2015 Housing Market vs Price of Oil & YYC Economy

[MrPlow]

Hi All,

I was wondering what everybodies thoughts are on the real estate situation in YYC right now and how it might look in a few months because of the price of oil and how it impacts the Calgary economy. I'm sure this is a concern for quite a few people..

My wife and in negoiations on a great condo in an amazing location for a price that (what we believe to be) very reasonable. We are sitting at an offer of $345,000 down from the listed $360,000.

I'm hearing lots of talk from my corporate colleagues that 2015 is going to be a tough year because of the price of oil is dropping and 2016 is going to be hard because all of the major companies capital investment budgets are based on the year prior... so if 2015 is hard then 2016 will be slow because of that.

What are everybodies thoughts on putting an offer on a house right now vs waiting 2-6 months to see what happens.

Thoughts?

Edit: My first Fata

this is being discussed in this thread - http://forum.calgarypuck.com/forumdisplay.php?f=8

Mods can we close this?

[Travis Munroe]

it's being discussed in another forum but I see no harm in having it put in here.

It all depends who you talk too... I have heard everything from 10% drops to 3% gains (down from roughly 6% last year).

It's a difficult time of year to use market trends as this is always the slowest time of year.

The biggest issue with those who wait for it to bottom out is good luck knowing when it has bottomed out. The media is often a month or 2 behind on their reports and a lot can happen during this time.

If you manage to time it where you save on a 2% decrease, run some numbers to decide if rent payments really made it worth your while (if your currently renting or plan on selling, renting and buying.)