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Old 01-11-2008, 03:09 PM   #20
Mike Oxlong
Got Oliver Klozoff
 
Join Date: Feb 2003
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Quote:
Originally Posted by burn_this_city View Post
Its tanking folks.. I think your nuts to bet on any increase this year.. I've been looking for 6 months and the average house under $400k has gone down about $20-30k already.. Too many speculation buyers during the boom are realizing now that real estate isnt actually a guaranteed investment. Drive around some of the newer neighbourhoods and check out all the vacant completions.. Theres a couple next door to my buddies place have been finished for 3 or 4 months, and no one has looked at them. New home starts are way down, theres 10,000+ properties on msl listings, and according to the news in december people are emigrating from the city to go elsewhere..
Actually there are about 5200 listings on MLS right now and yes some people are emigrating to go elsewhere but there were still 17,000 plus that moved to Calgary this year. That number is lower than last year but there are still far more people moving here than people that are moving away.

I say about 7% increase for the year. Most of it you are going to see in the next few months. Springtime is always the best time to sell a house.

One thing I have heard however is that a lot of people have been waiting to list their houses until spring waiting to take advantage of the normally good selling season. If this is the case it could flood the market with listings again and cause another price drop.

I still think prices are going up. Real Estate is a pretty safe investment. It does have its peaks and valleys but long term it always goes up.
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