Quote:
Originally Posted by lorenavedon
personally, the only factor I used to determine comps is sold listings. What I find funny and a common trend among selling agents now a days is to use current active listings as comps. Using tactics like, "this is the only available listing in this area at this price". Or, "look at these other active listings that are much more expensive" (because they're so over priced nobody is ever going to buy them). Right now there is a stalemate between stubborn sellers that still think oil is at $140/bbl and buyers that are sick of paying ridiculous prices for a piece of land in the middle of the prairies.
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House prices are still high because pricing drops don't happen overnight. The housing market is expected to be flat in 2015 because of continued migration. Even in bust years Calgary still see's growth. Imo, i don't think housing will start loseing value until oil prices stay low for at least a year.
If you're looking for 20% drops in the average house prices, it would take a lot to happen.