Do you believe it yet? More news of cooling real estate market

I read the millionth (or so) blog post-slash-news article today about the cooling real estate market in Edmonton. Yes, Canada, what’s been happening in Phoenix, Florida, SoCal and Las Vegas is happening here.

That shouldn’t shock us. Most areas in Canada are overpriced for what you get (priced for about 30% higher than market value… I read that somewhere, but where? i’ll keep looking and update).

So it makes sense that, eventually, the market would push back. Of course it would. I sold my home last September, and so did Lance —- and we’ve both been renting since as we wait for the market to relax a bit and prices to get more reasonable.

But, when we’re ready to buy, we’ll need a realtor. And if we were looking to sell, now would absolutely be the time to get a realtor, given that for-sale-by-owner services like ComFree don’t necessarily perform that well in a market like this one.

Sellers need realtors today. Great realtors. And we’ll help match the right realtor (with the extensive network necessary to sell a home) with the right seller. Ta da! www.what-customers-say.com

Click here to read where the following info comes from:
A report this week from the Canadian Real Estate Association found that July home sales in Canada’s major markets were down 10.9 percent from the same month last year — 27,889 homes compared with 31,286 in July 2007. July’s average home price of $327,020 fell 3.6 percent from $339,277 a year ago, a decline the association attributed to “fewer sales compared to a year ago in the four most expensive major markets — Vancouver, Victoria, Calgary and Toronto.” New listings on the market jumped 11.4 percent in the last 12 months from 46,858 to 52,214.

Year-over-year sales were strongest in Trois-Rivières (up 33.8 percent), Edmonton (up 16 percent), Quebec (up 14.8 percent), Thunder Bay (up 14.1 percent) and Winnipeg (up 12.8 percent).

Sales were weakest in Greater Vancouver (-44 percent), Regina (-35 percent), Victoria (-32 percent), Saskatoon (-17.3 percent) and Calgary (-13.1 percent).