Quote:
Originally Posted by Rerun
I doubt you will find anywhere in Canada where re investment has crashed like it has south of the border. Our financing regulations are way different. Totally different kettle of fish.
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The company I work for deals primarily in Central Alberta and we have witnessed a sharp change in real estate prices.
We are aware of a property that CMHC has valued at $275,000 (just recently), and we have had our member get an appraisal on the property and it has come in at $175,000 in the Three Hills area. I wonder how many other properties CMHC is artificially inflating in value with their postal code appraisal process.
We know of a property that was worth 2.8 Million outside of Cremona during the boom and has just reappraised at the 1.4 Million area.
We are aware of another property outside of Drumheller that was valued at $165,000 during the boom and has just reappraised at $75,000.
Those are significant price differences in short periods of time. I imagine it is not as different in the city, but in rural Alberta the price differences have been significant.