Quote:
Originally Posted by Bend it like Bourgeois
I don't see the difference between us and Vancouver.
(snip)
The only difference is commute time.
|
And for me, that's the key. Today, if I want to build a house outside of metro Vancouver on what is now farm land, I'm looking at a 90 minute commute assume light traffic. In Calgary, with good traffic you are looking at 25 minutes.
So that leaves somebody like me saying it's not so bad for me to live in the sticks, the commute time isn't bad. As opposed to Vancouver where I would be saying I'd be willing to pay more to drive less. And in Calgary we have a lot of growing to do to get to that point.
Add to that the people who are having houses built, they will be selling their current house to move into the new one. That provides extra inventory and a price drop.
I agree with others the "time to sell" was this spring; assuming you had the cardboard box ready to go. My spidey senses tell me we will see a drop until February, and it will come back up, but not to the levels we had this spring. So maybe a 10-15% drop, then a 4-6% increase. Net loss 6-9%.
Which still leaves people like me who bought prior to 2005 with more equity than I could have imagined when I bought my house.