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I_H8_Crawford · 01-04-2009, 09:34 AM

I think prices will really tank in the summer.

Reason being is that sellers are holding out hope that spring will bring in a glut of buyers, but with no 0/40 and with the economy going firmly into the crapper, I don't think there will be a large number of people looking to buy, and those that are buying are not in the frenzy of "must buy now before it goes up even more!!!!" so they will wait and with the large supply that will be available, they will expect some monster deals.

It seems that a lot of sellers in Calgary are still holding out hope that their 700 sq ft condo is worth $300+K still, and I think they will be stubborn into spring time when "there will be buyers" but when nothing happens and reality sets in, I think summer will see some big drops as sellers realize they have to get what they can if they want to ditch it.

I also expect we will see a rental market that will be much more in favour of tenants than landlords as even more of the spec properties purchased will go up for rent to subsidize a portion of that 2nd/3rd/etc mortgage that the purchaser had not planned on carrying for more than a couple months...

01-04-2009, 09:34 AM	#494
I_H8_Crawford Franchise Player Join Date: Apr 2004 Location: Calgary Exp:	I think prices will really tank in the summer. Reason being is that sellers are holding out hope that spring will bring in a glut of buyers, but with no 0/40 and with the economy going firmly into the crapper, I don't think there will be a large number of people looking to buy, and those that are buying are not in the frenzy of "must buy now before it goes up even more!!!!" so they will wait and with the large supply that will be available, they will expect some monster deals. It seems that a lot of sellers in Calgary are still holding out hope that their 700 sq ft condo is worth $300+K still, and I think they will be stubborn into spring time when "there will be buyers" but when nothing happens and reality sets in, I think summer will see some big drops as sellers realize they have to get what they can if they want to ditch it. I also expect we will see a rental market that will be much more in favour of tenants than landlords as even more of the spec properties purchased will go up for rent to subsidize a portion of that 2nd/3rd/etc mortgage that the purchaser had not planned on carrying for more than a couple months...