Quote:
Originally Posted by Red
Bingo. I have always been pro buy, but there are times when you're better off waiting it out a bit. That time is now in Calgary. There is no reason why a house in a praire city with very little in ways of good climate, water etc should cost 500K. When the economy goes down you're stuck with a huge mortgage on a crappy house in a crappy place. Some will argue that the economy won't come down here, but they forget that it takes many a moon to pay off a 500K house. There are some tough times ahead, the only question is when and how tough.
And comparing Calgary to Vancouver and Toronto is fruitless, Calgary is a Praire Village compared to both.
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so lets say i am leaning to agree that the market is going down right now. i have a house that i bought in 1997 and want to upgrade to a nicer house.
my own house is worth less, but if it is going down each quarter (as some are suggesting) why shouldnt I flip now?