Quote:
Originally Posted by pepper24
My opinion is it's tough to relying on sources by people that get paid on commission. When you're on commission the best time to buy/sell is right now.
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Totally agree. Fact is the days of "Lets buy 8 houses and rent them out or flip them. I am such a genius " are long gone in Calgary. If you need a place to live in, plan on living there a long time, plan on paying at least 25% down on a 25 year mortgage, and found a home on the market you like, then by all means buy. However speaking from a local economic point of view, there's far more downward pressure on prices in the near term outlook than upwards. Big Oil has reined in spending for 2009 and the longer prices and economic uncertainty continue in the overall economy that dreaded "L" word will rear it's ugly head. When people are losing their jobs, stock options are worthless, and many people already leveraged to the nines buying places in the "buy now before the market surpasses you" era, you'd have to be either naive or have your livelihood depend on real estate to think that the market's bottomed out. Another issue that might impact prices is retirees downscaling houses to avoid having to go back to work in light of the meltdown the past couple of months.