Quote:
Originally Posted by chemgear
Some really good informational posts here. And I'm sure I'm biased in some manner as well (being a potential buyer/all around numbers cynic/a regular human being.) 
But as a realtor or a financial advisor, at what threshold do you normally call something as being "significant?" Perhaps even outside the housing context - I'm not very familiar with the financial terminology in this application.
Overall, I still get kinda twitchy when Canada versus US we have roughly the same median family incomes, but roughly double the housing cost. I realize the high level comparison is not perfect, but probably not totally irrelevant. Sorta, kinda, maybe?  |
Good question, I was thinking after I wrote that I should define significant.
I don't personally have any set number I think of as significant. Really depends on the situation and person; even 2% can be significant for some people and 20% be insignificant to others.
In the context of that quote I was talking in terms of what the last dozen or so posts on the thread were talking (20%-30%). I personally don't believe house prices in Calgary will drop further in this sort of range. At least not for any prolonged period; maybe drop and come back up. I don't they'll go up in that range either.
Personally, I think 3 years from now Calgary home prices will be within 10% up or down from where they are now with fluctuations in between. I don't view Calgary real estate as a great or bad investment right now; more just a good city to buy the right home for yourself when the time and place is right for you.
As discussed in this thread, it's not really part of my expertise as an agent to advise clients in the mid-long term market prospects, but if a client asked me strictly as my opinion that's where I'm at.
I would personally be comfortable buying real estate in Calgary right now if I was looking for a home, but I wouldn't be shelling out my life savings on a bunch of investment properties either (unless they cash flow now).