(Source: CBC News)
Calgary realtors are seeing more residential foreclosures right now than in the past decade.
There are about 550 properties currently listed in Calgary as bank sales, while about 100 are foreclosures; they account for about 10 per cent of all of the city’s listings on the Canadian Real Estate Association’s Multiple Listing Service (MLS).
Thirty-seven foreclosed properties were sold in the first quarter of 2009, compared to 39 for all of 2008, said Julie Vesuwalla, a real estate agent for Century 21.
“The majority of the actual foreclosures — more than 65 per cent — are single family homes, not condos, and they are owned by people,” said Vesuwalla.
The majority of foreclosures are due to homeowners choosing to let their properties go rather than try to contend with mounting bills.
Read the full article “Calgary foreclosures on the rise” in the CBC News (March 24, 2009).