The Home Stretch

For those who are interested, former Calgary Flame Dion Phaneuf has his house up for sale for a cool $1.3 million (MLS®: C3416738). I'm sure his financial advisors have suggested he cash out of the real estate game while there is still air left in the bubble. Either that, or Calgary has left a really bad taste in his mouth. I still don't understand why he was traded. He was going to be the future captain of the Calgary Flames. All good things come to an end. I'm sure his Realtor appreciates the free marketing. Where is my cut of the commission?

I can't believe it's been over a year since I last blogged. In the time of absence, I have been extremely busy with work, and also furthering my academics. I have been loosely following real estate in the background. Time has flown by and not much has changed in the real estate market - held buoyant by record low interest rates. Sheeple are still as irrational as ever, spending themselves into lifetimes of debt and serfdom. An average house costing close to half a million dollars in Calgary simply does not compute. Accidental landlords are renting every single room of their house(s). Calgarians are overextended financially. Majority are in the double-income trap. I have never seen so many stressed out drivers on the road in their HELOCmobiles. Realtors are still saying it's a great time to sell and buy. What does the future hold? Mortgage rates are already on the rise. Listings are exploding back on the market as the current herd mentality is to "cash out." Sales are plateauing. Calgary's favorite blogging bubble Realtor (BT) is suddenly changing his tune on his blog. The Competition Bureau is finally onto the Realtors. Finally, many home owners who purchased inside the bubble will not be able to afford their mortgage payments soon. Is this finally the tipping point?

Oh by the way, Garth Turner is coming to Calgary on Wednesday. 7PM at the Airport Radisson. My guests and I have seats, we beat the rush as now there is a waiting list for the event tomorrow. Can't wait for the truth to resonate through proverbial walls of denial, irrationality and greed.

This should be good.