Saturday, July 19, 2008

Spotlight: Gregory Klump

From the Calgary Herald: Calgary home sales take 32 per cent slide
Despite the decline in sales for the first six months of this year, "on a month-over-month basis sales have increased in Calgary in the last two months," said Gregory Klump, the real estate association's chief economist
Looking at the data sales have increased in Calgary from Mike's Stats:

Month SFH Condo Total
March - 1418 - 565 - 1983
April - 1363 - 581 - 1944
May - 1368 - 577 - 1945
June - 1439 - 556 - 1995

So one more property sold in May than April. Then forty more in June. How would Gregory Klump, CREA chief economist, interpret this?
But Klump said the trend has been for increasing sales in Calgary on a monthly basis.

"It's clear looking at the data that I'm looking at, that in terms of the prices, they've stabilized," he said. "Anyone expecting a continued decline in average price will be surprised and disappointed."

How is it clear Calgary prices have stabilized?!? From Mike's Stats

Month SFH Condo (000s)
March - 420 - 293
April - 420 - 290
May - 419 - 285
June - 408 - 293

Words stabilize, and balance seems to come up frequently now. Remember when the CREB said sales were stable in January? What makes Gregory an expert worthy of a print space? He did not anticipate any price decrease so how can he be so bold now? What did Gregory say April 2007?

"The resale housing market continues to be a story that features the West and the rest," said CREA chief economist Gregory Klump.

"Tight markets make for sizeable price gains, and nowhere is that more true than in Calgary, Edmonton and Saskatoon, where year-over-year increases remain lofty. In keeping with that trend, CREA forecasts that price increases in 2007 and 2008 will be biggest in the Prairie Provinces and British Columbia."

Dear potential home buyers - Mr. Gregory is not your friend.


Anonymous said...

Do you like having no comments for your gay blog?

Anonymous said...

i hope that you leave that first comment just goes to show the mentality of the industry that you critique

any how

Alberta is the only province seeing major-market price decreases, although Calgary and Edmonton are still home to some of Canada's most expensive real estate.

lots of people are leaving now


Carioca Canuck said...

Like I have said many times over....RE is the only occupation where you have to be a bald faced lair to earn an income.

Anonymous said...

"a bald faced lair to earn an income."


Only RE guys?
Aren't you a used car salesboy, CC?

Haven't you ever lied to sell a Ford Focus to a customer?
C'mon CC: haven't you lied before to eat some Ramen?

Ned said...

how you hungry for "used car sales boy" style Ramen noodles today?

How many bags of ramen did you eat yesterday?

Carioca Canuck said...

Sorry guys........I don't sell Fords, nor do I lie to earn my $$.

There's no need to.

Do you mean......just for example......if I said something like........"cars never go down in price"........LOL !!!???

I'd get laughed at on my way out the door. FWIW I was born in Winterpeg.....and I'd wouldn't live there if it was a condition of winning the 6/49. It is the shithole of Canada.

Anonymous said...

I've noticed how people with a vested interest in "Real Estate only going up", are becoming more and more hostile recently to these obscure bubble blogs.

It's as if anonymous, obscure bloggers are causing the price correction happening.

Just my opinion, but the reason that prices are correcting, is that they are too high given supply and demand in Calgary. It's just economics 101 guys, if supply > demand, prices go down.

No need to get upset about it and start insulting the bubble bloggers. Anybody who invests will make bad investments/choices from time to time, no need to lash out.

I like this blog, because it exposes the salespeople of CREB and EREB for what they are... salespeople. The media pretends they are impartial economists, which is obviously a joke.

Nothing wrong with being a salesperson, but it is wrong to put out "predictions", that are really just sales propaganda to convince the idiot masses to buy your product quickly (so not to miss out!), and prudent it's a scientific prediction, when no truly rigorous analysis was done to come up with those predictions.

Just like when Paulson in the US last year told the media (and everyone believed him), "Sub-Prime is contained"


Anonymous said...

"Realtors are just salesmen."

That's really a good way pf bringing the "over inflated, professional, all caps with the (R) in Realtor" in perspective CC!

Realtors are just and only just salesman. The PROFESSIONAL REALTOR(R) badge is just making up for "small penis syndrome".

I liked the line "When a persons occupation relies on speculation and getting someone to buy or sell so you can live, how can you be honest 100% of the time?"