Increase that 'blip' to 5 months because sales have been weak since January. This is what I had to say about sales several months ago:
Calgary stats for January have been posted by Bob Truman and it is clear they have deteriorated on a seasonally adjusted basis. Normally we could expect a 27% increase from December to January, but instead sales were flat. They have moved closer to a rate equivalent to the six months of the financial crisis labeled scorched earth on the chart below.
Greg Klump, chief economist with CREA, said the combination of changes to mortgage regulations in April and rising mortgage rates pulled forward a number of sales into April that would have otherwise taken place at a later date.
"From the standpoint of afford-ability, we see sales activity softening going forward because of marginally higher interest rates as well the strength of activity in the first half of this year will be at the expense of sales activity in the second half of this year," said Klump.
From Mike Fotious site June sales look really bad yet again, as in another month of "scorched earth". Make that sales blip six months and counting.
"We're predicting that prices will continue to rise until August, at four to five per cent per month, then at two per cent per month," Carolyn Pratt, Former President REALTORS Association of Edmonton, April 4 2007