Quote:
Originally Posted by photon
Pretty much no one did. I knew people what were predicting a run up due to the economics of the province, but not the 40+% we saw.
This year is going to be similar as well, January saw a 5% increase in single family homes in Calgary already. CMHC (who is usually ultra-conservative in their predictions) is even calling for 38% for 2007.
November and December saw a bit of a downswing (as it always does), and that would have been a decent time to buy. Otherwise I don't think anyone would be making a mistake even if they bought now.
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No and that's my mindset - that if I don't buy now, a year from now it'll be even worse.
Basically the decision point I'm at is buy now, or come to terms with the fact that I will be leaving Calgary in the next few years to become a home owner elsewhere.
My main concern right now is that if I do this now, I will leave myself with little to no margin of error. I work in an industry that is highly unstable and I could find myself out of work without much notice (and I realize that job stability is very uncommon now so this is nothing particulary unique) - that concerns me, when I will have to basically take my nest egg down to virtually nothing to make this happen.
If I choose instead to rent for a year, I can add to my savings and then sometime down the road in the next couple of years take that savings and take it to another market where I can get way more house for my buck.
Decisions decisions.