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Housing boom over as market sags in Canada

Posted on 02 October 2008

From The Globe and Mail: Real estate bidding wars are becoming a thing of the past in Calgary, and single-family homes in the former centre of the housing boom are now taking longer to sell than they have at any time during the past eight years.

Detached homes on the city’s resale market are being listed for an average of 50 days, according to data released yesterday by the Canadian Real Estate Association. That compares with around 35 days in 2007, and 25 days in 2006. It’s a trend playing out in other major centres as well, as sales activity slows and the supply of units for sale outpaces demand. The average time resale homes and condos remain on the market has risen in Vancouver, Calgary and Toronto, the only three markets covered in the report….. Full Article: Source


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