Quote:
Originally Posted by ranchlandsselling
I generally think we've topped out. Not that there will be a crash, or even a decline, but as interest rates rise ( next 5 years, not immediately) I think we'll see a price level that doesn't increase or decrease but falls with inflation. The one thing that could change all that is O&G prices. Like everyone says, Calgary is income city in Canada. If it keeps up that fuels the housing prices and people will just pay what they can afford.
That said, if it keeps up elsewhere because of rates the GOC could step in and tighten again. The biggest killer I could see is a change in the downpayment amount. Honestly think that would be the biggest factor on house prices.
Anyway, I'm having a place listed tomorrow. Will report back how it goes. Got a friend giving me a wicked deal on the listing so I decided to try her vs. Travis (Realtor1). Granted I'm listing it for $5k over what was paid in 2007 (or 08), after putting in about $15-$20k, so the market might be good right now, but man did some people overpay in 07/08  |
Why do interest rates have to go up the next 5 years? People have been saying that for 5 years now, and it hasn't been true yet.
Examples:
http://forum.calgarypuck.com/showpos...&postcount=290
http://forum.calgarypuck.com/showpos...&postcount=372
http://forum.calgarypuck.com/showpos...&postcount=682
I was pretty much the same, I figured rates would go up a bunch after all the money printing central banks did in 2008/2009. But rates are still wicked low, and the locked in fixed rate mortgage I took in 2008 turned out dramatically worse over the 5 years than the variable choice.