Saturday, August 2, 2008

Calgary July Stats

CREB released the July stats for Calgary. I have to commend the Calgary Real Estate Bubble Blog for calling Ed Jensen's sales pitch regarding 40-year mortgages:
“Buyers who wish to take advantage of the zero down mortgage program will need to hurry as this program, and the 40 year amortization program, are discontinuing shortly. Buyers can get more information about these programs from their REALTOR®.” concluded, Jensen.
Ed Jensen, August 1, 2008

I'm expecting Realtors (some who are struggling) across Canada to further increase their advertising/marketing budgets from now till October 15, 2008. With sales down 30%-40% yoy already, what will most of them do after that date?
I can already envision the new emergency marketing slogan:

"The best time to buy is now - before October 15, 2008."
CREBB July 9th, 2008

What did Ed Jensen say about these loans on July 12th?

The Canada Mortgage and Housing Corporation, the Crown corporation providing mortgage insurance on behalf of the government, eased the rules in 2006 to encourage homebuying.

That change, Jensen said, had little impact at the time.

"We didn't notice it in the market place," he said.

"So I believe in reverse, I don't think we're going to see a large impact on sales."

Funny that after these loans were introduced Calgary saw huge numbers in sales and prices and he didn't notice them. He seems to have noticed enough to make a sales pitch. See previous post.


Dali said...
This comment has been removed by the author.
Dali said...

I wonder how these 40 year mortgage people that bought in the last year feel now. "I wish I wouldn't have dove into the kool aid...I wish I wouldn't have qualified...bloody zero down - 40 year mortgages"

Carioca Canuck said...

Re: Ed Jensen and other realtors.....

RE is the only occupation where you have to deliberately lie in order to earn an income.

Anonymous said...

Sorry if this is a dumb question, but how does EREB tally up their grand monthly total of SFD sold? Their official figure of 1176 from here
is not the same as the total you get from page 5 of the same document which is 939.
(The latter figure is closer to the one on Bob Truman's website, which is why I did the calculation.)

BearClaw said...


When the EREB breaks sales apart by town i think they are missing some like Beaumont and Devon. Trumans stats are not for the entire Edmonton area either.