Quote:
Originally Posted by Sylvanfan
But you guys all say the market is due to crash and render houses worth $0.....FML!!!
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Hopefully prices don't go to zero (or we'll have many more problems than just housing.)
But housing prices in Calgary are already down nearly $20,000 from just last month. Guessing prices probably reach even closer to 5% down when July finally ends. Inventory is still massive, sales numbers continue to wither and there is still lots more room to increase interest rates. Personally I am seeing a lot more downside than upside. Actually, I'm having a hard time seeing any upside to be honest.
The 5% in a month pace is probably not good - first time homebuyers are almost instantly underwater. Realtor/moving fees aside if they had to sell for some reason down the road.
(BTW, natural gas prices have been down more than 10% the whole time it was mentioned previously in this thread. Inventory there is also massive.)