Alberta's hot housing market cools, but still scalding for new buyers

EDMONTON - Alberta's hot housing market is no longer on a roiling boil, but it can still be scalding for first-time buyers in a province that demands $400,000-plus for a mobile home in Fort McMurray.

"We're calling it a correction. There's just been so much steam in (the market) that the top is loose and the steam is getting out a bit," said Jon Hall of the Edmonton Real Estate Board.

Drive around the Alberta capital and "for sale" signs have sprouted up on the odd lawn and condo driveway where none had been before.

Real estate continues to climb

Canada's real estate scene is showing no sign of the weakness sweeping through the U.S. market, as sales and prices continue to rise.

The average resale price in 24 major markets jumped $5,000 from September to October, to $333,544, according to figures from the Canadian Real Estate Association (CREA).

Real estate not about to burst

Canadian investors and homeowners worried about a meltdown in the real estate market here in Canada can relax.

The subprime mortgage crisis in the U.S. isn't like to happen up here in the cooler, more fiscally conservative north. The Canadian housing market is not a bubble waiting to burst and owning a home is still a good investment and wealth management strategy, financial experts believe.

"You have a bubble situation when there is a lot of speculation and leverage in the market," says Patricia Lovett-Reid, senior vice-president with TD Waterhouse. "We are not seeing that in Canada now."

British firm buys Canada's last major independent real-estate brokerage

Independence has its price and yesterday Joe Barnicke was paid it.

The legendary founder of Canada's last major independent real estate brokerage sold his 48-year-old firm, J.J. Barnicke Ltd., to London-based DTZ Holdings PLC - a move partially dictated by the global competition that has squeezed out mid-sized companies.

The last straw for the 84-year-old Mr. Barnicke - the firm's largest shareholder - probably occurred when he watched an agreement he had signed with another independent firm fall apart when rival CB Richard Ellis Ltd. bought his new partner.

Canadian Real Estate Association says housing sales down

Housing sales declined in the third quarter but before anyone gets too excited about a crash it should be noted we are still on pace for a record year in 2007.

The Canadian Real Estate Association, which represents boards across the country, says sales in the third quarter were down 3.2% from the second quarter. However, the second quarter was the best quarterly period ever for housing sales.

The third quarter decline was driven by a relatively minor slowdown in Alberta, Ontario and Quebec. British Columbia saw a jump in sales in the third quarter.

SUITE ON TORONTO!

AS property markets continue to reel from the American sub-prime mortgage crisis, one housing market is still booming and shows no sign of slowing down. The Canadian condo boom is in full-swing.

Sale prices in Canada's largest city Toronto have soared by 15.7 per cent since last year, according to Royal Le Page Real Estate Services, with the average price for a condo now clocking in at $241,818.