the US housing downturn. Smart investors got out, not in, at that point. Reading your quote from this article, I would point out that easily available credit and rising home prices go hand in hand. They are both symptoms of a housing bubble, not evidence of a healthy housing market. If you want to know what happens when the credit gets tightened, just look across the border.

I wish you the best of luck, but it sure sounds like CA circa 2005 to me.

[GRG55]

Calgary Rolling Over...

For most of this decade Calgary has been the vying with Vancouver as the most manic housing market in Canada. Now it's cooling down. What next? VancouverGoinDown? Horrors! :eek:

Calgary housing market cooling off

Mario Toneguzzi

Calgary Herald

Tuesday, April 01, 2008

CALGARY - Calgary's resale housing market has taken a dramatic turn. The latest MLS sales data from the month of March suggest it has become a buyer's market, with listings continuing to soar and sales plunging compared with a year ago.

Total MLS inventory of listings at the end of March were 12,597, a 166.72-per-cent increase from 4,723 registered in March 2007. The month-end inventory for single-family homes in Calgary metro was 5,957 (up 154.57 per cent from a year ago) while for condos it was up 283.06 per cent from a year ago to 2,781 listings from 726.

According to data released Tuesday by CREB, the average sale price of a single-family home in Calgary metro last month was $474,513, down 1.13 per cent from the $479,914 in March 2007. The median price also declined in a year-over-year comparison by 1.64 per cent from $427,000 to $420,000. Sales plunged by 37.59 per cent compared with a year ago - 1,418 in March and 2,272 in March 2007.

In the condominium market, the average sale price in March for Calgary metro was $312,620, up 0.11 per cent from $312,280 in March 2007. The median price increased by 1.03 per cent in the past year from $290,000 to $293,000. But sales, like the single-family market, dropped by 44.93 per cent in the past year from 1,026 in March 2007 to 565 last month.

The average sale price of a single-family home in Calgary metro has increased each of the three months of this year from the $444,769 it was in December - $455, 297 in January, $471,696 in February. It had peaked at $505,920 last July.

The average sale price of a condo in Calgary metro has remained fairly stable this year after registering $304,719 in December. In January it was $311,232 and rose slightly to $311,812 in February.

At the first quarter mark of the year, the average sale price for a single-family home was $468, 042 in Calgary metro, up 2.42 per cent from $456,980 for the first three months of 2007. However, sales have dropped by 34.37 per cent in the first three months - 3,747 this year; 5,709 last year.

In the condo market for the first quarter of the year, the average sale price in Calgary metro was $311,967, an increase of 3.32 per cent from the $301,932 in the same period a year ago. But sales were down 40.63 per cent this year - from 2,656 to 1,577.

New listings added in March increased by 11.56 per cent for single-family homes in the past year (from 3,131 to 3,493) and by 24.88 per cent for condos (from 1,250 to 1,561).

http://www.canada.com/calgaryherald/...bbaa9f&k=77487

[FRED]

Re: Calgary Rolling Over...

For most of this decade Calgary has been the vying with Vancouver as the most manic housing market in Canada. Now it's cooling down. What next? VancouverGoinDown? Horrors! :eek:

Calgary housing market cooling off

Mario Toneguzzi

Calgary Herald

Tuesday, April 01, 2008

CALGARY - Calgary's resale housing market has taken a dramatic turn. The latest MLS sales data from the month of March suggest it has become a buyer's market, with listings continuing to soar and sales plunging compared with a year ago.

Total MLS inventory of listings at the end of March were 12,597, a 166.72-per-cent increase from 4,723 registered in March 2007. The month-end inventory for single-family homes in Calgary metro was 5,957 (up 154.57 per cent from a year ago) while for condos it was up 283.06 per cent from a year ago to 2,781 listings from 726.

According to data released Tuesday by CREB, the average sale price of a single-family home in Calgary metro last month was $474,513, down 1.13 per cent from the $479,914 in March 2007. The median price also declined in a year-over-year comparison by 1.64 per cent from $427,000 to $420,000. Sales plunged by 37.59 per cent compared with a year ago - 1,418 in March and 2,272 in March 2007.

In the condominium market, the average sale price in March for Calgary metro was $312,620, up 0.11 per cent from $312,280 in March 2007. The median price increased by 1.03 per cent in the past year from $290,000 to $293,000. But sales, like the single-family market, dropped by 44.93 per cent in the past year from 1,026 in March 2007 to 565 last month.

The average sale price of a single-family home in Calgary metro has increased each of the three months of this year from the $444,769 it was in December - $455, 297 in January, $471,696 in February. It had peaked at $505,920 last July.

The average sale price of a condo in Calgary metro has remained fairly stable this year after registering $304,719 in December. In January it was $311,232 and rose slightly to $311,812 in February.

At the first quarter mark of the year, the average sale price for a single-family home was $468, 042 in Calgary metro, up 2.42 per cent from $456,980 for the first three months of 2007. However, sales have dropped by 34.37 per cent in the first three months - 3,747 this year; 5,709 last year.

In the condo market for the first quarter of the year, the average sale price in Calgary metro was $311,967, an increase of 3.32 per cent from the $301,932 in the same period a year ago. But sales were down 40.63 per cent this year - from 2,656 to 1,577.

New listings added in March increased by 11.56 per cent for single-family homes in the past year (from 3,131 to 3,493) and by 24.88 per cent for condos (from 1,250 to 1,561).

http://www.canada.com/calgaryherald/...bbaa9f&k=77487

Lots of data here over at the Vancouver Condo Hype blog.

[BiscayneSunrise]

Re: Calgary Rolling Over...

I just saw the crawl on CNBC reporting that New York City house prices rose in Q1 but on fewer sales. The classic sign of a bull market in its' last dying gasps; the exhaustion rally, rising prices in declining volume.

Greg

[GRG55]

Re: Calgary Rolling Over...

Lots of data here over at the Vancouver Condo Hype blog.

Many thanks FRED. I had a quick scan and will have to spend a little more time on the site when I have the opportunity and in need of amusement.

It's a lot of fun watching your hometown make such a spectacle of itself when one is able to do so from a safe distance (and 10 time zones should be safe enough, eh?). ;)

Anybody want to start a poll on the timing and trigger for Dubai's property bubble to finally explode?

[GRG55]

Re: Calgary Rolling Over...

I just saw the crawl on CNBC reporting that New York City house prices rose in Q1 but on fewer sales. The classic sign of a bull market in its' last dying gasps; the exhaustion rally, rising prices in declining volume.

Greg

Could this be what they were referring to?

Manhattan Condo, Co-op Sales Decline Most in 18 Years

By Sharon L. Lynch
April 2 (Bloomberg) -- Manhattan apartment sales plunged the most in 18 years in the first quarter as buyers faced the prospect of a recession and job cuts at Wall Street securities firms.

Sales fell 34 percent from a year earlier and inventory rose 4.6 percent to 6,194 units, New York-based real estate appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate said in a report today. The median price of a Manhattan co-operative apartment or condominium increased 13.2 percent to a record $945,000.

``If it continues along this pattern, we're in a period of transition to a weaker market,'' Miller Samuel President Jonathan Miller said in an interview. ``You typically see a slowdown in sales activity precede a slowdown in pricing.''

Financial companies have cut at least 34,000 jobs in the past nine months as losses and writedowns related to mortgage- backed securities climbed to at least $230 billion. Wall Street drives Manhattan real estate, with the median apartment price roughly tracking bonuses paid by investment banks since 1997, Miller said...
http://www.bloomberg.com/apps/news?p...hXg&refer=home

[FRED]

Re: Calgary Rolling Over...

Many thanks FRED. I had a quick scan and will have to spend a little more time on the site when I have the opportunity and in need of amusement.

It's a lot of fun watching your hometown make such a spectacle of itself when one is able to do so from a safe distance (and 10 time zones should be safe enough, eh?). ;)

Anybody want to start a poll on the timing and trigger for Dubai's property bubble to finally explode?

For ease of use just set the picture size of camera on your cell phone to 640 (small) and email your photos to photos@itulip.com. We'll automatically put them in the Travel section of the photoplog. Neat, huh?

Keep 'em clean, folks!

[Slimprofits]

Re: Calgary Rolling Over...

Anybody want to start a poll on the timing and trigger for Dubai's property bubble to finally explode?

Get your bets in now!

Second Dubai property project scuttled

A new luxury resort development, sold-out to investors five years ago, will never be built.

Damac Properties, the biggest private developer in Dubai, has cancelled the Palm Springs project, a 25-storey residential and resort development, planned for the Jebel Ali Palm.

Investors bought the 1, 2 and 3 bedroom apartments, in the project commencing in late 2003. Damac said the property, when completed, would be managed by a five-star hotel operator.

[..]

Now after five years Damac, having had the use of the funds from the sell-off, is now saying it won't proceed and the original investors, or those than have bought on the resale market, have a choice of getting their original price back plus 6% per annum interest, or transferring their investment to another Damac property at a 15% discount.

[..]

'Damac Properties has been advised that the master development of Palm Jebel Ali has been redesigned and the Palm Springs plot will not be delivered. Due to redevelopment of the plots, the building forming the Palm Springs development cannot be situated on the re-allocated plot and, as a result, the Palm Springs project has been cancelled,' Hussain Sajwani, the Chairman of Damac Holdings, said in a statement.

[..]

The news of the Palm Springs demise comes hot on the heels of the failure of the Alareifi tower at Dubai Marina.

As we reported Sunday, construction of the luxury 35 storey residential Areifi Marina tower at the prestigious Dubai Marina has been halted.

Major Saudi Arabian developer, Alareifi, pulled the plug on the 379-apartment project midway through construction. Investors in the property are being told Alareifi cannot complete the project.

[..]

On Monday stocks on the Dubai stock exchange fell almost 3%, their biggest one-day fall in two months. The decline was led by the city's biggest property developer, Emaar Properties, which shed 3.95%.

[BiscayneSunrise]

Re: Calgary Rolling Over...

Yes, That was it, thanks.

[GRG55]

Re: Calgary Rolling Over...

Get your bets in now!

Second Dubai property project scuttled

Nice catch! Wonder if they parked the investors money into US$ denominated CDOs on the advice of Goldman, Bear or Lehman?

[phirang]

Re: More Great News for American Investors and Owners

Perhaps they bought some AMD or Citibank stock :rolleyes:... too rich to care, I guess!