This is NOT 2008?
I remember in 2008 when the price of oil dropped dramatically, not unlike the changes we are finding as we approach the end of March 2015. Home prices have declined around 5%-15% in a short time.
In 2008, I had just purchased a property in Beddington. and I have now owned it for about 7 years. It has appreciated since 2008 to a market price of $340,000. That is an 18% appreciation or a 2.5% increase each year. If things adjust in this market, it will take about 2 years for a correction to end and we return to a rising market. If you are a seller in this market that has a 107% increase in homes for sale, list prices are going to have to be realistic in order to sell. My conclusion is that if you are a seller, list your property for the right price on the market and an offer will be in front of you shortly. If you are a buyer, the good times are here.
To compare the Calgary Market to the rest of Canada, our office mortgage representative from TD Bank gave us this analysis:
How much do you need to earn to buy a home in your city?
Needed Income Average Home Price
Victoria $99,641 $490,377
West Vancouver $320,932 $1,727,700
Calgary $87,761 $443,744
Saskatoon $73,539 $354,400
Winnipeg $58,716 $266,637
Toronto $126,530 $630,858
Ottawa $76,145 $359,759
Montreal $68,378 $328,862
I would like to remind you about my web site. In it you will find easy access numbers and websites for all of your real estate buying, selling and home owner needs. Please go to www.docwatson.ca
If you know of anyone who is thinking of buying or selling, I would appreciate you passing my name onto them. Thank you for all the referrals! Have a great month.
“Doc” Watson, Realtor
Sutton Group Canwest
Text: (403) 804-8007
Office: (403) 208-7788
Celebrating over 25 years of Real Estate Service in the Calgary area