Let's face it, the market in Alberta was strife with speculators. What has happened in Alberta is not indicative of what is happening everywhere else. What has happened in Alberta is that the speculators realized that a false market cannot be sustained. If you are waiting to buy a home, now is the time. Buy low, sell high!

My sense is the market in the GTA has stabilized and will remain so until about Feb of '08. And then, we'll just pick up where we left off.

For those that think the royalty is too high, need to look at the profits the big oil companies made last year. They complain publicly but in the boardrooms they are laughing their heads off. They dogged a bullet with the royalty. If this exact thing was happening in NL, Danny Williams' formula would have netted the province about 7x more money.

V

Putting things into perspective, prices have fallen for SFH by a whopping $50k since end of July. That's almost 10% drop in just 3 short months. And as per CREB, July was the best time to buy, as were August, September and most likely October will be. But will any agency that's supposed to protect the interests of its realtor members going to say "please hold on, this isn't the time to buy. Wait for a few months or may be a year and let air fizzle out of this massive speculative bubble.' I very much doubt it would ever happen

Home prices continue downward slide...

Glut of single-family homes crowds market

Mario Toneguzzi, Calgary Herald

Published: Friday, November 02, 2007

The average price of a single-family home in Calgary has dropped for the third consecutive month and in October was more than $53,000 less than it was in July when it hit a record $505,920.

The number of active listings in the city remains high and is the biggest factor affecting the local real estate market, said Ted Greenhough, of Re/Max Realty Professionals.

"Prices have come off in my mind 10 to 15 per cent in most parts of the city," he said. "It's going to take a long time to get out of this high inventory situation.

"So I would expect the market to remain relatively depressed for the next few months."

We've crossed below the $450,000 mark for average sale price last 30 days. It does not make too much difference between 449k or 452k that is only mindset that we are below 450K.

Oil price is near $100 but house price going down. Fundamentals (this word is used by all so called experts) are still strong, job market is strong. Who is the culprit that house price going down? Or they can play logic game like oil and Gas Company always play. "There is hurricane in North pole near Greenland so gas supply at Gulf of Mexico is interrupted and oil price is $2 high"



Why should I trust expert/mortgage broker/realtors (some are good too) if they can not assist me with right information. From last 6 months I met so many experts and they always say “It’s right time to buy" because bla..bla....
That's almost 10% drop in just 3 short months. And as per CREB, July was the best time to buy, as were August, September and most likely October. Only one realtor told me "hold on for a year or more".




Calgary Metro Area Single Family Statistics (only Calgary Metro single family)
New Listings Last 24 hrs: 68
Active Listings: 5,357
Sold, Last 30 Days: 1,039
Avg Sale Price, Last 30 Days: $449,009
Median Sale Price, Last 30 Days: $ 405,000

Who said market goes in a straight line? Which market goes in a straight line up? It will always do yo-yo.

In RE we have to keep long term perspective. For most of those who have brought homes in 2001 in Toronto, their homes are now nearly doubled.

Gurus mmm! There is only one Guru in Canadian Real Estate Market

I agree any one who bought in 2001 in Canada and even US their house price is nearly double right now (even US market slump but not near 2001).

1. So house price in 2011 will be double from today's price again?
2. There is no slum in RE business?
3. Its always good time to buy home even if you have money?
4. How expert people define "long term" if your mortgage (cost) is nearly double than the rent?
5. Alberta fundamental are strong in every aspect, then why house price is going down?
6. What happened to expert people logic that they were selling AB strong fundamental and long term?



My thought:
In today’s market we are on top of iceberg if someone likes to buy RE (at least for first time buyer). Real estate is good investment and fastest way to become millionaire but with RIGHT TIME. Today is not the time to invest in this business anywhere in Canada at least.

Quote:

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Originally posted by rahul_singh23
4. How expert people define "long term" if your mortgage (cost) is nearly double than the rent?

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