Friday, June 22, 2007

Have the Mighty Fallen?

Might be more a stumble than a fall, but it appears like a downward motion none-the-less.

This dandy gem of a quote is my nomination for positive-spin of the year:
"Sellers can expect to see offers with the conditions that we normally have, such as subject to financing and subject to inspections," said Carolyn Pratt, president of the Edmonton Real Estate Board.
I guess Ms. Pratt means to say that a declining market is the norm for Edmonton. Were people really buying properties without inspections? I guess greed does make you stupid.

For anyone interested, this little interactive dandy from CBC demonstrates just how far prices have gone from fundamentals (remember the 150 times rents rule?).

1 comment:

Anonymous said...

There was a RE segment on the news tonight. It may have been Global. I don't remember. I was flipping through 3 channels hoping to catch some RE news.

It talked about how hot the Edmonton RE market is.

They showed pictures of tent cities where people have to camp out because there are no rentals and they showed a bus full of real estate investors touring the city. They talked to some of the investors. One was a man from Ireland and one was a very young woman from Ontario.

After reading the link in your post hhv earlier today, I was surprised when I saw this on the news.