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.
It all adds up to a drastic change from this spring, when it was common to get 30 offers for a single property and homes in desirable areas were snapped up as soon as they were listed. The change, also being felt in Vancouver, is happening at a time when the national-home market is treading water and cities such as Toronto and Montreal are seeing only modest price gains.
“Anybody who thought it was going to continue forever was smoking something funny,” said John Riseborough, a 23-year veteran of the industry who owns Re/Max First in Calgary.
Das Kanada Forum
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17.11.2006 11:10
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