Quote:
Originally Posted by Erick Estrada
My dad has been scoping Calgary for a higher end house and hasn't found prices coming in line with lower sales. That said it sounds like some people are holding out as he's looked at houses that have been on the market for months and their asking price isn't wavering.
IMO the rental vacancies increasing is a good thing. It has been pretty tough for people moving to the city and find a decent place to rent.
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I've been looking at "higher end" (not sure how you define that) homes for a while, and have seen the same thing.
Overall, though, I'm much more bearish on the market than people here are, it seems.
We haven't seen any pressure put on the housing market yet from the downtown, and it's uncertain what the lag will be. I think six months from now, this thread will look quite different.
Layoffs is one thing, but there will be a large number of high paid professionals that are "under-employed" or billing less.
It seems the the markets are pointing toward a Fed rate hike in December, which will put upward pressure on yields across the board.
Once people realize that commodity prices are now structural, rather than cyclical, we will see some capitulation.
Unless one of those "higher end" homes decides to cut their price ahead of the downturn, then I'm just going to continue to sit on my cash.