Quote:
Originally Posted by lorenavedon
The Calgary doom and gloom is getting old. If you came to Calgary in 1975 and suffered through all the booms and busts since, you'll still have been ahead today than in any other city in Canada when you take into account wage/cost of living/asset price appreciation etc. Out of all the busts we've had, housing in Calgary is now at record highs. Funny how that works. And in 10 years we're be at new record highs. And 30 years from now we'll be at new record highs. etc. If you wanna wait because housing is going to drop to where it was 5 years ago, have fun. Won't happen.
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I don't think anybody here will disagree that in 10-30 years house prices will be higher than today. That isn't what we are talking about. Using Polak as an example, he is asking if it makes sense for him to buy today, or wait a few months (or a year.) I think that housing prices will be lower in 2015 than 2014. And I don't think we've seen the bottom yet. So if Polak is looking at a house that was $400K last spring, it may only be $380K now. It could also drop to $370K or $360K by the end of the year; which saves him tens of thousands of dollars. Especially if he is looking at buying a starter house and selling in less than 5 years; it makes sense to buy low.
That being said, don't stop looking Polak. You may find the perfect house at a decent price. For me, living in a great house for that 5 year flip window vs. one that you hate is worth "overpaying" by $10K.